Dear Delegate, The global economic outlook is slowly improving and central banks are in the vanguard of the movement that will bring about more stable, transparent and accountable financial markets and institutions. Yet, their challenges are still significant. Many have utilised unconventional monetary policies, taken on low quality collateral, been exposed to extreme risks and are engaged in macro-prudential regulation. In order to ensure that both new and existing central bank operations are conducted to the highest standards of efficiency and accountability it is vital that there are effective internal controls in place. Internal audit is a key element of a central banks internal control framework and adds value across the organisation by bringing a systematic, disciplined approach to the evaluation and improvement of risk management, control, and governance processes. In this course delegates will be challenged to consider carefully their day-to-day challenges and, through interaction with a panel of expert speakers, will address how internal audit functions can enhance the independence, accountability and operational efficiency of the central bank as a whole. Key sessions focus on: The role of internal audit in the risk management life-cycle Information systems auditing Enhancing good governance through the auditing of soft controls The partnership between internal and external audit Building the internal audit team We are delighted to once again welcome Jeffrey Ridley, Visiting Professor at the London South Bank University and an internal auditor of many years experience, as chairman. An elite panel of speakers draws on a broad range of disciplines and includes: Julie Champagne, Bank of Canada; Tony Fudge, Barclays Internal Audit; Jana Bacova, Czech National Bank; John Machin, KPMG LLP; Hilde Oiseth Nordlid, Norges Bank; Molefi Nkhabu, South African Reserve Bank This four-day residential seminar is held in closed roundtable format to allow an international group of delegates maximum opportunities to learn from each other. This format, as more than 2,000 central bankers and regulators can attest, encourages delegates to quiz panellists, raise issues and discuss solutions to the specific challenges they face. We look forward to welcoming you to Windsor on 18 April 2010. Yours sincerely, Robert Pringle Chairman, Central Banking Publications I have attended many workshops for central bankers.those organised by Central Banking Publications are by far the best A central bank delegate
Monday 19 April 2010 Internal Audit in the Risk Management Life-Cycle The changing central banking governance landscape Peter Nicholl, Former Governor, Central Bank of Bosnia & Herzegovina Internal auditors can only deliver effective assurance and consultancy services if they have a sound appreciation of the structural, cultural and political frameworks of the central banks they serve. In this opening session an experienced central banker will provide an overview of the governance of central banking and assess how the financial crisis has created new challenges and opportunities. Specific attention will be paid to how organisational and supervisory structures have changed, the new types of people being employed by central banks, emerging communication channels and alterations in systems and processes. Delegates will have the opportunity to compare the situation at their home institutions with those of their peers. Internal audit and risk: developing synergies between internal audit and operational risk management Aline Lunel-Jurgensen, Head of Internal Audit for Head Office, Banque de France In this session the speaker will investigate how internal auditors and operational risk management can work together in view of a better management of business and reputational risk in a central bank. Both functions have seen their role increase dramatically in the recent years and should definitely, for the sake of efficiency, develop synergies in their common filed of professional interest, ie analysis and reduction of risks in the organisation. Enterprise risk management: evolution of a strategic function Tony Fudge, Quality Assurance Director, Barclays Internal Audit Over the last 18 months central banks, as with many other organisations, have faced hard-topredict, highimpact risks that flow from changing business priorities and market conditions. Stemming from such threats as increased asset price volatility and the global liquidity crunch as well as natural disasters, pandemics and political crises these extreme risk exposures are a challenge that all internal assurance departments need to address. One means for to achieve this is through embedding of an enterprise-wide approach to risk management and in this session, the speaker will discuss how internal auditors can better manage strategic, business and reputational risk through a more flexible audit planning and a more frequent assessment of risk. Managing the risk of fraud Jim Gee, Director of Counter Fraud Services Macintyre Hudson LLP and Chair Centre For Counter Fraud Studies Today s interconnected, complex and increasingly automated financial systems may have reduced the risk of fraud. But they have not eliminated it. Beyond the headline-grabbing cases, such as the 2009 Madoff scandal, there are a considerable number of incidents that have significant cost implications. Central banks are by no means immune to this, and the importance of reputation places a premium on internal procedures and working practices with inbuilt counter-fraud mentalities and disciplines. In this session a leading expert will share his thoughts about how central banks can develop an anti-fraud culture and put an economic cost against the risk of fraud losses.
