Risk Management, Internal Control and compliance

KPME Risk Management, Internal Control and compliance

Course Start Date: 7th May 2023

Training Duration: 4 Days

Practical application through exercises:

Learning Outcomes

Learn about the concept of Corporate Governance

Learn about the best practices in Risk Management

Understand how to build controls for different types of risk

Understand the framework and components of internal control as per risk appetite

Learn about COSO Internal Control Framework

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

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.