Governance Arms of Risk Management

Overview:

Introduction:

The goal of this ground-breaking  Governance Arms of Risk Management training course is to better understand and realize the roles of Risk Management, Audit, Compliance, and Anti-Money Laundering/Combating Terrorism Finance functions within the Corporate Governance parameters in order to achieve cooperation between these functions and enhance their process and harmony.

Deliver a superior bottom line by eliminating guesswork from your decision-making. Boost your credibility, fulfill your desire to excel, and emerge as the leader of your organization reasons

Course Objectives:

At the end of this course the participants will be able to: 

• Verify your understanding of CG capabilities and demonstrate your prowess in developing, evaluating, and enhancing CG to attain Principled Performance.
• Understand the fundamental tenets and procedures of CG
• Communicate your understanding of organizational risk, risk appetite
• Get the skills you need to connect internal audit planning to organizational risk factors, global frameworks, and Standards so you can create a risk-focused internal audit plan for your firm.
• Improve your capacity to assess risk and integrate risk factors into your internal audit and compliance systems.
• Learn how an effective CG implementation supports decision-making, company performance, and adherence to rules, policies, and mandates by enabling the evaluation, monitoring, and reporting of governance risks.

Targeted Audience:

• Officers engaged in the Risk Management process
• Regulatory Officers
• officers engaged in the anti-money-laundering process
• officers engaged in the fight against terrorism financing
• Internal control managers and auditors
• Officers engaged in the Corporate Governance process
• Professionals in Law Enforcement

Course Outline:

Unit1: What is corporate governance exactly?

• Definition, concept, rules, and principles of corporate governance
• OECD Guidelines for CG
• Corporate Governance: Management's and the Board of Directors' Roles
• Top management's and the board's duties in upholding high CG
• Effective board members and executive management
• Disclosure and openness

How may corporate governance be practically implemented?

• Control mechanisms, procedures, and relationships that apply to companies
• Executive and non-executive board members have different responsibilities.
• Committees of the Board: Functions and Duties
• The function of the risk management and audit committees
• Compensation Committee: A Touchy Position
• How to Improve Corporate Governance in Five Steps
• Sarbanes-Oxley Act was passed in the USA in 2002 (Enron/WorldCom)

Unit2: Risk Taxonomies and the Risk Catalog

• Introduction to the Different Risk Category Types
• Global Risk Management
• Framework for Risk Management
• Basic Ideas in Enterprise Risk Management
• How to Spot Credit Risks
• Accounting for Financial Risks
• How to Recognize Operational Risks
• Legal Risks Identification
• Political and sovereign risks identification
• Identifying Fraudulent Risks and Ethical Risks
• Risks of Non-compliance Identification
• The Recognition of Reputational Risks

Unit3: The Triangle of Risk, Compliance, and Internal Audit

• The Core Differences and the Relevance of Convergence
• Overlap: Beneficial or Wasteful?
• Collaboration and cooperation between these functions
• Committees for corporate governance: The audit committee is the top one
• Effective board members and executive management

Internal Auditing's Evolution Toward Risk-Based Internal Auditing

• What is internal auditing based on risk?
• Internal Auditing's Shift from System-based to Risk-based
• Different Internal Auditing Methods
• Risk-Based Auditing Methodology
• Risk-Based Auditing Techniques
• How and why do audit units use risk-based auditing techniques?
• Control environment audit

Unit4: Creating and implementing a risk-based internal audit plan

• Internal Auditing Universe Determination
• a risk map
• Registration of Risk
• Making a plan for internal auditing
• creation of a transparent plan for audit committee approval
• Effectiveness in the Avoidance of Audit Notes
• Policy and Manual of Operational Rules & Regulations References in the Audit
• Identification and Audit Risk Classification

Assessment of Compliance Risk and Management

• Definition, Tasks, and Objectives
• Methodology for Risk Assessment and Management
• Monitoring Threats & Evaluating Vulnerabilities
• Residual Risk and Risk Tolerance
• Designing Risk Mitigation Controls for Self-Assessments
• Design of the Review and Auditor Selection
• Development of programs / Computer-assisted Auditing Methods

Unit5: Money Laundering

• Definition, Tasks, and Objectives
• Methods and Threats of Money Laundering
• Attempts and Threats to Fund Terrorism
• International Standards for Combating Terrorist Finance and Anti-Money Laundering

Compliance Program Governance for Anti – Money Laundering / Combatting Terrorism Finance

• Basic Terms and Definitions
• Regulatory Compliance Management Frameworks
• Regulatory Compliance by Design and Tone at the Top

• Roles and Responsibilities

  • Board of Directors
  • Senior Management
  • Business Unit Leaders
  • Compliance
  • Legal
  • Internal Audit