CE-108 SUCCESSFULLY IMPLEMENTING AND MANAGING ENTERPRISE RISK MANAGEMENT PROGRAMS

CE-108 SUCCESSFULLY IMPLEMENTING AND MANAGING ENTERPRISE RISK MANAGEMENT PROGRAMS

DESCRIPTION

COSO defines Enterprise Risk Management (ERM) as “a process, effected by an entity’s board of directors, management, and other personnel, applied in strategy setting and across the enterprise, designed to identify potential events that may affect the entity, and manage risk to be within the risk appetite, to provide reasonable assurance regarding the achievement of entity objectives.” That sounds rather vague. What does it mean to your organization, and how do you make it happen?

 

During this course participants will examine risk types, methods for identification of risk, evaluation of risks, mitigating options, and on-going monitoring. This course will help individuals learn and develop the skills necessary to help drive, implement, and execute an effective Enterprise Risk Assessment through the use of lecture, interactive discussion, case studies, best practices, and group exercises.

LEARNING OBJECTIVES:

  • Learning what ERM is and why it is important and valuable to organizations
  • Understanding risk issues faced by organizations
  • Understanding risk management frameworks used in managing risks
  • Learning how to assess risks and risk drivers for a corporation
  • Learning why risk quantification is important and basic quantification approaches
  • Understanding how risk management is a powerful tool for both strategic and tactical decisions

 

COURSE OUTLINE

Enterprise Risk Management Basics

  • What is risk?
  • What ERM is and why it’s important
  • Value proposition of ERM
  • The role corporate culture plays
  • Internal and external environments

COSO ERM Model

  • Internal environment
  • Objective setting
  • Event identification
  • Risk assessment
  • Control activities
  • Information and communication
  • Monitoring

The ERM Process

  • Defining the risk culture
  • Establishing roles and responsibilities
  • Establishing goals and objectives
  • Identifying the risks—assessment methodologies, tools, and techniques to use
  • Assessing the risks—qualitative and quantitative assessment
  • Evaluating the risks—options for managing the risks
  • Mitigating the risks—strategies and methods for implementing mitigation and monitoring
  • Monitoring the risks—internal audit, data analytics, dashboards, etc.

Incorporating Fraud Risk Assessments

  • Learning how to conduct a fraud risk assessment
  • Understanding basic fraud concepts
  • Identifying best practices in fraud risk assessment
  • Learning to utilize appropriate frameworks for assessing fraud risks
  • Usage of commonly used frameworks, scorecards, and reporting templates
  • Incorporating into the ERM

Exercises, Case Studies, and Best Practices

  • Tools and techniques
  • Successes and failures
  • Best practices
Duration

CPE

Delivery

Field

Level

Who Should Attend

 

Prerequisites

Advanced Preparation

2 Days

16

Group-Live

Auditing

Intermediate

Internal auditor staff and management and Financial and operational management and staff

Professionals with at least 2 years of experience

None