The Significance of Risk Management And Internal Controls Training

Organizations face the widest range of external and internal factors that might affect achievement of objectives, whether they include financial, operational and strategic goals. The uncertainty effect con objectives can be a threat that is both negative and positive. Positive risks involve opportunities while negative risks include threats. The management of threats focuses mainly on identifying the perils and the opportunities while internalized authority counters the threats and makes the most of the opportunities.

Offering tremendous advantages

Proper managing of threats and internalized authority, assist the organizations to make decisions that are informed about risk levels that they would like to take and implement standards to pursue objectives, effectively. Risk-Based Financial Auditing & Internal Control are important aspects for any organization's operations, management and governance. Successful enterprises always integrate structures of effective governance, processes with threat management and performance-based internalized control at all levels of any organization and across every operation.

The methodology of the course

Through group discussions, powerful presentations and case studies, participants are bound to acquire the knowledge of the fluid and evolutionary process. The process involves evaluating, implementing and developing the ERM. Participants through Risk Management and Internal Controls Training, also learn on ways of monitoring risks at enterprise-wide levels. This includes the necessary techniques of application for the implementation of processes within the organizations.

Objectives of the course

By the course end participants learn about the following:

* Providing assurance statements that are meaningful to the committee and board of audits

* Producing a plan of RBIA and applying a methodology that is risk-based for assignments of internalized audit

* Determining maturity of risks and applying an approach that is relevant

* Linking RBIA's every stage to any organization's framework of managing threats

* Application of the major RBIA concepts to the organization and analyzing the process of Internalized audit

* Tools for assessing risks and model processes for evaluation as well as an assessment of the risks

* Measuring the effectiveness of internalized audition that is based on risks

* Stages of internalized auditing that is based on the risks besides going for an approach that is not a traditional one.

Competencies and targeted audiences

The members of the board comprising of audit committee members and chairs are the targeted audience. It also involves consultants of managing risks, regulators of banks, internal and external auditors, treasurers, CFOs, CAOs and CCOs. The heads involve peril management head, heads of operational perils, credit and market besides the chief officers of perils. The competencies include managing the risks of enterprise, designing of the controls, identification of risks and audit planning that is also based on risks.

Outline of the course

The course outlines the relevance of internalized audit that is based on risks, identification of risks and objectives, implementation of RBIA, organizing the controls, risks and objectives. It is also inclusive of developing RBIA, audit planning that is periodic as well as the maturity of threats.