In this course, learners will be introduced to the basic concepts of risk, including different risks and risk management (ERM) frameworks, such as ISO 3000 and COSO ERM, and the IIA's professional guidance on risk management. There will also be a thorough discussion of how to conduct risk assessments, including reviewing several common types of functional risk assessments, such as a fraud risk assessment, an IT risk assessment, and a financial risk assessment. Learners will also learn about Enterprise Risk Management (ERM) fundamentals, including best practices. They will walk through examples of practical tools, templates, and reports commonly used in the risk management process. This discussion will explain the concept of Risk Appetite, measuring the Impact/Likelihood or risks, and Black Swans.
Once the learner understands risk assessment and enterprise risk management, we will switch gears and discuss the concept of Risk-Based Auditing, including how to apply the risk-based auditing approach toward developing the annual audit plan and planning at the engagement and audit program levels. In addition, this section will include a discussion about root cause analysis, risk mitigation strategies, and data analysis; it will also cover continuous monitoring tools to ensure there is an effective method for addressing risk.
To better partner with key business stakeholders and add value to your organization, it is necessary to understand some key business risks. Therefore, the course will spend a significant time discussing several key business risks, including Operational, Strategic, People, Regulatory and Financial, Cybersecurity, and Culture, and will also discuss some emerging risks. All along this journey, there will be exercises, informative articles, case studies, actual examples of tools and templates, and graphical depictions to help the student apply concepts and theories to practical use in their organization.
The course will conclude with a discussion of top risks according to a recent global survey of CEOs and how the audit function can translate these risks into potential audits for the next audit plan update. There will also be a discussion about how the IA function can better prepare for transitioning to a fully Risk-Based Audit methodology by adopting an "agile mindset" and applying agile principles to the audit process. The course will also cover implementing talent management strategies for a risk-based approach. Final thoughts will provide learners with discussion points for presenting a business case to the Audit Committee and executives for implementing Risk-Based Auditing, including the benefits, challenges, and success factors.
You should attend because risk dynamics are more complex than ever, and our organizations need our expert support to better identify, assess and manage current and future risks more effectively.
Internal and External Auditors; Risk Management Specialists; and those charged with corporate governance responsibilities
You will learn the key concepts of risk-based internal auditing, risk assessment and management. Also, how to apply the concepts learned to help your key stakeholders on essential risk concepts and techniques.
Use the table below to select the time and location that works best for you.
ACI Learning 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: www.nasbaregistry.org.