RACM (Risk and Control Matrix) – Virtual Workshop
July 24 @ 9:00 am - 1:00 pm AEST
$295.45 - $400.00
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:
Understand what is a Risk and Control Matrix?
Why is RACM important and the benefits of using a RACM?
How does the RACM contribute to an organisation’s GRC efforts?
What are the key components of a RACM?
Learn the differences between Audit Work Plan versus Risk and Control Matrix in auditing
Learn to undertake focussed audits focussing on key risk areas based on RACM
Learn about best practices for documenting and maintaining RACMs
Learn to develop a RACM
Discuss case studies
Obtain access to useful tools, templates, insights and other resources.
Knowledge Level: Intermediate
CPE Hours: 4
Delivery Format: Facilitator-led training via Zoom (Note: This training program will be delivered online using Zoom. Registrations will be strictly limited to 20 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
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- Photograph
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- 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.
