Internal Audit, Fraud Risk Assessment and Risk Management Annual Plan
Performing a corporate wide Risk Assessment can seem like a daunting task for an organization. In reality, it can be done using a template and brainstorming with internal auditors, certified fraud examiners and business unit leaders throughout your organization. Understanding your Company´s Risk Environment is key to having an effective Internal Audit organization, it helps to have significant experience in internal auditing and a mind for coming up with "what could go wrong" in any control environment. The corporate wide risk assessment can be performed to maximize the efficiency and effectiveness of any organization with a diligent template and process for performing the assessment. This seminar will equip you with a methodology that has been utilized in a robust internal audit department for a Billion dollar revenue Corporation.
The methodology for a successful Corporate Wide Risk Assessment Process from the perspective of an Internal Audit Department
Different types of Risk Assessment and processes and procedures to performing it effectively - For example a Fraud Risk Assessment, an Operational Risk Assessment and a Sarbanes Oxley Risk and Control Matrix.
Examples of different templates.
Who the key players are in these processes.
How to brainstorm different Audit topics within your department and company.
Real live experiential examples and a group Case Study that we´ll perform in groups in class.
The key components of a Risk Assessment and Management Program.
The template for a risk assessment and examples of typical projects that may come up in various departments. We will spend a significant amount of time going through examples in different areas of how the template works.
Brainstorming your industry and the unique types of projects that can be worthwhile projects.
The methodology for successful Risk Assessment process.
The steps involved in the Risk Assessment process, including an extensive explanation of different templates to be utilized.
Perform a mock Risk Assessment in a team environment.
How to perform a fraud risk assessment.
Perform a mock fraud risk assessment in a team environment.
Continual refinement of audit projects throughout the Audit Year.
With an increased awareness of the effectiveness of Internal Audit organizations and the ongoing cost to organizations, an entity wide risk assessment is imperative to all organizations to maximize the efficiency and effectiveness of an Audit Organization. Performing a corporate wide risk assessment is doable, and can provide internal audit and its organization a roadmap for the upcoming audit year and also provide peace of mind for having gone through the process and addressed the organizations top risks. The methodology has been utilized successfully in billion dollar industries, it is completed on an annual basis using templates that provide the mechanism for documenting the results of numerous meetings with Company Executives and all levels of Management conducted during the risk assessment process.
Day One (8:30 AM – 4:30 PM)
Registration Process: 8:30 AM – 9:00 AM
Session Start Time: 9:00 AM
Introduction and Objectives of the Course
What are everyone’s expectations of the next two days
Agenda of the Course
Risk and Control Matrices
Uses for the Risk Assessment Process
Why it is so important to Organizations
Main Outline of the Corporate Wide Risk Assessment Process from Internal Audit Perspective
Timeline of the Process
Template for a Corporate Wide Risk Assessment
Examples of typical Projects that may come up and how to fill the template out
Group Activity to Practice How to Come up with Risks and Controls within a Process
In Depth Discussion on Template to use for Corporate Wide Risk Assessment
How to Brainstorm different Projects within your organizations
Group Discussion on How to Brainstorm different projects within your organization
Who to include in these discussions
How to initiate this process, what to focus on
Day Two (8:30 AM – 4:30 PM)
The Methodology For a Successful Risk Assessment
Who to involve, Roles and Responsibilities
Templates involved in a Successful process
Review of Previous Days Discussions Relevant to the Case Study.
Comprehensive Case Study.
Examples and Comprehensive Case Study.
Fraud Risk Assessment (2 hrs.)
ACFE Data on Fraud and How it can be utilized in the Process.
The Template, the Different Columns and How to Fill Out.
Examples and Discussion of How to brainstorm projects.
Comprehensive Case Study.
Examples and Comprehensive Case Study
How to Refine the Risk Assessment and Ultimate Audit Plan throughout the year.