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Enterprise Risk Management - Virtual Learning

Enterprise Risk Management - Virtual Learning

Why Attend

Enterprise Risk Management known as (ERM) has evolved considerably since the seventies. From simply 'buying' insurance, it has now grown in importance to become a prime function in many organizations as part of a bigger system known as Governance, Risk and Compliance (GRC) which starts with corporate governance and ends with compliance. ERM is the function of studying the risks that may hinder a corporation's ability to achieve its goals and then deciding how to overcome those risks. Studies regarding risk management were done by different organizations, including ISO which issued ISO 31000 on risk management. However, the most accepted ERM system is the one designed by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). This system, which is the one covered in this course, teaches the steps needed to control risk. It starts with the evaluation of the internal environment and the setting of objectives which are, mainly, a result of the tone at the top of the organization, the directives from corporate governance as well as the vision, mission and corporate strategies. Then, the course goes through the steps management needs to consider in order to identify and assess risk and decide on proper risk responses and controls. The course ends with how to monitor, communicate and report risk. In addition, the course looks at risk in different organizational areas such as strategy, reporting, compliance, operations, financial and physical risk as well as risk in different industries.

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Course Methodology

The course is based on detailed explanations by the instructor and presentations by both the participants and the instructor. It also includes several case studies related to different industries and areas of the business.

Course Objectives

By the end of the course, participants will be able to:

  • Explain the essentials of Enterprise Risk Management (ERM).
  • Improve Risk Based Decision Making (RBDM)
  • Enhance Internal Control Environment
  • Identify risks in different areas
  • Control risks using different control tools
  • Apply risk management Process in the organization
Target Audience

Managers, senior managers, directors, executives, financial controllers, senior accounting and finance personnel, and auditors.

Target Competencies
  • Improving risk monitoring and control
  • Analyzing and assessing risks
  • Advising directors on risks
  • Controlling risks
  • Mitigating risks
  • Reporting risks
  • Applying risk management

This course is worth 25 NASBA CPEs

Course Outline
  • Introduction
    • Risk perception
    • Why should we care about risk
    • Internal environment changes
    • External environment changes
    • ERM definitions
  • Risk management and corporate governance
    • Definition of Corporate Governance

    • Scope of Corporate Governance

    • Governance Risk and Compliance

    • COSO ERM Cube

    • Risk Based Decision Making

  • Risk management and corporate control environment
    • Corporate environment

    • COSO internal control process

    • Risk management effect on designing internal controls 

    • Effect of external environment 

    • Risk-Based Internal Audit

  • ERM evolution
    • Risk Management history

    • Enterprise Risk Management Objectives

    • Different risk types

    • Risk Identification

    • ERM Classifications

  • Risk categories
    • Strategic risks
    • Reporting risks
    • Compliance
    • Operations
    • Financial risks
  • ERM components
    • Internal environment
    • Objectives setting
    • Event identification
    • Risk assessment
    • Risk response
    • Control activities
    • Information and communication
    • Risk monitoring
Schedule & Fees