Enterprise Risk Management
Course
In Birmingham
Description
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Type
Workshop
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Location
Birmingham
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Duration
3 Days
Risk and its nature in a corporate environment · Risk analysis and Internal Auditing · The use of Risk-based auditing as an integrated approach · Risks within computer systems · Electronic trading risks · The Information Systems Risk-based audit approach · Risk and materiality · A structured approach to audit risk evaluation · How to sell Risk-based audits. Suitable for: Internal Auditors, External Auditors, Risk Managers, Security officers, Executive management, Corporate risk management officers
Facilities
Location
Start date
Start date
Reviews
Course programme
Course review:
Good corporate governance today dictates that businesses should understand their major risks and put in place appropriate controls to manage them effectively so the business is more likely to archive its objectives.This highly interactive 3-day workshop explores how accountants, auditors and risk managers can act as a catalyst for good risk management and can assist in imbedding and improving its effectiveness. Participants will learn how they can add value at each stage of the risk management process-from risk identification to monitoring and reporting-without, in internal audit case, compromising objectively and independence...Participants will take away sample documents, practical checklist and worked examples. Whether you have been charged with establishing a risk management framework for the organization, want to increase the effectiveness of the existing risk management process or wish to benchmark against emerging best practice, this is the workshop for you.
COURSE CONTENTS
The nature of risk
Internal risk assessment - a framework
Risk-based auditing - an integrated approach
Risks in Financial Services Industries
Computer risks and fraud
Reducing the risks in electronic interchanges
COURSE OBJECTIVES
Those planning Internal Auditing department activities face the recurrent task of allocating expected resources to an apparently ever-expanding universe of demands. One means to focus limited resources is the use of appropriate risk analysis techniques.This three-day, intensive course provides auditors and audit management with a structured approach to risk management and internal risk assessment. Risks in computerized systems and the use of computerized risk assessment tools are also addressed.
Day 1
Risk Management Unravelled
Risk, risk management and ERM defined
The corporate governance and regulatory context
Investor and stakeholder pressures
Current and emerging risk management standards and guidelines (COSO ERM)
The Core Elements of a Risk Management Methodology
Common risk language and assessment methodology
Understanding risk appetite
Establishing the roles and responsibilities
The Board
The Audit Committee
Senior Management
Employees
The Risk Management Function.
Internal Audit
DAY 2
Enterprise Risk Management
Exploring the Benefits
Gaining Board and Audit Committee buy in
Dealing with objections and concerns.
The Importance of Risk Leadership: setting the tone from the top
Building the Risk Framework
A Tailored Framework for your business.
Top down or Bottom up?
Developing Risk Strategy and policy.
Defining and Communicating Risk Appetite in your business
IDENTIFYING BUSINESS RISKS
The Importance of Risk categorization.
Sample risk categories
Risk identification: PESTLE analysis
Common strategic risks.
The role of risk register
Articulating risks to elicit action.ASSESSING AND PRIORITIZING RISKS
Understanding inherent and residual risk.
Risk assessment methodologies
Developing a tailored risk assessment matrix for your business
Applying risk appetite.MONITORING, REPORTING & ASSURANCE
Response options: the 4Ts (Tolerate, Treat, Transfer, Terminate)
Ownership and action planning
Clarifying the reporting lines
Establishing the best source/type of assurance
Who should do what?
Reporting within business.
Latest trends in external risk disclosure
Day 3
ESTABLISHING AND PROMOTING + THE BUSINESS CASE FOR ERMNEW AND EMERGING RISK MANAGEMENT CHALLENGES
Governance, strategic and ethics risks
Reputational risks
Corporate responsibility and stakeholder risks
IT risk hotspots.
Supply chain and outsourcing risks
Project and programme risks
CRSA control
EMBEDDING RISK MANAGEMENT THROUGH THE ORGANIZATION
The importance of organizational culture.
The use of risk software.
Encouraging everyone to be their own risk manager
Multiple risk appetites and hierarchies
Integrating risk management with management processes (KPIs, strategic planning etc)
Innovative early warning indicators and embedded monitors.ADAPTING YOUR APPROACH AS RISK MANAGEMENT MATURES
Dealing with changing skills requirements
Flexible interaction with other assurance providers.
Tools for assessing risk management capability and effectiveness.
Modifying your relationship with management and the board/audit committee.
Measuring and reporting your own performance.
Optimizing and communicating your role.
Enterprise Risk Management