Audit coverage of Governance, Risk Management, Internal Control and Organizational Change
This two part session will provide an overview of Internal Audit’s (IA) role and challenges in evaluating and reporting on Governance, Risk Management and Internal Controls (GRC), and organizational change management processes.
Part I – GRC Coverage and Reporting: IA’s response to industry and regulatory expectations on audit coverage of internal controls, risk management, and governance systems and processes. The session will highlight key aspects of CIBC IA’s approach to define and evaluate audit coverage for each of the three components, including the development of a framework to support our audit opinion.
Part II – Auditing Organizational Change: Keeping in line with the organization’s strategy, CIBC optimized processes within the finance department and evolved the operating model by creating centers of excellence. The objective was to provide greatest benefit and value to Finance stakeholders by streamlining like activities. This session will share best practices on IA coverage and responses to key risks related to transitions in the finance function and highlight audit engagement challenges.