Risk School OAR201ACI Learning
Risk School OAR201
All available course dates
In this course, you first be introduced to the basic concepts of risk, including different types of risks and the different risk management (ERM) frameworks, including ISO 3000 and COSO ERM as well as 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, including a Fraud risk assessment, an IT risk assessment and a financial risk assessment. Students will also learn about the fundamentals of Enterprise Risk Management (ERM), including best practices and walking 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 as well as Black Swans. Once the student has a good understanding of risk assessment and enterprise risk management, then we switch gears and discuss the concept of Risk-Based Auditing, including how to apply the risk-based auditing approach for developing the annual audit plan, planning at the engagement level and at the audit program level. In addition, this section will include a discussion about root cause analysis and risk mitigation strategies as well as data analysis and continuous monitoring tools to ensure there is an effective method for addressing the risk.
In order 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 discussion several key business risks, including Operational, Strategic, People, Regulatory and Financial, Cybersecurity and Culture as well as a discussion on some emerging risks.
In light of COVID-19, this provider is now delivering some or all of their courses online. Contact them for more information!
Who should attend?
Audit Directors and Managers; Internal and External Auditors; Risk Management Specialists; and those charged with corporate governance responsibilities
- Know the fundamentals of the concept of risk, different types of risk and some key regulatory frameworks and professional guidance available on the topic of risk as well as assessing and managing risks.
- Understand the steps of a risk assessment process through risk identification and risk measurement at a certain point in time, at both the enterprise level and the functional level, including the concept of risk appetite and through examples of several different functional risk assessments (Fraud, IT, Financial).
- Understand the risk management process (ERM) through recurring risk identification, measurement and mitigation, including the standard tools, templates, and reporting used in the ERM process through real examples and case studies.
- Understand the methodology and process for conducting Risk-Based Auditing at the annual audit planning level, the engagement planning level and the audit program level.
- Know how to prepare the IA function for a Risk-Based Auditing approach, including adopting an agile mindset, hiring/developing audit talent and communicating to key stakeholders about the benefits/value of Risk-Based Auditing as well as how to address certain challenges.
- Risk Basics
- Enterprise Risk
- Enterprise Risk Management (ERM)
- Risk-based Auditing
- Risk-based Tools
- Key Business Risks
- Executive Perspectives on Top Risks
- Preparing IA Departments for Risk-based Auditing
- Marketing Risk-based Auditing
Certification / Credits
Completion of this course is worth 32 CPE Credits
At ACI Learning, we train leaders in Cybersecurity, Audit, and Information Technology. Whether you're starting your IT career, mastering your profession, or developing your team, we're with you every step of the way. We believe that training is not a...
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