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Thanks a lot for the reference it was a really helpful starting point for my research 🙂 the paper was really interesting and I also read some of the further readings mentioned in the paper you suggested in topic 11.
I was thinking of about trying to collect or discuss the risk management process at my company, so that once I have a more clear picture of the methodology used I would then be able to focus on assessing the methodology used. However I suspect that the risk management process used at our firm it will definitely be similar to RBIA.
It could be an interesting topic evaluating the CG at banks, however I am worried I won’t have enough information available since I don’t work at a bank.
I have given some more thought to Topic 17 based on the audit firm I work at. I thinking of evaluating the effectiveness of the risk management (by looking at the brand recognition in the market, any complaints with the authority, litigation, etc) and the efficiency of risk management (as in the cost of implementing and monitoring such controls, the impact on the audit fee, pressure on resource available, etc).
As for operational risk management I was thinking of going into the AML procedures, client & engagement acceptance and continuance, EQCR, partner reviews, independence checks, training provided to personnel, Letter of engagement, access controls to files, a bit of information security etc. I would like to determine the cost of having such controls in place weighted against the risk assessment and exposure.
Hopefully this will lead and open the financial risk part of the project as the financial cost of having external reviews, the impact on the audit fee, etc. Hopefully i would have access to some time recorded information and determine the time allocated on average towards the above mentioned areas (file reviews, acceptance forms), and how in turn these where invoiced to the client and the average fee recovery.
Furthermore, I was thinking perhaps assessing the effectiveness of the controls (and an additional financial risk) if the firm was subject to any legal claims, penalties, licence suspensions or warnings from the authority (indicating that the operational risk management is actually not that effective).So basically that is a quick overview of what I have in mind at the moment, hopefully more formal process and ideas will come to mind when I start collecting the information.