Tuesday 20 April 2010 New Tools and Techniques The internal auditor s toolkit Ken Ebbage, Chief Executive Officer, Pentana Recent years have seen a shift away from internal control to risk-based auditing. Yet in order to provide assurance and consultative services in an efficient and effective manner it is important that the tools and techniques are understood and applied. In this session an experienced internal auditor will outline the ways in which central bank internal auditors can improve their day-to-day effectiveness. The speaker will touch on the key challenges surrounding macro audit planning, micro audit planning, documenting of information, reporting, quality assurance and audit documentation. Auditing outsourcing Hilde Oiseth Nordlid, Senior Advisor, Norges Bank The Central Bank of Norway has for the past 10 years restructured and reduced the number of employees in part by outsourcing non-core business. The objective of the outsourcing programme was to enhance the efficiency of core activities and give heads of business lines incentives to raise the efficiency of their own activities and create a competitive environment around common support functions. In delegating work to an outside group a central bank exposes its reputation to a new set of risks. In this session, the speaker will share her experiences of conducting audits and will lead discussion about how to develop a proactive audit scope of outsourcing projects and the effective audit of service providers and vendors. Demystifying information systems auditing John Machin, Partner, KPMG LLP Internal auditors need to understand the strategic importance of information systems within business operations and management and the principles of information integrity, confidentiality and availability that underpin them. Moreover, in today s reduced-spend environment, technology is increasingly the focus for drives to reduce costs and improve productivity. Yet risk management and control cannot be compromised. In this session a seasoned information systems auditor will facilitate a discussion about the key issues for consideration when planning and delivering an effective audit of IT. This session is set in the context of the unparalleled challenges that have faced financial institutions leading up to and during the financial crisis, and mindful of the speed of response that institutions, including central banks, have had to demonstrate to it. Enhancing good governance through the auditing of soft controls Workshop led by the chairman It is widely acknowledged by governors, stakeholders and senior management that a central bank s most important asset is its reputation. Much emphasis is put on the importance of soft values, ethics and bank culture for it is in this way that not only can the bank do the right thing but also be seen to be doing the right thing. Therefore, professional internal auditors will ensure that these soft controls are audited. The course chairman will lead a workshop that focuses on how internal auditors can contribute to and audit the culture and values in an organisation. Internal audit in recovering markets: doing more with less Tim Keohane, Banking & Capital Markets, PricewaterhouseCoopers In order to continue to provide assurance that their central banks are working well it is vital for internal audit departments to be aware of how risk profiles and tolerances are changing. In this session an expert will share his thoughts about the main challenges facing internal auditors in the wider financial marketplace.
Wednesday 21 April 2010 Adding Value Through Internal Audit Performance measurement Jana Bacova, Executive Director of Internal Audit, Czech National Bank One of the most enduring difficulties facing internal auditors is the need to continually demonstrate and communicate to audit committees, management, and internal customers how and where they add value. However, given the range and complexity of the audit projects that they carry out makes truly meaningful performance measures difficult to develop and communicate. In this session an experienced internal auditor will critically assess the value of quantitative and qualitative measures in measuring the performance of the internal audit department. Attention will also be paid to how internal auditors can better utilise well known outcome-based metrics such as return on investment (ROI), cost and customer satisfaction. The partnership between internal and external audit Speaker to be confirmed The external auditor brings experience of a wide variety of institutions while the internal audit function will be more acutely aware of the particular risks to which the central bank is exposed. Yet, their relationship is potentially an uneasy one. Keeping lines of communication open is vital to avoiding this, the screening and evaluating of a central bank s operations carried out by internal audit makes the work of external auditors easier, while external auditors can provide an assessment of the internal auditors work and inform about their findings and recommendations. This session will discuss how internal audit can work with their external counterparts to improve the service given to the central bank. Demonstrating value: internal audit reporting Julie Champagne, Deputy Chief, Internal Audit, Bank of Canada With central bank budgets subject to greater scrutiny by management and stakeholders, internal auditors have been challenged to pay special attention to the value that their departments deliver. It has also become increasingly important that internal audit demonstrates its value to internal customers, notably the audit committee and senior management. In this session the speaker will examine internal audit reports and share some thoughts about how to ensure that reports matter, what should be included and excluded from a report, how long or detailed a report should be. Conclusions will be drawn about how internal auditors can get the best value out of the reports that they produce.
