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 |