Audit & Risk Presentation Overview of Risk

Transcript:Audit & Risk Presentation Overview of Risk:
Audit & Risk Presentation Overview of Risk Management & Internal Audit Framework KCPL’s Risk Management Framework Process standardization and document the processes Risk assessment of critical processes, Risk register and Controls Audit assurance on controls KCPL’s Risk Management Framework Information Security Management Risk Based approach Follows ISO 27001:2005 standard Information security governance Business continuity Technology dimension Operational risk management and Surveillance Identify the critical operational processes and risks associated with them. Preparation of Risk register. Document Controls ( Severity of control depends on the risk appetite) Compliance requirements and reports to the regulator Fraud detection and control Financial Risk Management Accounting and financial controls and reporting. Statutory and Regulatory requirements and fulfillment Revenue and cost assurance Fund Management/ Treasury operations Internal audit assurance To ensure established controls to mitigate identified risks, are actually working. To report non adherence to established controls. Suggest action plans for correction Ensure the implementation of suggested action plans KCPL’s Risk Management Framework Process standardization and document the processes Risk assessment of critical processes, Risk register and Controls Audit assurance on controls KCPL’s Information Security Management KCPL Information Security Management System Framework KCPL’s Information Security Management KCPL’s Information Security Management Information Security – Risk Assessment process Information Security – Internal audit execution Information security internal audit is – Risk based and is conducted by taking the following into consideration Prepare the audit schedule. Prepare the audit agenda with the controls to be tested Conduct the internal audit as per the agreed scope and risk register Prepare the working papers and submit the report for management comments. Identify actions plans to improve Information security management Information Security management - Templates IF/ISMS/01.2/Ver. 1.1 Audit Report & Checklist Auditee Signature Auditor Signature Information Security management - Templates KCPL’s Risk Management Framework Process standardization and document the processes Risk assessment of critical processes, Risk register and Controls Audit assurance on controls KCPL’s Financial Risk Management Accounting of all financial transactions including accruals - Billing to the client – Revenue accounting - Accounting of financial commitments and liabilities - Adherence to generally accepted accounting principals (GAAP) - Monthly closing and reporting. Statutory and Regulatory requirements and fulfillment - Tax Payments and submission of related returns. - Statutory and regulatory fees/ contributions payment. - Intimation and submission of forms/ returns with statutory and regulatory authorities Revenue and cost assurance To ensure correct billing to clients as per contract. To ensure all cost