Assurance Flashcards
A) Know the purpose of assurance within a project; including awareness of the scope, priorities and strategic aims of assurance activities
What is Assurance?
Process of providing confidence to stakeholders that their P3 will achieve their objectives for beneficial change.
Who should agree on the assurance approach
Project Sponsor and other key stakeholders
What does assurance provide?
- Confidence to the governance board that the project is on track
- Support to the decision making and change control processes
- Improving accuracy of risk assessment
- Increased probability of projects meeting their primary objectives
How does assurance provide confidence to the Project Sponsor
Independent overview of the Project
What disciplines does Assurance work with?
- Governance
- Risk Management
What are the types of assurance activity?
- Controls
- Compliance
- Independent Review
Give an example of a Control assurance activity
Application of a management system
Give an example of a Compliance activity
- Monitoring
- Regular checks
- Audits
Who can conduct an independent review?
- Independent peers
- External audit body
- Internal audit team
How does a Control activity provide assurance
Controls and minimises the impact of risk
How does a Compliance activity provide assurance
Confirms control of risk
How does an independent review provide assurance?
Strategic overview of the systems of control
List two of the five criteria an assurance plan must meet
- Independent, objective and proportionate
- Target greatest risks
- Show clear accountabilities
- Show planning and coordination of assurance activities
- Show clear governance route for reporting outcomes and resolving issues
What are some value drivers that should be considered when assuring a project?
- How to Increase delivery speed
- How to Remove delivery cost
- How to Reduce business cost
- How to Accelerate benefit delivery
- How to Avoid business risk
- How to Increase business value
What is the traditional assurance model?
3LOD