Thursday 22 April 2010 Maximising Effectiveness of the Internal Audit Team Managing and developing internal audit talent Molefi Nkhabu, Head of Internal Audit Department, South African Reserve Bank To deliver an effective internal audit the auditor needs a deep understanding of central bank functions and the key risks that they are susceptible to, along with the highest level of technical auditing expertise. This requires a combination of staff with internal knowledge as well as those with externally developed skills, which managers must bring together to work as a dynamic unit. One method to stay abreast of the changes affecting the business they serve, is to devote adequate resources to develop ongoing training and development programmes. In this session the speaker will outline how a talent management strategy can be the cornerstone of an effective internal audit department and explain how by implementing such procedures senior internal auditors can demonstrate the value that they add to the bank. Group discussion: maximising the value of soft skills in internal auditing Led by the chairman Internal auditors have a range of techniques and tools to help them carry out their duties but in the end the success or otherwise of the function depends on each auditor having the necessary knowledge and skills to provide assurance, consultation and teaching services. In this group discussion delegates will be asked to consider the relative importance of the following skill sets in becoming a first rate internal auditor. Course conclusions Led by chairman The course concludes with a discussion led by the chairman. This provides a chance for delegates to share views and experiences gained during the four days of the course and draw conclusions. Delegates will be given the opportunity to draw up action plans to take back to their home institution.
Booking details Course fee: 2,600 (VAT at 0% for delegates employed by government in furtherance of its sovereign activities) 5-day (4 nights) residential course Course fee includes: en-suite accommodation, meals, refreshments, course documentation and a complimentary copy of the most recent issue of the Central Banking journal. Substitute delegates can be accepted should the registered delegate be unable to attend; please let us know prior to the event. How to book Please complete and return the registration form overleaf to: Central Banking Publications Ltd. Incisive Media Haymarket House 28 29 Haymarket London SW1Y 4RX UK telephone: +44 (0) 870 240 8859 fax: +44 (0) 207 504 3730 email: conference@centralbanking.com website: www.centralbanking.com/events The venue Cumberland Lodge is one of the Royal Houses in The Great Park at Windsor and was formerly used by members of the Royal family and their households. Occupying a superb position, it provides a unique setting for conferences where participants find they can work easily in tranquil and gracious surroundings. Most bedrooms are spacious and each has its own en-suite bathroom. About Central Banking Publications Central Banking Publications events division is the leading independent organiser of public policy seminars/training courses for the official sector. Since 1997, CBP has hosted roundtable seminars and training courses for over 2,000 senior policymakers from central banks, ministries of finance and financial regulatory agencies around the world. Senior officials from more than 120 countries have attended these meetings over the past ten years.
Registration for Effective Internal Audit for Central Banks 1. Delegate details: PLEASE WRITE IN CAPITALS Mr/Mrs/Ms: Surname/Family name: First name: Job title: Organisation: Address: Postcode: Telephone: Facsimile: Email 1: Email 2: Please provide us with the direct email address of the delegate and an additional email address if possible. This is very important because all correspondence with delegates is by email. Course fee: 2,600 (VAT at 0% for delegates employed by government in furtherance of its sovereign activities) 2. Payment details: Cheque: I enclose a cheque for payable to Central Banking Publications Ltd. Bank transfer: The Royal Bank of Scotland, 127 128 High Holborn, London, WC1V 6PQ, UK A/c No: 10043240 Sort code: 16-00-53 BIC: RBOS GB 2L IBAN: GB12 RBOS 1600 5310 0432 40 Please pay the course fee net of all bank charges and send us the copy of the transfer details Credit card: please charge to my Visa Mastercard American Express Card No: Cardholder name: Cardholder address (if different from above): Security code: Expiry date: Signature: Date: I have read and agree to the terms and conditions below. Signature: Date: Terms & Conditions: A refund (less 10% administration fee) will be made if notice of cancellation is received in writing three weeks before the event. We regret that no refunds can be given after this period. A substitute delegate is always welcome at no extra charge. The programme may change due to unforeseen circumstances, and Incisive Media reserves the right to alter the venue and/or speakers. Incisive Media accepts no responsibility for any loss or damage to property belonging to, nor for any personal injury incurred by, attendees at our conferences, whether within the conference venue or otherwise. Data Protection: By registering for a Central Banking training course you will receive further information relating to this event. In addition we will send you information about our other relevant products and services which we believe will be of interest to you. If you do not wish to receive other relevant information from Incisive Media via a particular medium please click the following relevant boxes: mail phone fax email. Incisive Media will also allow carefully selected third parties to contact you about their products and services. If you do not wish to receive information from third parties via any of the following media please tick the relevant boxes: mail phone. Please tick if you are happy to receive relevant information from carefully selected third parties by email and fax. Registered Office Haymarket House, 28 29 Haymarket, London, SW1Y 4RX UK. Registered in England and Wales number 4252091 VAT No. GB 756 9781 65P.