Risk Audit School

And then we'll wrap up with adopting an agile mindset which really helps to complement the risk based auditing approach. Hello. I'm Kathy Chambers, agitator here at aci learning alongside Linh Truong. Linh, welcome to aci. Thank you. It's good to be here. It's great to have you here. Could you give me a little bit about your background? Let's get to know you. Okay, so, a lot to say here but I did start out my career at KPMG back then it was the big Eight, the big Four, so I'm dating myself but that's okay. And then from there I entered internal audit which really showed me that audit could be about looking at and assessing processes rather than just numbers which was so much better than auditing numbers. And basically I've been doing internal audit for over 25 years. Now, most of my industry experience has been in financial services but then I transitioned to oil and gas and then most recently in the biomedical healthcare industry. So, through some of those industries, I also had the opportunity to be the former chief audit executive. So, at my past three former employers, I was actually the chief audit executive. And I was hired at all three companies to build an audit department from ground zero, which was really exciting to kind of mold an audit department the way that you want instead instead of stepping into somebody else's audit department. So, that was really exciting and I really loved doing that. And then most recently, within the last three years or so, I really wanted to follow my passion, which is teaching, talking about into an audit and all things into an audit including agile auditing and all things risk, etcetera. And so, this is a great way to do that, is to share my knowledge. And yeah, it's great to make this transition and I'm really excited to talk about risk school. Yeah, that's great. Yeah, so that's the course we're doing together, aci's risk school. What are some things that the viewers will learn? So, we'll start out with some fundamentals of the concept of risk, the different types of risks, the regulatory frameworks and professional guidance that's available so that people will know kind of how to apply some of the best practices in managing risks. We'll also talk about risk assessment and learn all the different steps of performing a risk assessment including risk identification, risk ranking and measuring heat maps. We'll take a look at some tools and templates. We'll even talk about risk appetite and what that means. As well as diving into the different types of typical risk assessments that are done including fraud risk assessments, IT risk assessments and financial statement risk assessments. And then we'll move into performing an enterprise risk assessment as well as establishing an enterprise risk management process which takes it beyond just a point in time, snap a photo of a company's risks. We'll learn about best practices in real life examples and walking through case studies. Then, we'll move towards how to audit using risk based methodology. So, going from process based auditing to more risk based auditing. And then from there developing the annual audit plan using a risk based methodology as well as how to execute the audit project and using standard tools and templates as well in this area, applying the methodology of risk based auditing from beginning to end. And then we'll wrap up with adopting an agile mindset which really helps to complement the risk based auditing approach. We'll also talk about what kind of internal audit team that you need to be successful at being agile and being risk based. And then we'll also talk about how to make a business case to executives in order to convince them that this is the future of internal audit. This is the way to go as far as moving towards risk based auditing. And then we'll end with talking about the challenges, and how to address the challenges of moving towards a risk based auditing approach as well as the success factors. Wow, there's a lot in this. Super exciting. Who should watch this course? So, I would say any professional within the risk management or risk spectrum. So, risk professionals, chief risk officers and people working in that risk function, but also auditors as well. The entire audit function from staff to chief audit executive. That would be a really great target audience as well. But in general, just leaders of organizations. All organizations have to face risks. So this is a really good primer about risk and risk management. And I think even leaders can certainly benefit from knowing kind of the best practices of managing their business risks. All right, thank you so much, Linh. I'm looking forward to going through these episodes with you. To our viewers, please stick around. We hope that you enjoy aci's risk school. [MUSIC]