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CHAPTER 2: LITERATURE REVIEW 1 - Coggle Diagram
CHAPTER 2: LITERATURE REVIEW 1
2.1 INTRODUCTION 1
2.2 THEORETICAL FRAMEWORK 2
2.2.1 Hypothesis 6
2.2.2 Agency theory 7
2.2.3 Agency Problem 9
2.3 CONCEPTS OF COMBINED ASSURANCE 10
2.3.1 Combined assurance defined 10
2.3.2 Compliance and regulatory requirements 12
2.3.2.1 Compliance with banking laws and regulations 13
2.3.2.2 Compliance with JSE listing requirement and King IV recommended practice 14
2.3.2.3 Compliance with IIA Standard (2050-Coordination) 16
2.3.3 Risk management overview 17
2.3.4 Internal control overview 21
3.2.5 Governance overview 22
2.4 DETERMINANTS/CRITICAL FACTORS FOR IMPLEMENTING COMBINED ASSURANCE IN A BANK 24
2.4.1 Assurance strategy 25
2.4.2 Governing body (executive management, the board and its committees) support 26
2.4.3 Combined assurance champion 27
2.4.4 Role players in combined assurance (five lines of defence) 28
2.4.4.1 First line of defence: operational management or process owner 31
2.4.4.2 Second line of defence: risk management and compliance 31
2.4.4.3 Third line of defence: Internal Audit 32
2.4.4.4 Forth line of defence: Independent external assurance providers 32
2.4.4.5 Fifth line of defence: Oversight role of combined assurance 33
2.4.4.5.1 The governing body 33
2.4.4.5.2 Audit committees 34
2.4.4.5.3 Risk Committees 35
2.4.5 Planning and coordination framework 36
2.4.6 Assurance mapping 38
2.4.7 Maturity level of combined assurance 39
2.4.8 Limiting factors/ lack of adoption of combined assurance 40
2.5 BENEFITS OF IMPLEMENTING COMBINED ASSURANCE IN A BANK 41