The Role of Internal Audit in Enterprise-Wide Risk Management

Overview

Those charged with governance, with the assistance of internal audit,  are responsible for overseeing the strategic direction of the organization, and ensuring value is delivered to the entity's stakeholders. This course will provide guidance on fulfilling the responsibility for challenging how much risk and uncertainty to accept through the application of COSO's Enterprise Risk Management Framework.

Objectives

• Recall enterprise-wide risk management best practices for identifying, evaluating, and determining how to respond to relevant risks
• Describe how governance can help an entity achieve it's goals, while avoiding pitfalls and surprises along the way
• Explain how to achieve the underlying premise of enterprise risk management, which is to strike a balance between growth/return and related risks
• Apply best practices for enterprise-wide risk management  

Highlights

• Benefits of enterprise risk management
• Important objectives, components and principles that underlie the COSO Framework
• Identifying events that could cause objectives to not be achieved
• Techniques for evaluating both "good" risks (opportunities) and "bad" risks (threats)
• The roles and responsibilities of key parties throughout an organization in managing risk