Training Course Syllabus:

Mastering Risk Based Internal Auditing (RBIA): 2-day Comprehensive Workshop

Course Description:

The training will enable the attendees to develop their skills and knowledge in relation to risk-based internal auditing to effectively carry out RBA´s and report it in a highly professional style to management.

Risk Based Internal Auditing (RBIA) is defined by the Institute of Internal Auditors (IIA) as “a methodology that links internal auditing to an organization’s overall risk management framework”. RBIA allows internal audit to provide assurance to the bank’s/ organization’s board that various risk management processes are managing risks effectively, in relation to the risk appetite of the bank/ organization.

This intensive 2-day course is all about RBIA, what it is, how it differs from the conventional internal audit and most importantly of all how it may be planned and implemented within the organization.

Learning Objectives:

Internal Auditing, Risk Management and Compliance
Risk Management Framework
Operations Risk
Risk Based Internal Auditing (RBIA)
Audit Report
Corporate Governance
Governance, Risk and Compliance (GRC)

Course Outline:
Day One (8:30 AM - 4:30 PM)

8:30 AM - 9:00 AM: Registration Process

9:00 AM: Session Start

Module 1: Internal auditing, Risk Management & Compliance Triangle

The Fundamental Differences and Importance of its Convergence
Overlapping: Healthy or Wasteful?
Cooperation among these functions
Business Benefits of Integrating GRC Activities
Enabling Collaboration Across Business Functions
GRC, what is it about?
Module 2: Risk Catalog (Risk Taxonomies)

Introduction to di¬fferent types of risks categories
Inherent and residual risk
Risk Management Universe
Risk Management Framework
Credit Risk
Market Risk and Liquidity Risk
Operational risk
What is operational risk management framework?
Risk events types, control, and reporting
Self-assessment overview / Heat Map
Key risk indicators (KPI’s)
Business Continuity Plan vs. Disaster Recovery Plan
Types of losses– actual, near misses and predictive incidents
Module 3: The evolution of Internal Auditing towards Risk-based Internal Auditing

What is risk-based internal auditing?
The transition from system-based to risk-based internal auditing
Internal audit professional standards
Different approaches to internal auditing
The nature of risk
Relationship between risk and objectives
Risk culture
Risk registration
Risk-Based Audit Approach
Risk-Based Audit Methodology
How and why audit units move into risk based audit programs
New Trend in Audit: Risk-based internal Audit
Risk-Based Internal Auditing
Audit Universe
Audit Scope
Mapping Business Unit
Module 4: Prepare Risk-Based Internal Auditing Plan and Execute it

Determination of internal auditing universe
Risk Mapping
Risk Registration
Developing internal auditing plan
Preparation of a clear plan to be approved by Audit Committee
Efficiency in the non-recurrence of Audit Notes
Audit references to policies and MORR
Identification and classification of audit risk

Day Two (8:30 AM - 4.30 PM)

Day 2 - Lectures and Workshop Exercises

Module 5: The System of Internal Control

Definition and objectives of internal controls
Components of internal control system
Review control eff¬ectiveness
Roles and responsibilities in internal control
Auditing the control environment
Session 6: Writing Audit Report; how to impress reader?

Audit report writing skills
How to address challenges and add value through audit reporting
How to structure effective audit report
Statistical Sampling Techniques for audit population
The IIA standards for communication of audit finding and results
Example of alternative risk-based reporting format
Session 7: Internal Audit in the Context of Corporate Governance

Corporate Governance; Definition, Concept, Rules, Principles
Role of Audit Committee in checking audit notes (internal/external)
Effective Executive Management & Board Members
Examination of Credit and Operations administration
Using internal and external audit standards to audit GRC activities
Key components, practices and activities to audit
Session 8: Wrap up; Recommendations for a Successful RBIA

Build good processes with responsibilities and accountabilities
Conclusion and augmentations
Open Discussion

Seminar Summary:

The training will enable the attendees to develop their skills and knowledge in relation to risk-based internal auditing to effectively carry out RBA's and report it in a highly professional style to management. (see full course description)

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