ENTERPRISE RISK MANAGEMENT
Enterprise Risk Management known as (ERM) has evolved a lot since the seventies. From simply 'buying' insurance, it has now evolved and grown in importance to become a prime function in many organizations. It is now part of a bigger system known as Governance, Risk and Compliance (GRC) which starts with corporate governance and ends with compliance. ERM is the function of studying the risks that may hinder a corporation's ability to achieve its goals and then deciding how to overcome these risks. Studies regarding risk management were done by different organizations, including ISO which issued ISO 31000 on risk management. However, the most accepted ERM system is the one designed by 'COSO'. This system, which is the one covered in this course, teaches the steps needed to control risk. It starts with the evaluation of the internal environment and the setting of objectives which are, mainly, a result of the tone at the top of the organization, the directives from corporate governance as well as the vision, mission and corporate strategies. Then, the course goes through the steps management needs to consider in order to identify and assess risk and decide on proper risk responses and controls. The course ends with how to monitor, communicate and report risk. In addition, the course looks at risk in different organizational areas such as strategy, reporting, compliance, operations, financial or physical risk as well as risk in different industries.
The course is based on detailed explanations by the instructor and presentations by both the participants and the instructor. It also includes many case studies related to different industries and areas of the business.
By the end of the course, participants will be able to:
Identify internal and external changes that will create risks to the organization
Understand the relation with the board of directors through governance and improve Risk-Based Decision Making (RBDM)
Influence internal controls by choosing the response to the risks identified
Classify risk categories in the organization and identify right authorities to manage them Analyze, assess and improve risk management practices within the organization
Managers, senior managers, directors, executives, financial controllers, senior accounting and finance personnel, and auditors.
Improve risk monitoring and control
Analyze and assess risks
Advise directors on risks
National Association of State Boards of Accountancy (NASBA) : Ciel Consulting
Training & Consulting is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website.
Location & Date
Ciel Consulting reserves the right to alter dates, content, venue and trainer.
Why should we care about risk
Internal environment changes
External environment changes
Risk management and corporate governance
Introduction to corporate governance
GRC concept: governance, risk and
GRC system: governance, risks and controls Risk management as part of corporate governance
Risk based decision making
Risk management and corporate control environment Risk management’s influence on designing internal controls
Risk-Based internal audit assessment of risk management performance
ERM and its evolution
Operations and tactics
Compliance and process
Physical: life and safety risks
Laws and regulations
Financial reporting standards
External environment: socioeconomic, regulations, technology and competition
Internal environment: structure, processes and culture
Event identification Risk assessment:
The black swan challenge
Quantitative versus qualitative analysis
Information and communication
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