White Balance Audit Risk

Optimising the Internal Audit: Risk North West District SocietyManagement Relationship 29 September 2004Achieving the right balance between Internal Audit and Risk ManagementSteven WhiteHead of Corporate Risk ManagementRisks throughout Sainsbury’s• £18bn sales / £675m profit before tax• 584 stores • 147,000 colleagues• 13.5 million store visits per week • 23,000 products in a large supermarket• Subject to c.1,200 pieces of legislation• 40 depots, 2,000 suppliers (some for over 100years!)• Sainsbury's Bank (with HBoS), plus many other JV’s• Internet shopping (Sainsburys to You)Making Life Taste BetterRisk and Audit• Risk Management is “embedded” within the Internal Audit department (but not actually audited!)• Risks, Issues or Grumbles ??• What do we audit? – all Red risks, all controls to Amber risks, all Divisions, all Strategic ObjectivesMaking Life Taste Better1Optimising the Internal Audit: Risk North West District SocietyManagement Relationship 29 September 2004Strategy into actionWe have a We have Each Division Teams agree Individuals mission and 3 clear targets determines their agree their year Corporate their and plans for contribution whats and Plan the year contribution howsCorporate Divisional Team and individual targets updated, targets updated, targets completedcommunicated communicatedMission •Individual set of balanced Plan/ Plantargets - WHATPlan PlanPerformance CustomerPerformance Customer Performance ...