ERM: Practical Approach, Practical Application

Seminar Overview

A One Day Detailed Course on Optimizing the Use of ERM

Practitioners of Enterprise Risk Management are quick to describe the many benefits implementing the ERM framework has brought to their organization and the audit process. However, many non-practitioners struggle to get started or how to make the most of ERM and integrate and maximize its benefits in audit.

Participants will improve their understanding of ERM and the COSO ERM framework, while coming up to speed with current issues, challenges, and emerging practices regarding risk management, control, and governance processes.  Additionally, we will discuss maximizing its benefits for the audit process.

Who Should Attend
Financial, Operational, and Information Technology Auditors who would like to further understand and maximize the use of ERM.
  • Learn the basics of risk assessment, including enterprise and audit-level risks
  • Understand the main differences between enterprise and audit risks
  • How to interview and gather information effectively
I. Introduction and Background
II. ERM Overview

     a. What is ERM
     b. Why is it important?
     c. What are the key components?
     a. Executive Summary
     b. Changes to the COSO Framework
     c. Key Components of the COSO Framework
IV. Audit’s Role in ERM
     a. What Audit Can Do
     b. What Audit Cannot Do
     c. What Audit Can Cautiously Do
V. ERM – the Four Essentials
VI. Internal Environment
VII. Risk Identification and Assessment
VIII. Risk Responses
IX. Risk Monitoring
X. Summary and Wrap-Up