ERM: Practical Approach, Practical Application

Course Field: Auditing
Delivery Method: Live/Internet-Based
Prerequisite: None
Level: Basic, Intermediate
Advance Prepration:No
  • 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.
  • Objectives
    • 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
  • Agenda
    I. Introduction and Background
    II. ERM Overview
    a. What is ERM
    b. Why is it important?
    c. What are the key components?
    III. COSO ERM Model
    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

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