Taking corporations to the next level of maturity
Simply put, assurance providers are the internal and external people who tell managers what is on track and what is not within the company. They provide managers with information about the risks (hazards and opportunities) that have been identified within an organisation.
They provide information about the measures that have been put in place to prevent hazards from occurring and reduce their negative impact if they do.
Further, they report on opportunities, particularly those in line with the company’s strategic objectives, and the steps that have been taken to encourage these positive events.
Both functions are vital to an organisation’s health, heading off dangers and controlling damage while also eliminating the risk of not achieving strategic objectives.
However, assurance providers create a mass of reports, generating so much information that much of its value is lost as managers battle to account for it in their decision making processes; while duplication and overlaps reported from several perspectives often skews the view.
For more information, please refer to the article attached.