2015 - Webinar On Using Risk Management Best Practices to Improve Your Internal Controls Program

Description :
Many internal control programs focus on only the development, document, and testing of the control objective and activity without determining if the risks with within the business process are properly mitigated. These programs end up with a multitude of controls that do not consider a Governance, Risk Management, and Compliance (GRC) model.
Governance, Risk Management, and Compliance (GRC) is the umbrella term covering an organization's approach across these three areas. Being closely related concerns, governance, risk and compliance activities are increasingly being integrated and aligned to some extent in order to avoid conflicts, and duplication of efforts.
Governance describes the overall management approach through which senior executives direct and control the entire organization, using a combination of management information and hierarchical management control structures.
Risk management is the set of processes through which management identifies, analyzes, and, where necessary, responds appropriately to risks that might adversely affect realization of the organization's business objectives. The response to risks typically depends on their perceived gravity, and involves controlling, avoiding, accepting or transferring them to a third party.
Compliance means conforming to specific requirements. At an organizational level, compliance is achieved through management processes which identify the applicable requirements which include laws, regulations, contracts, strategies and policies. To remain in compliance, companies must assess the state of compliance; assess the risks and potential costs of non-compliance.
All companies, regardless of size, structure, nature, or industry, encounter risks at all levels within their organization. Risks affect each company’s ability to survive, successfully compete within its industry, maintain financial strength and positive public image, and maintain the overall quality of its products, services, and people.
There is no practical way to reduce risk to zero. Indeed, the decision to be in business creates risk. Management must determine how much risk is to be prudently accepted, and strive to maintain risk within these levels. Objective setting is a precondition to risk assessment.
There must first be objectives before management can identify risks to their achievement and take necessary actions to manage the risks. Objective setting, then, is a key part of the management process. While not an internal control component, it is a prerequisite to and an enabler of internal control. The risk assessment component of control is evaluated based upon the following factors:
Company-wide Objectives
Process-level Objectives
Risk Identification
Managing Change
Risk Based Internal Controls
Areas Covered in the Session :
The instructor will provide insight in the following topics by presentation, case studies, and discussion.
Definitions of Risk Management Models
A Practical View of Governance, Risk, and Compliance (GRC)
Ten Tips for Developing Risk Based Internal Controls
Developing Standards of Internal Controls
Operational Standards
Financial Standards
Compliance Standards
The Risk Assessment Process
The Risk Management Roadmap
Who Will Benefit:
CFOs
CIOs
Controllers
Compliance Officers
Risk Management Professionals
Internal Control Professionals
Shared Services Executives
Price tags:
Live
Single Live : For One Participant
$ 199
Corporate Live : For Max. 10 Participants
$ 699
Recording
Single REC : For One Participant - Unlimited Access for 6 Months
$ 249
For more information and enquiries contact us at
Compliance Trainings
5939 Candlebrook Ct, Mississauga, ON L5V 2V5, Canada
Customer Support : #416-915-4458
Email : support-AT-compliancetrainings.com
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