Enterprise Risk Management

Enterprise Risk Management

Why Attend

Enterprise Risk Management, or ERM, has evolved considerably since the 1970s. From simply 'buying' insurance, it has grown in importance to become a prime function in many organizations as part of a more extensive 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 them. Various organizations, including ISO, which released ISO 31000 on risk management, conducted studies on risk management. However, the Committee of Sponsoring Organizations of the Treadway Commission (COSO) created the ERM system that is most widely used. This system, covered in this course, teaches the steps to controlling risk. It starts with evaluating the internal environment and setting objectives, mainly due to the tone at the top of the organization, the directives from corporate governance, and the vision, mission, and corporate strategies. Then, the course goes through the steps management needs to consider 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, and 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 business areas.

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 the control environment
  • Identify risks in different organizational areas
  • Control risks using different tools
  • Apply risk management processes in the organization
Target Audience

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

Target Competencies
  • Monitoring and controlling risks
  • 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 we should 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 ERM process

    • Risk management effect on designing internal controls 

    • Effects of the external environment 

    • Risk-Based Internal Audit

  • ERM Evolution
    • Risk Management history

    • Objectives of Enterprise Risk Management 

    • Different risk types

    • Risk identification

    • ERM classifications

  • Risk Categories and Control Tools
    • Strategic risks
    • Reporting risks
    • Compliance risks
    • Operating risks
    • Control Tools
  • Implementing ERM Process
    • Internal environment
    • Objectives setting
    • Event identification
    • Risk assessment
    • Risk response
    • Control activities
    • Information and communication
    • Risk monitoring 
National Association of State Boards of Accountancy (NASBA)

Meirc Training & Consulting is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit.

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Virtual Learning

This course is also offered in Virtual Learning, click on the course below.