Governance, Risk and Compliance (GRC) - Virtual Learning

Why Attend

Corporate governance and risk management are critical topics that have recently started attracting more attention in business schools and among legislatures, with this trend only increasing. While there are different models for corporate governance and risk management, all of them aim at organizing the relation between company and stakeholders and controlling risks effectively. What is more important is the fact that 'Governance, Risk Management, Compliance and Effective Internal Controls' are all part of one system. Unfortunately, not all companies have this avant-garde look towards this system. This course includes discussions about board structure, committees and their functions while covering the detailed process of managing risks as per the Committee of Sponsoring Organizations of the Treadway Commission (COSO) requirements. In addition, the course includes a discussion on internal controls that are used to respond to the risks in different areas of the corporation. Compliance is also covered per latest developments.

Course Objectives

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

Define corporate governance and its relation to risk management and internal controls
Discuss the roles and responsibilities of the various stakeholders in a private or public organization
List the functions of corporate governance and differentiate between the various models
Identify the areas of risk management and its internal and external environment changes
Identify the proper controls to be implemented in various business cycles

Target Audience

Board members, chief financial officers, senior management, directors, finance managers, financial controllers, accounting and finance personnel, legal counsel, corporate legal advisors, corporate secretaries, lawyers, external and internal auditors, HR managers, and department heads.

Target Competencies

Understanding the structure of the board of directors
Analyzing board committees
Improving risk monitoring and control
Assessing and analyzing risks
Controlling risks
Reporting risks
Advising on the GRC system

Overview of governance, risk management and internal controls
- Definition of corporate governance
- The scope of corporate governance
- Essential corporate governance principles
- Code of conduct
- The board of directors
- The audit committee
- Other committees
Stakeholders in Corporate Governance (CG)
- Stakeholders
- Shareholders rights
- Directors’ duties and rights
- Internal auditors and external auditors
- Risk based decision making
- CG failure effects
- The efficient board

Functions of corporate governance
- Independence of the board
- Selection, remuneration and evaluation of the board
- Analyzing current company’s CG system
- Disclosure and transparency

Introduction to compliance
- Definition of compliance
- Importance of compliance
- Practical examples of compliance
- Risks of compliance

Enterprise Risk Management
- Risk perception
- Why should we care about risk
- Internal environment changes
- External environment changes

Risk management areas
- Strategic
- Operations
- Reporting
- Financial
- Health and safety
Risk management process per COSO guidelines
- Internal environment
- Objectives setting
- Event identification
- Risk assessment
- Risk response
- Control activities
- Information and communication
- Risk monitoring

Implementing controls in business cycles
- Controls in purchase and payment cycle
- Controls in inventory and costing cycle
- Controls in HR and payroll cycle
- Controls in sales and collection cycle
- Controls in fixed assets life cycle

Meirc Professional Certificate (MPC)

MPC certified courses by Meirc Training and Consulting are designed for those willing to challenge themselves and go the extra distance. Participants who fully attend an MPC course and successfully complete the test on the last day, will receive a Meirc Professional Certificate (MPC), in addition to the one they receive for attendance. MPC certificates are regionally recognized and can be quite valuable when applying for more senior roles within the organization or outside.