KPME Risk Management, Internal Control and compliance
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Risk Management, Internal Control and compliance
Course Start Date: 7th May 2023
Training Duration: 4 Days
Practical application through exercises:
- Case Studies
Learning Outcomes
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Learn about the concept of Corporate Governance
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Learn about the best practices in Risk Management
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Understand how to build controls for different types of risk
Understand the framework and components of internal control as per risk appetite
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Learn about COSO Internal Control Framework
Course Outlines
- The Three lines of Defense
- Corporate governance components
- Role of various stakeholders in governance
- What is risk management
- Risk Management responsibilities of various stakeholders (BOD, management, internal audit, etc.)
- Risk Management framework
- risk appetite and its importance
- Relationship between risk management function and management
- Role of compliance function
- The compliance program
- Relation between the compliance function and management
- Fraud definition and the fraud triangle
- Roles and responsibilities of key stakeholders
- Fraud prevention and detection techniques and the role of internal controls
- Consideration of fraud risks
- A closer look at fraud scenario assessment- an effective tool to identify proper internal controls
- Internal Audit objectives
- Positioning of internal audit and overview of their methodology and code of ethics
- Relationship between internal audit function and management
- Background of COSO-IC
- The framework components
- Financial, reporting and compliance objectives
- Risk assessment, Internal control and Monitoring Activities components in more details
- Application of COSO internal control framework in organisations
- Importance of balancing/ optimisation of risks and for the end to end cycles
- Difference between inherent and residual risks
- Financial, reporting, compliance and type of risks such as strategic, information, reputation, etc.)
- Risk identification process.
- Importance of identification of the right mix and balance of internal controls for the end to end cycles
- The different types of internal controls -preventive, detective, automated, manual, etc.
- The different assertions that need to be addressed by internal controls
- The relationship between risks and internal controls and how to arrive at the acceptable level of residual risk considering the risk appetite.