The newly appointed CEO of this global pharmaceuticals company wanted to ensure that the organisation had a centralised capability to provide independent assurance of risk to the Audit Committee and Board.
There was a need to define the requirement and remit of the capability incorporating adoption of a risk-based approach to audit and integration with existing Compliance and Audit groups in all functions across the organisation (Manufacturing, R&D, Finance, Commercial etc.).
The Kinapse team developed and implemented a diagnostic approach to assess requirements of the assurance programme and understand the remit of the existing Compliance and Audit groups across the organisation.
We subsequently worked with the leads of the Compliance and Audit groups to define options and associated risks/benefits for a centralised capability.
Kinapse then developed a paper outlining our recommended organisation option for the centralised capability which was presented to the CEO.
The remit of the centralised capability was agreed within a 4 week period with buy-in from all Compliance and Audit groups.
The creation of the capability will lead to increased assurance of risk through ensuring that there is a consistent approach to assessing and managing risk within the organisation and thus ensuring that the level of management attention dedicated to risk is commensurate with its significance.