A sound framework of risk oversight, risk management and internal control is fundamental to good governance. It underpins reliable financial reporting, compliance with relevant laws and regulations, and effective and efficient operations.
It is important for Boards, Councils and Audit Committees to understand that their organisations material risks are being independently assessed. Assurance mapping is a tool that identifies those assurance activities, both internal and external, and makes transparent risks with inadequate assurance coverage and / or areas with duplicated coverage.
Through work with City of Melbourne and the Melbourne Cricket Club, JNW has developed Local Council and Club’s Assurance Maps. These maps construct an entities governance framework to identify risk and control strengths and weaknesses and confirm whether there is ownership and accountability for key controls.