On the 29th July 2020, Dr Sarah Gordon was invited by the Government Internal Audit Corporate University of Indonesia to speak with over 4000 auditors on best practices in risk management drawn from the United Kingdom.
The talk included insights to HM Government's The Orange Book updated in 2020 together with best practice drawn from around the world.
Key take aways included:
1. Risks are both potential opportunities and potential threats. Risk management is doing something about your risks.
2. The UK government uses The Orange Book to provide guidance.
3. Look for the context and how the organisation assesses change in the context.
4. Risks are interconnected, not silo’d = reward those who don’t categorise.
5. Impact versus Likelihood is not the best way to prioritise risks – there are other methods. Be warned of the word “residual”.
6. Look for the real controls and verify those rather than the contributing factors to a control.
Slides presented during this talk can be downloaded here:
The video of the full session can be viewed here:
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