Risk Management, Internal Control and compliance

Course Start Date: 7th May 2023

Training Duration: 4 Days

Practical application through exercises:

  • Case Studies

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

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.