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 Tim Leech-The Way Forward_All LINES Focused on Identifying-Managing-Assessing-Reporting

 
2020-11-05 10:00
2020-11-05 12:00
  |  
Free webinar for members

The Way Forward: All “LINES” Focused on Identifying/Managing/Assessing/Reporting on Certainty of Achieving Key Objectives


The IIA released a radical replacement to the 2003 THREE LINES OF DEFENSE MODEL in July 2020.  The word “DEFENSE” is gone. It is now simply the THREE LINES MODEL.  Most importantly, all lines are to focus on identifying, assessing, managing and reporting on CERTAINTY OF ACHIEVEMENT of strategy/value creation objectives as well as the more traditional value preservation objectives.  Combined with the objective centric COSO ERM 2017 framework guidance, momentum is building to move to an approach where all the players focus on assessing whether the CERTAINTY OF ACHIEVING top objectives is acceptable.  If regulators globally get on board, momentum will accelerate exponentially.

While a small number of organizations have moved to an objective centric approach where all LINES focus on clear end result objectives that include value creation/strategic objectives, as well as traditional value preservation objectives, most have not. The majority of risk functions globally have used RISK REGISTERS, not OBJECTIVES REGISTERS, as the foundation for their work.  Internal audit functions have similarly applied RISK BASED IA methods to decide what to audit and report on. Senior management has not reported formally to boards on risk/certainty linked to top value creation and preservation objectives in the majority of organizations. Major changes are required. 

This session will provide participants:

1. An overview of growing calls to rationalize the efforts of all the LINES by focusing on assessing whether the current certainty to achieving key objectives is acceptable/sufficient.

2. Step-by-step guidance on how to move from traditional RM and IA methods to OBJECTIVE CENTRIC RISK AND CERTAINTY MANAGEMENT (OCRCM), including selling the need for change to senior management and boards.

3. An understanding of the key barriers/risks to successful implementation of OCRCM and how to overcome them.

4. The role and importance of objective centric software as an enabler.   

After this session, participants will be able to:

  • Transition their organization to objective centric risk and certainty management
  • Explain the benefits of a strong first line risk governance model
  • Explain major changes between the IIA THREE LINES OF DEFENSE and new IIA THREE LINES MODEL

Biography of Presenter

Tim J. Leech FCPA CIA CCSA CRMA is Managing Director at Risk Oversight Solutions Inc. ROS focuses on helping companies implement objective centric risk and certainty management to meet escalating board risk oversight expectations and add real value.  He has over 35 years of global experience in the board risk oversight, objective centric ERM, internal audit, and forensic accounting, including expert witness testimony in civil and criminal proceedings. Leech has provided training for hundreds of thousands of public and private sector board members, senior executives, professional accountants, auditors and risk management specialists in Canada, the U.S., the UK and EU, Australia, South America, Africa and the Middle and Far East. He has received worldwide recognition as a pioneer, thought leader and trainer and was included in IIA CEO Richard Chambers’ list of Top 10 Thought Leaders of the last decade.  He has been published in the Harvard Governance blog, London School of Economics Center for Risk and Regulation, IIA global and many others. He has been a regular contributor to Ethical Boardroom and Conference Board Director Notes.

Fees

Free for Members | Non-member : 35$ + tx.