Enterprise Risk Management – Internal Audit relationship – Online Classroom

28 Aug — 29 Aug 2024
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Enterprise Risk Management – Internal Audit relationship – Online Classroom

August 28 @ 10:30 am - August 29 @ 1:30 pm AEST

 

This training course is designed to provide participants with an in-depth knowledge and understanding of the interplay between enterprise risk management (ERM) and the internal audit function within organisations. It delves into the strategic alignment of risk identification, assessment, and management with the role of internal audit in safeguarding organisational integrity and efficiency.
At the end of the training course, the participants will gain knowledge in the following areas:

  • Understand enterprise risk and audit functions
  • Align and harmonise risk and audit activities, methodologies, and objectives of both risk management and internal audit
  • Understand step-by-step approach to implement integrated risk and audit functions:

Topics covered include:

  1. Overview of Enterprise Risk Management (ERM):
  • Overview of ERM principles and objectives
  • Understand the importance of ERM in organizational decision-making
  • Review risk frameworks and standards (e.g., COSO, ISO 31000)
  1. Overview of Internal Audit:
  • Understand role and responsibilities of Internal Audit
  • Overview standards and guidelines (e.g., IIA Standards)
  • Review Internal Audit’s contribution to organisational governance.
  1. Understand and implement Risk Governance:
  • Board and executive oversight of risk
  • Integration of risk management into organisational strategy
  • Role of internal audit in risk governance.
  1. Risk identification and mitigation:
  • Techniques and methodologies for risk identification
  • Risk assessment processes and tools
  • Internal Audit’s involvement in risk assessment
  • Develop and implement risk mitigation strategies
  • Evaluate and enhance internal controls
  • Internal Audit’s role in assessing control effectiveness
  1. Align ERM with Internal Audit:
  • Integrate ERM into internal audit processes
  • Collaborate between risk management and internal audit functions
  • Case studies on successful alignment.
  1. Role of Internal Audit in Risk Monitoring:
  • Continuous monitoring of risks
  • Key risk indicators and monitoring frameworks
  • Internal Audit’s contribution to risk monitoring.
  1. Audit reporting, communication and recommendations:
  • Develop audit findings into a comprehensive report highlighting areas of compliance, strengths, weaknesses, and recommendations for improvement.
  • Effective reporting of risks and audit findings
  • Communicate risk information to stakeholders
  • Internal Audit’s role in enhancing risk communication
  • Provide actionable recommendations based on audit observations and industry best practices to enhance the risk appetite framework.
  1. Technology and Data Analytics in Risk Management and Internal Audit:
  • Leverage technology for risk identification and assessment
  • Data analytics for risk monitoring and internal audit activities
  • Case studies on technology-driven risk management
  1. Emerging Trends and Challenges:
  • Current trends shaping ERM and internal audit
  • Challenges and opportunities in aligning ERM and internal audit
  • Strategies for adapting to evolving risk landscapes.
Who should attend:
Internal auditors, risk managers, compliance officers, and professionals involved in ensuring the effectiveness of assurance controls within organisations.
 
CPE Points: 7
Knowledge Level: Intermediate
Delivery Format: Facilitator-led training via Zoom (Note: This training program will be delivered in two 3 and a half-hour lessons, over two days using Zoom. Registrations will be strictly limited to 12 participants to allow maximum interaction in the online environment.)

For Funds Transfer payments: Download the funds transfer registration form here and email the completed form to [email protected]

Our speakers

  • Name
    Mr Kumar Srinivasan
    Biography
    Kumar Srinivasan is a seasoned risk management and governance professional with over two decades of experience in shaping organisational strategies to navigate complex risk landscapes. His journey began with a deep fascination for understanding how project and capital investment risks intertwine with business operations and has since evolved into a career dedicated to fostering robust risk governance.
    As a respected thought leader in the field, Kumar holds a Bachelor’s in Engineering and Masters in Engineering and Management, a testament to his unwavering commitment to academic excellence and practical application. His expertise spans various industries, from consulting to public sector agencies and state owned corporations and higher education sector, providing him with a comprehensive understanding of diverse risk environments.
    Kumar’s career trajectory is marked by pivotal roles where he orchestrated the convergence of risk management and audit functions within organisations. His strategic insights and innovative approaches have resulted in the successful implementation of integrated risk and audit frameworks that enhance efficiency, fortify controls, and align with organisational objectives.
    With an unwavering commitment to excellence, Kumar endeavors to impart his wealth of knowledge and practical wisdom to aspiring professionals, executives, and organisations seeking to fortify their risk management practices. His training courses at Institute of Internal Auditors – Australia aims to unravel the synergy between enterprise risk and internal audit, equipping participants with the tools and insights to navigate today's evolving risk landscape confidently.
    Kumar’s bio reflects her expertise, passion for knowledge sharing, and commitment to bridging the gap between risk management and internal audit functions. It positions his as an authority capable of delivering an impactful and insightful training course on integrated risk and audit functions.
    Kumar is currently the Director of Risk & Insurance at the University of Technology Sydney and also operates a risk advisory services firm G K Services Australia Pty Ltd trading as 14RISK Consulting.

Details

August 28 @ 10:30 am AEST August 29 @ 1:30 pm AEST