Course Synopsis

A study undertaken by the Commonwealth Secretariat on various commonwealth countries on the status of ERM, revealed numerous shortcomings and weaknesses and suggested a more effective ERM process. This course provides an advanced understanding of 10 stages in an ERM process (includes outcome of study above) so that IA may contribute, in an in-depth manner, to Risk Management assurance and advisory/consulting roles.

“Avoid tick-box auditing of Risk Management Process – it’s not only futile but mis-leading and dangerous to any entity”. Understand an adopted version of the iterative 10 stages of an ERM process depicted here

• Phase 1 - Risk Strategy & Objective Setting
• Phase 2 - Risk Identific ation
• Phase 3 - Risk Screening
• Phase 4 - Risk Analysis
• Phase 5 - Risk Classifica tion
• Phase 6 - Risk Evaluation
• Phase 7 - Risk Assignment
• Phase 8 - Risk Response/ Treatment
• Phase 9 - Risk Learning & Lessons Learnt
• Phase 10 - Risk Control, Reporting & Monitoring

On Completion you will have gained the following:

• In-depth understanding of each Stage & success factors of the iterative ERM Process
• Be able to audit the critical success factors in each ERMS stage holistically from Governance and Strategy to Implementation.
• Be able to actively participate and contribute to the Risk Management practice with the likes of all stakeholders including Executive and Governing Body
• Finally, you will be able to:
  • devise means to evaluate the ERM & recommend improvements
  • confidently participate and contribute especially to IA, RM and IT discussions
  • confidently cast an opinion to the Business at large on the effectiveness or lack thereof of the RM process

Course Content

• Introduction to ERM
  • General Overview of Risk Management
  • Overview of King III/IV on Corporate Governance and distinction between governance and management responsibilities and return on investment (ROI) - Why is Risk Management the cornerstone of Corporate Governance?
  • The ERM Maturity Matrix
  • IA involvement in Risk Management

• The Challenges in Implementing RM
  • Challenges in correlating the Internal control environment with risk profiles and achieving a risk-based Audit Plan
• The Challenges in Implementing RM
  • Challenges in correlating the Internal control environment with risk profiles and achieving a risk-based Audit Plan
• Governance considerations for effective ERM
  • Cultural requirements
  • ERM structure considerations
• The 10 stages of the ERM process
  • Explanation
  • Critical Audit questions
• Summary & Close
  • Summary of the course
  • How will you take this knowledge forward into your organisations?
  • What are you additional training needs in the areas covered?

Evaluation Method

Progressive case studies, questionnaires, tests and model answers throughout the course – (refer those embedded in the course content)

Who should attend?

Please be advised of the event terms and conditions.
Delegates are also requested to review the content and the levels of the courses presented before booking, to ensure they are attending the right course.