Effective Audit and Risk Committees

Date: On a date of your choice
Location: Delivered as an online interactive briefing
Event Code: EARC251121

Course Details

There are specific and stretching expectations of Audit and Risk Committees requiring thorough and challenging work from the Directors involved.  Whether your firm operates these Committees on a stand-alone or combined basis there are many common issues to consider from the degree to which they challenge the information presented to evidencing their effectiveness.

“The role of a board sub-committee is to support the board. The committees are accountable to the board, but should not relieve the board of any of its responsibilities.” PRA Supervisory Statement 5/16   This unique 2 hour session will assist those involved in financial services Audit and/or Risk Committees to develop their effectiveness by considering what risk and control culture they lead and how they interface with other committees to avoid duplication and achieve a co-ordinated approach.

Who should attend:

This is an essential event for those who are members of the Audit and/or Risk Committees or responsible for reporting to them.

Agenda:

1. The Role of the Audit and Risk Committees in Financial Services Companies

  • The expectations of Audit and Risk Committees
  • What the oversight role involves – what SYSC says and what the FRC think
  • What regulators now expect and what they focus upon

2. The Relationship between Audit and Risk Committees

  • Pro’s and con’s of separate Committees
  • Separating responsibilities
  • Maintaining relationships between separate Risk and Audit Committees

3. Audit and Risk Committee specific requirements

  • The role and duties of the Audit Committee
  • The role and duties of the Risk Committee

4. Moving from Compliance to Effectiveness

  • The constituency of the Audit and Risk Committees and their attendees
  • Regaining control of the agenda
  • Communication to and from the main Board
  • Specifying and obtaining the right Management Information
  • Top tips for Audit and Risk Committee effectiveness

5. Key current issues for Audit and Risk Committees in Financial Services Firms

Key Benefits

  • Recognise the key roles of the Risk and Audit Committees
  • Understand when it might be better to have a combined or separate Audit and Risk Committees
  • Consider whether you receive the right information to allow you to discharge the responsibilities effectively and provide the right balance between challenge and assurance
  • Know how the Audit and Risk Committees should interface with Compliance, risk management, internal audit and external auditors
  • Take away practical ideas for improving effectiveness
  • Consider what challenges you may receive from a regulatory review and how to address these beforehand

Your Consultant: Eithne Mcmanus

As an expert in risk management and insurance, Eithne McManus consults with firms on finance, actuarial and audit matters. She leads many workshops and training events to keep Directors and senior managers up to date on these topics.  Her business experience allows her to understand the practical issues that firms face and to demonstrate ways to improve on the status quo.

A qualified actuary, Eithne spent much of her career with City of Westminster Assurance, where she was Chief Financial Officer before becoming Chief Executive. She became an executive director with responsibility for risk management at Countrywide Assured before moving into consultancy.

Eithne is currently a non-executive director at two insurance companies and one asset manager, and in these roles chairs both a combined Audit, Risk and Compliance Committee and a separate Audit Committee.

 

 

 

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