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Combined assurance
The objectives of assurance are to
assess whether the internal control
environment is effective, to assess
whether there is sufficient integrity in
the information used for internal
decision-making and to support the
integrity of external reports. The Audit,
Risk and Compliance Committee of
Blue Label is responsible for overseeing
the effectiveness of combined
assurance arrangements within the
organisation, which is documented
within the Blue Label Integrated Risk
Assurance Policy and Framework.
The Internal Risk and Compliance
Committee is responsible for directing
and assisting in the co-ordination of
the combined assurance arrangements
within Blue Label as well as to ensure
that a robust integrated risk assurance
plan is compiled and executed by the
various assurance providers on an
annual basis.
Blue Label has adopted a combined
assurance model, in line with
corporate governance objectives, to
optimise assurance obtained from
management, corporate functions,
and internal and external assurance
providers on the risks affecting the
business. The combined assurance
model is integrated within the risk
management process, including
reporting to and oversight from the
IRCC and ARCC, from which the
annual integrated assurance plan is
developed in respect of the priority
risks for the Group across the four
lines of defence (Management,
Corporate Functions, Independent
Assurance and Oversight Committees)
through defined assurance activities.
The assurance plan is a key tool
to support the Audit, Risk and
Compliance Committee and the
Board in making its endorsement on
the effectiveness of internal controls in
the integrated report and to support
the integrity of information that
underpins internal decision-making
within Blue Label and reporting to
its stakeholders.
Embedding combined assurance
throughout the Group will be a future
area of focus.
BLUE LABEL
INTEGRATED ANNUAL REPORT 2017
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