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Risk Management Assurance: Developing Your Internal Audit Strategy

Course Description

Print-friendly Course Description and Outline

The IIA’s International Professional Practices Framework requires internal audit activities to “evaluate the effectiveness and contribute to the improvement of risk management processes.” For a variety of reasons, many internal audit groups have not carried out the assurance services needed to be in general conformance with the Standard (2100 – Risk Management).

Many audit committees have recognized the need to increase their oversight of strategic and other mission critical risks.  The scope, frequency, and complexity of these major risk events are increasing. These major risk events have shaken financial markets and global economies, and raised serious questions about the effectiveness of many organizations’ risk management processes. 

One key element to unlocking internal audit’s full potential to add value can be providing independent advice and objective assurance on risk management to audit committees and executive management. This course was created to help participants develop or validate their strategy for carrying out their risk management assurance and consulting responsibilities.

This course compares the major risk management frameworks that can be used in a risk management assessment. You will have an opportunity to examine the key principles and features in the frameworks.  Case studies and small group activities will be used to apply the principles to real-world situations. During the course you will discuss internal audit assurance approaches/consulting activities and collect new ideas to improve your organization’s risk management process. At the end of the course, you will have an opportunity to develop or validate your internal audit group’s risk management assurance/consulting strategy.

PLEASE NOTE:
This course is designed for individuals with a good understanding of risk management. If this prerequisite isn’t met the IIA’s “Enterprise Risk Management: An Introduction” would be a better selection. This course focuses on risk management assurance and not risk assessment for annual audit or engagement planning. If your primary interests are risk assessment for annual audit or engagement planning “Assessing Risk: Ensuring Internal Audit’s Value” would be a better selection.

Course Duration: 2 day(s)
CPE Hours Available: 16
Knowledge Level: Intermediate
Field of Study: Auditing
Prerequisites: 
  • Participants have attended Enterprise Risk Management: An Introduction or have a good understanding of risk management practices.
  • Ideally, participants’ organization’s risk management process should be auditable or well along in their implementation efforts when they take this course.
Advance Preparation: 
​None
Delivery Format: On-site Training (Group-Live); Seminar (Group-Live)

​Risk Management Assessment Frameworks

As a result of active participation in this unit, you will be able to compare the major frameworks and resources that can be used in risk management assessment and assurance by:

  • Contrasting the major risk and control frameworks.
  • Examining the fundamental concepts and features in the COSO frameworks.
  • Examining the fundamental concepts and features in the ISO 31000 risk management framework.
  • Discussing the relationship between the IPPF guidance and major risk and control frameworks.
  • Completing a high-level self-assessment of your organizations ERM process.

Alignment of Risk Management & Objective Setting

As a result of active participation in this unit, you will be able to evaluate the alignment of risk management and objective setting at all levels to achieve strategic initiatives by:

  • Analyzing the key principles in the objective setting component of the ERM frameworks.
  • Evaluating techniques and practices that can be used to align risk management with objective setting.
  • Discussing possible internal audit assurance approaches and consulting activities.
  • Collecting new ideas and insights to improve your organization’s risk management process.

Risk Management Process Assessment

As a result of active participation in this unit, you will be able to benchmark risk management processes using authoritative guidance by:

  • Analyzing the key principles related to the risk management process components of the ERM frameworks
  • Discussing possible internal audit assurance approaches and consulting activities.
  • Collecting new ideas and insights to improve your organization’s risk management process.

Risk Culture Assessment

As a result of active participation in this unit, you will be able to assess the key elements of a risk culture that are needed to create and sustain an effective risk management process by:

  • Demonstrating the pervasive impact the risk culture has on the risk management process.
  • Analyzing the key principles related to the risk culture component of the ERM frameworks.
  • Discussing possible internal audit assurance approaches and consulting activities.
  • Collecting new ideas and insights to improve your organization’s risk management process.

Internal Audit Assurance and Consulting Strategies

As a result of active participation in this unit, you will be able to develop/ or validate your internal audit activity’s risk management assurance/consulting strategy by:

  • Examining how IPPF resources can be used to develop a risk management assurance/consulting strategy.
  • Discussing internal audit’s risk management potential roles and responsibilities – and which one will work best for your internal audit activity.
  • Comparing and contrasting risk management assurance approaches.
  • Designing audit guides for several complex risk management activities.

​Most courses can be delivered through on-site training. You might be surprised that the organization leading the profession is just as committed to the delivery of affordable training.

Contact us by calling +1-407-937-1388 or send an e-mail to GetTraining@theiia.org.

LocationsDates
Micro Tek Dallas
Dallas, TX
Details and pricing
May 22-23,
2014
Disney's Contemporary Resort
Orlando, FL
Details and pricing
December 8-9,
2014