Auditing The Enterprise Risk Management Process

Seminar: ID# 1264163
Metropolitan Area:
New York
MicroTek Computer Lab NY
180 Maiden Lane
Suite 1102
New York, NY 10038
10/19/2020 - 10/21/2020 (8:30am - 5:00pm)
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About This Course:
Using This Critical Management And Governance Tool For A Top Down, Risk Based Approach To Mitigating Risk

The SEC and PCAOB have concluded that the key to effective compliance is a "top down, risk based approach." When properly defined and implemented, ERM provides the ideal baseline for this process.

In this intensive three day seminar you will cover alternative methods, structures and tools that can be used for establishing an ERM.

On the last day of this seminar you will work through a case study that will allow you to put into use what you learned as you are challenged to determine the most appropriate audit tools, techniques, and process for evaluating an ERM fact situation. You will leave this session with a solid understanding of how a well-structured ERM process should operate, what is critical to its success or failure, and how to audit it to determine its efficacy.

What You Will Learn
  1. Defining The Key Components Of ERM
    • Identifying Risk Events
    • Assessing Risk, Probability, And Impact
    • Risk Responses
    • Monitoring The ERM Process On An Ongoing Basis
  2. A Top Down Risk Based Approach To Establishing An ERM Process
    • Mapping The Organization To Determine The Natural Risk Assessment Structure
    • The Risk Organizational Structure
      • Makeup
      • Reporting Structure
      • Process Design
      • Operating Format
    • Methods Of Developing Risk Inventories To Be Used As The Baseline For ERM
    • Searching For Commonalities
    • Evaluating Alternative ERM Structures: Subjective Vs. Objective
      • System-Centric
      • Data- Centric
    • Determining The Data/Information Inventory That Will Be The Primary Indicators Of Risk In Each Part Of The Organization
    • Establishing The Logical Data Pathway Of The Risk Data Indicators That Drive To The Root Cause Of Organizational Failures
    • Designing The Responsibility Spectrum For Risk
  3. Integrating Business Risk And Internal Control
    • The Concept Of Business Risk
    • Determining The Relationship Of Key Business Risks And Internal Controls
    • Focusing The Strategy On Fundamental Business Process
    • Understanding The Key Attributes Of Outcome And Output And Its Impact On Governance
    • Using KPIS As The Baseline For Process-Based Oversight
  4. Developing An ERM Audit Process
    • Gaining An Understanding Of The ERM Environment
    • Risk Assessing The ERM Environment
    • Focusing The Audit And Establishing The Audit Scope
    • Determining The Audit Approach/Tools/Techniques/Strategy
    • Defining An Effective Report Format To Bring About Change
  5. Auditing The ERM Process
    • Auditing The Risk Organizational Structure: Who, What, Where, How And Why
    • Auditing The Risk Infrastructure For Completeness And Coverage
    • Auditing The Information Flow Of The ERM Environment
      • Timeliness
      • Accuracy
      • Usefulness
  6. Auditing The Effectiveness Of ERM In The Organization
    • Auditing The Evaluation Criteria Of Success For The ERM
    • Evaluating The Real
    • World Organizational Impact Of The ERM Process In Precluding Or Minimizing Risks
    • Auditing Areas Of Special Concern In ERM, Including Outsourcing
    • Auditing The Maintenance And Future Strategic Initiatives Within ERM To Keep It Current And Cutting Edge
  7. Case Study
Who Should Attend: Audit Directors and Managers; Risk Officers; Internal and External Auditors; Information Technology Auditors; and Operations Managers
Prerequisite: Using Risk Assessment to Build Individual Audit Programs or equivalent risk assessment experience.
Learning Level: Intermediate
Continuing Education Credits:

Click the 'Credits' tab above for information on PHR/SPHR, PDCs, and other CE credits offered by taking this course.
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