Organisations without risk management are vulnerable to unforeseen occurrences and threats, which can cause financial losses, reputation harm, regulatory non-compliance, and operational interruptions. Our unpreparedness can impair strategic goals, damage stakeholder trust, and threaten the organisation’s long-term success.

The risk and control matrix (RACM) help an organisation identify, rank and implement control measures to manage key risks.  Internal Auditors use a RACM to develop audit plans focussing on key risk areas. RACM provides a structured approach to assess whether risks to the achievement of objectives in an audit area are properly addressed.

The RACM is used in audits to assess the effectiveness of internal controls and identify potential risks. It helps auditors evaluate control effectiveness, prioritise audit efforts, and support independent assurance.  The RACM enhances the audit process by making it more systematic and focused, helping auditors identify and address potential issues efficiently.

This course is designed to deliver following outcomes:

1.    Understand what is a Risk and Control Matrix?

2.    Why is RACM important and the benefits of using a RACM?

3.    How does the RACM contribute to an organisation’s GRC efforts?

4.    What are the key components of a RACM?

5.    Learn the differences between Audit Work Plan versus Risk and Control Matrix in auditing

6.    Learn to undertake focussed audits focussing on key risk areas based on RACM

7.    Learn about best practices for documenting and maintaining RACMs

8.    Learn to develop a RACM

9.    Discuss case studies

10.   Obtain access to useful tools, templates, insights and other resources.