Risk and Internal Control
The ability to effectively manage increasing risk in a dynamic business environment is now a key competency for middle and senior managers.
The internal control system is a key factor for the success of a company - reaching goals, setting the direction of development and creating effective business processes.
This training course was designed to provide knowledge about the risk management and internal control systems. We recommend further education by participating in our 16-hour training “Risk management”.
Key topics covered during the training:
- What is risk? How do you identify and assess it?
- What does the process of risk management entail?
- Who is responsible for the risk?
- Does the size and type of company affect the risk management system?
- What is the correlation between risk and control?
- What are the purposes and different types of control?
- How do you document control?
- What are internal control tests?
- How do you describe control deficiency?
- What are the typical challenges in internal control?
- What are IT Dependencies and why are they relevant to companies and auditors?
- What does the Sarbanes-Oxley Act (SOX) cover and what are its requirements?
Training is designated for:
senior and middle management who want to deepen their knowledge of risk management processes and the implementation of the internal control system;
public or private sector organizations’ members, including those not directly dealing with risk but with elements of risk management within their roles and organizations;
experts in the areas of finance or IT who deal with the design of processes in organizations;
small business entrepreneurs and startup owners seeking to minimize operational risk;
internal / external auditors;
professionals from large corporations required to comply with SOX or similar regulations.
Suggested Training Agenda:
1. Definition and types of risk
2. Risk management
3. Control as a risk mitigation tool:
- types of control
- designing control activities
- understanding and documenting 5W control (Why, What, Where, Who, When)
- Segregation of duty, SOD
4. IT control and dependencies:
- IT general controls, ITGC
- IT dependencies (calculations, reports, interface agreements etc.)
- the difference between automatic and IT dependent control
5. Control effectiveness tests:
- Test Design Effectiveness
- Test Operating Effectiveness
- assessment techniques and comfort level (from Inquiry to Reperformance)
- uncertainty sources analysis, control deficiencies and remediation process
- standard control testing challenges (real-life examples)
6. Methodologies and frameworks (COSO, COBIT, SOX)
Additional Training Details:
Duration:
8 hours
Format:
Live online
Language:
English
For more details please contact us.
