Suncor has been on a journey over the last 2 years to drive significant maturity across risk and audit. This has involved getting alignment across all of its assurance functions and grounding the assurance work in risk. Additionally, through strong collaboration and business focus, a deliberate effort has been made to shift the culture of the organization to make risk based decisions and to see audit as a means to drive improvement and test critical controls for the organization.
The intent of this session is to describe how a multifaceted approach, with strong senior leadership support has resulted in a step change in risk and audit maturity. Key foundational components set in place include: development of a Corporate-wide Audit and Assessment Standard and Guidance Document, development of a specific integrated assurance model for Suncor, standing up an Audit and Assessment Network across the organization, completing a project to identify and chartering over 80 groups doing assurance, developing an enterprise annual audit schedule across all lines of defence, improved executive stewardship reporting of audits and corrective actions, process development and scoping of a tool to drive efficiency, With greater harmonization and efficiency of processes and greater credibility of the audit groups, opportunities to engage the business have increased, opening up more strategic work and greater transparency.