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NIAO Embedding risk management in the public sector – a rain check Colette Kane Northern Ireland Audit Office Promoting better use of public money.

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Presentation on theme: "NIAO Embedding risk management in the public sector – a rain check Colette Kane Northern Ireland Audit Office Promoting better use of public money."— Presentation transcript:

1 NIAO Embedding risk management in the public sector – a rain check Colette Kane Northern Ireland Audit Office Promoting better use of public money

2 NIAOOverview  Good practice in Risk management  Key messages we wanted to promote  How public sector bodies are doing  Where additional focus is needed

3 NIAO www.niauditoffice.gov.uk

4 NIAO Good Practice in Risk Management-key messages  Process should be specific to each body.  Managed risk taking can present opportunities.  A clear understanding of roles and responsibilities in the process is key.  Contingency planning is important for every organisation.  Not all risks need to be accepted/treated.  Good communication is key.  Horizon scanning is recommended.  Identify and communicate risk appetite.  Consider fraud risk.  Be clear on assurances.

5 NIAO A rain check! We have observed;  An increased emphasis on risk management.  As finances get tighter risk management is seen as more important.  More conversations on risk around the board and audit committee table.  Risk discussed at all levels within the organisation.  Risk appetites being explored.  More emphasis on the high risks.  More movement on risks than before.

6 NIAO Could do better? Areas of risk management requiring more focus;  Braver managed risk taking.  Too many risks being recorded and monitored.  Risk assessment very cautious and without regard to appetite.  The controls being relied upon are sometimes non existent.  Horizon scanning not widely used.  Fraud risk assessments not being prepared.  Contingency planning still relatively weak and rarely tested.  Disclosure in Governance Statements still being developed.

7 NIAO Governance Statements The governance statement should reflect the organisation’s governance, risk management and internal control arrangements and how they operate in practice. The Governance Statement should provide a sense of the organisation’s vulnerabilities and resilience to challenges.

8 NIAO Key Recommendations  Focus more on the assessment of risk and particularly where risks have materialised and how these were addressed.  New risks identified should be disclosed.

9 NIAO www.niauditoffice.gov.uk


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