Integrating and coordinating siloed risk functions
Despite working toward a common goal, the functions and business areas (internal and external) that provide assurance are usually siloed. The combined assurance model aims to solve this by coordinating the activities of the various assurance providers and streamlining their work and reporting.
In this white paper, we introduce the combined assurance model, its background, and answer the following questions:
- What business value does combined assurance deliver?
- What problems come from multiple uncoordinated assurance providers?
- How can the Three Lines of Defense model expand to incorporate external auditors and regulatory inspectors?
- What’s the difference between integrated assurance and combined assurance, and can they be used interchangeably?
- How does combined assurance support integrated risk management?