Risk Audit School: Risk Basics

This collection of risk audit school courses introduces participants to the basic concepts of risk, types of risks, and risk management (ERM) frameworks such as ISO 3000 and COSO ERM, and the IIA’s professional guidance on risk management. It also covers how to conduct risk assessments and ways of reviewing several common types of functional risk assessments, such as a fraud risk assessment, an IT risk assessment, a financial risk assessment, and best practices. The courses include examples of tools, templates, and reports commonly used in the risk management process. Also covered are risk appetite, measuring the impact/likelihood or risks, and black swans. The course then transitions to risk-based auditing and applies it toward developing the annual audit plan and planning at the engagement and audit program levels. Other topics include talent management strategies for risk-based auditing, root cause analysis, risk mitigation strategies, data analysis, and continuous monitoring tools to ensure there is an effective method for addressing risk. The course also covers key business risks, including operational, strategic, people, regulatory and financial, cybersecurity, and culture, in addition to emerging risks. Participants will review articles, case studies, examples of tools and templates, and graphical depictions to help the student apply concepts and theories to practical use in their organization.