Risk Management, Internal Control and Internal Audit

Understand the key factors for effective risk management with integration of internal control and internal audit best practice

About the Market
Whether it be planning for strategic shocks such as the financial crisis, or the UK’s exit from the EU, or management of day to day operational risks, prevention of fraud and efficient use of resources, organisations need to have an effective risk management process and internal audit function in place.

In the private sector, corporate entities are increasingly putting in place enterprise risk management frameworks to derive benefits from a more systematic approach or for compliance reasons such as SOX for those entities with securities listed in the US. In the public and not-for-profit sectors, organisations are coming under increasing pressures to reduce costs and improve accountability and performance.

In all cases, effective risk management and coordination with a strong internal audit function are critical to success and survival.

This 3-day course will be held in a highly interactive workshop format with real-world samples, documents, case studies and exercises.

Day 1

Introduction
Risk management
Case study: review of risk policy
Internal control framework
Establishing a Risk Management Framework
Risk assessment and response
Case study: assessing strategic and operational risks
Risk treatment and internal controls
Case study: identifying suitable controls

Day 2

Operationalising risk management
Case study: creating and using risk registers
Internal audit
Creating internal audit function
Case study: developing audit committee reports
Code of ethics
IIA Standards
Case study: developing an internal audit charter
Performance standards
Case study: prioritizing audit engagements

Day 3

Types of Internal Audit Services
Engagement planning; practical application
Engagement procedures; practical application
Case study: developing detailed audit procedures
Working papers and reporting
Case study: preparing audit reports
Case study: review of a quality audit improvement plan
Conclusions
Wrap up of 3-day course