Coordination of Risk Management with  Internal Control and Internal Audit Michel DENNERY : Vice-President FERMA    Thijs S...
Guidance on the 8th EU Company law             Directive• Guidance about  8th EU Dir. : ECIIA  & FERMA• Green paper  about...
3 lines of defense model                                Board / Audit Committee         SENIOR MANAGEMENT© FERMA & ECIIA G...
Thijs SMIT : ECIIA Board memberCorporate Internal Auditer, SHV Holdings N.V.• Ahold, food retailer. Focus monitoring  risk...
Paul TAYLOR : ARMIC• Increasing convergence and co-ordination in  the last 10 years, still a long way to go.• The catalyst...
Common Process                 6
1st line            2nd line                   3rd lineWho    Implementers:       Group Standard Setters:    Assurance    ...
Michel DENNERY : Vice-Prdt FERMADeputy Chief Risk Officer, GDF SUEZ• Audit - ERM  – Audit program is prioritized according...
Michel DENNERY : Vice-Prdt FERMADeputy Chief Risk Officer, GDF SUEZ• Convergence of different control systems  – A lot of ...
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FERMA Panel Debate - Coordination of Risk Management with Internal Control and Internal Audit

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FERMA Panel Debate - Coordination of Risk Management with Internal Control and Internal Audit

  1. 1. Coordination of Risk Management with Internal Control and Internal Audit Michel DENNERY : Vice-President FERMA Thijs SMIT : ECIIA Board member Paul TAYLOR : ARMIC Panel debate 3
  2. 2. Guidance on the 8th EU Company law Directive• Guidance about 8th EU Dir. : ECIIA & FERMA• Green paper about the project of 9th Dir. EU
  3. 3. 3 lines of defense model Board / Audit Committee SENIOR MANAGEMENT© FERMA & ECIIA Guidance on the 8th EU Company law Directive
  4. 4. Thijs SMIT : ECIIA Board memberCorporate Internal Auditer, SHV Holdings N.V.• Ahold, food retailer. Focus monitoring risks at first line. Support from third line.• SNS Reaal, financial services. Strong risk management departments in second line. Third line limited to review second line.
  5. 5. Paul TAYLOR : ARMIC• Increasing convergence and co-ordination in the last 10 years, still a long way to go.• The catalysts: – Framework/process includes all disciplines – Common language and definitions – Clear understanding of roles and responsibilities
  6. 6. Common Process 6
  7. 7. 1st line 2nd line 3rd lineWho Implementers: Group Standard Setters: Assurance Business Units -Environment, Health & Providers: and Divisional Safety -Internal Audit management -Group Risk -External EHS audit -Finance, Treasury, Tax -Insurance Engineers -Insurance -External -Cosec and Legal regulators/auditors -HR/Pensions -Statutory inspectors -ITWhat -Assess/manage -Develop and roll out -Provide independent business risk GRC strategy, policy, assurance of the -Comply with laws process and training effectiveness of and regulations -Define minimum internal internal controls -Implement, controls maintain/manage -Prepare and analyse Internal Controls “self assessments” -Support compliance 7
  8. 8. Michel DENNERY : Vice-Prdt FERMADeputy Chief Risk Officer, GDF SUEZ• Audit - ERM – Audit program is prioritized according to major risks – Risk knowledge is updated by audit’s statements, and mitigation plans by advices• Internal control - ERM – Critical processes are defined according major risks – Risk knowledge is updated by self-assessment
  9. 9. Michel DENNERY : Vice-Prdt FERMADeputy Chief Risk Officer, GDF SUEZ• Convergence of different control systems – A lot of regulations : Governance, transparency on financial information, ESR, QHSE certification, … – Reporting on common data – Maturity of processes• But Internal audit, 3rd line of defense, will stay independant

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