open Programme: Risk manangement & governance

Facilitating Risk Assessment

Risk assessments is a key building block for numerous internal audit activities, deliverables, and communications such as periodic audit planning schedules, audit engagement planning memos, audit reports, ERM activities, and audit committee reports. However, many internal auditors and internal audit functions struggle to find the right risk assessment framework that balances stakeholder needs and resources available for this time-intensive activity. Likewise, many internal auditors struggle with execution of risk assessment activities such as establishing practical and consistent measurement criteria for rating and ranking risks as well as keeping a keen focus on the risks that are most important to their stakeholders. Risk assessment is at the forefront of ensuring internal audit’s value to its stakeholders. Without effective risk assessment activities, an internal audit function has little assurance that it is deploying its resources in a way that fulfills its mission within the organization.

This course provides practical insights relating to contemporary best practices of risk assessment activities and allows participants to apply what they have learned so that they can implement risk assessment activities at their organization.

This interactive and engaging three-day course takes a deep dive into the fundamentals of risk assessment; nuances such as audit universe, risk appetite, and fraud; and the challenges of implementation. It also addresses skill gaps many internal auditors struggle with such as how to develop their own risk assessment frameworks and how to select or construct a risk ranking system. After reviewing real examples of risk assessment models used by leading internal audit functions, participants will have the opportunity to develop their own risk assessment frameworks by picking and choosing those elements and best practices that best meet the risk assessment needs of their organisation, no matter the size or maturity level of their internal audit function.

Who Should Attend

All internal auditors providing assurance on control and management of business risk including Heads of internal audit and senior internal auditors involved in risk assessment and providing assurance on control and management of business risk. 

Course Objectives  

Upon completion you will be able to:

  • Explain the key concepts of risk and risk assessment
  • Appreciate the links between your organisation’s  risk management framework and risk assessment
  • Recognise the elements that contribute towards the risk maturity of an organisation
  • Understand how internal audit fits into the wider assurance framework
  • Appreciate how a risk assessment plan is developed 
  • Understand how to plan, deliver and report on internal audit assignments using a risk based methodology
  • Consider the skills and competencies required to deliver effective risk assessment.
  • Develop a risk assessment methodology suitable for your organisation

Course Outline

  • Nature of Risk
  • Risk Assessment Essentials
  • Contemporary Risk Assessment Trends
  • The Audit Universe
  • Audit Universe Risk Assessment
  • Engagement Risk Assessment
  • Fraud Risk Assessment
  • Risk Appetite
  • Risk Assessment Implementation Challenges

Location                          Pricing (Ex. VAT)                        Dates

Nigeria                             N195,000                                     15th - 17th June 2016