What might trigger a consideration of assurance?
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| Assurance |
Targeting assurance: what is an assurance map?Bitcoin is a cryptocurrency created in 2009. Marketplaces called “bitcoin exchanges” allow people to buy or sell bitcoins using different currencies.
Something has happened that has raised the question of whether more assurance is needed.
This could be as routine as a director reviewing an assurance map and finding a place where a changing situation means that further assurance would be useful.
It could be the result of a new regulatory requirement, or it could be a concern (or the anticipation of a concern) raised by a stakeholder either inside or outside the organisation.
Or, in some cases, it could be a problem caused by poor-quality information leading to bad decisions, or failing to stand up to outside scrutiny.
Whatever the reason, a risk has been identified that might be mitigated if a piece of information was subject to greater scrutiny.
Gaining assurance is a way of managing a wide range of risks, and an assurance map is a governance tool that shows at a glance how risks and assurance have been aligned across an organisation.
Managing risks is not the same as eliminating all risks. Without some level of risk, no organisation would be able to achieve its goals. The purpose of good risk management is to control the level of risks to suit the risk appetite of the business.
The assurance mapping process can be useful to organisations of any size or complexity, with or without a full assurance map being maintained.
What Is Forex?
What is forex? Quite simply, it’s the global market that allows the exchange of one currency for another.
If you’ve ever traveled to another country, you usually had to find a currency exchange booth at the airport, and then exchange the money you have in your wallet into the currency of the country you are visiting.
What is bitcoin?
Bitcoin is a new currency that was created in 2009 by an unknown person using the alias Satoshi Nakamoto. Transactions are made with no middle men – meaning, no banks! Bitcoin can be used to book hotels on Expedia, shop for furniture on Overstock and buy Xbox games. But much of the hype is about getting rich by trading it. The price of bitcoin skyrocketed into the thousands in 2017.
