Audit & Risk

New risk management framework published

ALARM, the public sector risk management association, has published a competency framework to describe the skills and attributes needed to carry out risk management roles.

in Tools.

The framework highlights specific competencies at each stage in the risk management process that may form a useful resource for internal auditors reviewing the effectiveness of risk management. 

A report by CASS Business School published on behalf of AIRMIC provides a study of major risk events: their origins, impact and implications. An executive summary and briefing is available from the AIRMIC website

The devastation of the earthquake in Japan this April took most people by surprise and few were prepared for the consequences. Businesses heavily reliant on the global supply chain found themselves without essential components. 

BSI has issued a free publication that illustrates the main ways standards can assist with business continuity and risk. Download the publication here. 

The IIA: find out more

Visit the main IIA site

Jobs

Internal Auditor

Central London
£28,000 - £40,000 + bens; Ref: MSB/68110/L

Internal Auditor

Job ref: LBH1729
Location: Civic Centre, Uxbridge
Group: Finance
Position Type: Permanent
Contract hours: Full time
Salary (£): Competitive
Closing date for applications: 7th September 2014 (11pm)

Careers advice

Room to grow

If you feel stuck in your role or sector, yet are keen to progress in an internal auditing career, what are your options? You could become a non-executive director or contribute your experience to higher education, suggests Ann Brook CFIIA.

Time to volunteer

Rachel Bowden, chair of the IIA’s Guidance Working Group, explains why she started volunteering and what she has gained from the experience.

Talent: in search of the Holy Grail

“A German colleague at Zurich introduced me to the term ‘Eierlegende Wollmilchsau’ – literally an egg-laying, woolly, milk-producing pig. This is the impossible person we’re all looking for,” says Mike Taylor, head of global internal audit at Experian.

Training & Development

Insurance sector faces dearth of qualified internal auditors

PKF Littlejohn recently published findings from a survey to identify the challenges faced by HIAs in the London insurance market in implementing the IIA’s guidance "Effective Internal Audit in the Financial Services Sector". The researchers expected to find that the skills needed to audit the new Solvency II regulatory regime, and areas such as actuarial and IT, would be highlighted, but they were surprised to discover wider concerns about an overall lack of resources and talent.

Top students win prizes

The IIA awards two prizes annually to the students who have passed their exams first time with the highest aggregate marks. The 2013 awards went to Catherine Mills, who won the Charles Duly prize for her performance in the IIA Diploma exams, and Joanne Clewes, who won the Peter Hook prize for her results in the IIA Advanced Diploma exams.

Time to volunteer

Rachel Bowden, chair of the IIA’s Guidance Working Group, explains why she started volunteering and what she has gained from the experience.

Tools

Are your employees legal?

The penalties for hiring illegal workers just got tougher. Natasha Chell asks what companies need to know about changes to the UK’s prevention of illegal working and civil penalty system.

How to recognise emerging risks

Some emerging risks are like ticking time bombs: they can erupt suddenly and dramatically without warning. In essence, they represent “hidden” risk exposures that could trigger unexpected and embarrassing surprises. Matt Taylor, a director at Protiviti UK, describes why it is key that firms recognise risks before they are too costly to remedy.

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