Enterprise Risk Management (erm) Audit: Ensuring Effective Risk Oversight

Introduction:

In today's complex and dynamic business environment, effective Enterprise Risk Management (ERM) is crucial for organizational success. This comprehensive training course on ERM Audit equips participants with the specialized knowledge and skills to evaluate ERM frameworks and processes. Participants will learn how to assess risk identification, assessment, response, and monitoring, enabling them to provide valuable assurance and recommendations to enhance ERM effectiveness and ensure alignment with strategic objectives. This course bridges the gap between ERM theory and audit practice, empowering participants to become strategic advisors in managing organizational risk.

Target Audience:

This course is designed for professionals responsible for evaluating and improving ERM within their organizations, including:

• Internal Auditors
• Risk Managers
• Compliance Officers
• Management involved in risk oversight
• Anyone seeking to understand and audit ERM

Course Objectives:

Upon completion of this Enterprise Risk Management (ERM) Audit training course, participants will be able to:

• Understand the principles and frameworks of ERM (e.g., COSO ERM, ISO 31000).
• Evaluate the design and effectiveness of ERM frameworks.
• Assess risk identification, assessment, response, and monitoring processes.
• Conduct audits of ERM programs using industry best practices.
• Develop audit programs and procedures for ERM assessments.
• Understand the role of the board and senior management in ERM.
• Evaluate risk appetite and tolerance.
• Assess the integration of ERM with strategic planning.
• Develop recommendations for improving ERM effectiveness.
• Communicate ERM audit findings effectively to management and the board.
• Collaborate with risk owners and business units on ERM initiatives.
• Stay up-to-date with the latest ERM trends and best practices.
• Contribute to a stronger risk culture within their organizations.
• Enhance their understanding of risk management.
• Become a more valuable and sought-after ERM audit professional.

DURATION

5 Days

COURSE CONTENT

Module 1: Introduction to Enterprise Risk Management (ERM)

• Defining ERM and its importance in achieving organizational objectives.
• The evolution of risk management from traditional approaches to ERM.
• Key principles and concepts of ERM.
• Benefits of implementing a robust ERM framework.
• Overview of ERM frameworks (COSO ERM, ISO 31000).

Module 2: ERM Frameworks and Standards

• In-depth exploration of the COSO ERM framework.
• Understanding the ISO 31000 risk management standard.
• Comparing and contrasting different ERM frameworks.
• Selecting the appropriate framework for an organization.
• Integrating ERM with other management systems.

Module 3: Risk Identification and Assessment

• Risk identification methodologies (e.g., SWOT analysis, brainstorming, scenario planning).
• Risk categorization and classification.
• Qualitative and quantitative risk assessment techniques.
• Developing risk registers and risk profiles.
• Assessing the likelihood and impact of risks.

Module 4: Risk Response and Mitigation

• Risk response strategies (e.g., avoidance, reduction, transfer, acceptance).
• Developing risk mitigation plans and controls.
• Evaluating the effectiveness of risk responses.
• Cost-benefit analysis of risk mitigation options.
• Contingency planning and disaster recovery.

Module 5: Risk Monitoring and Reporting

• Establishing key risk indicators (KRIs).
• Monitoring risk levels and trends.
• Reporting on risk exposures and mitigation efforts.
• Using risk dashboards and reports for communication.
• Integrating risk reporting with performance reporting.

Module 6: Role of the Board and Senior Management in ERM

• The board's oversight of ERM.
• Senior management's responsibility for implementing ERM.
• Establishing a risk culture within the organization.
• Communicating risk information to the board and senior management.
• Accountability for risk management.

Module 7: Integrating ERM with Strategic Planning

• Aligning ERM with strategic objectives.
• Considering risk in strategic decision-making.
• Integrating risk appetite and tolerance with strategic planning.
• Using ERM to enhance strategic performance.
• Measuring the effectiveness of ERM in achieving strategic goals.

Module 8: Auditing ERM Processes

• Developing an ERM audit program.
• Auditing risk identification, assessment, response, and monitoring processes.
• Evaluating the effectiveness of ERM controls.
• Testing ERM processes using various audit techniques.
• Documenting and reporting on ERM audit findings.

Module 9: Emerging Trends in ERM

• The impact of emerging risks (e.g., cybersecurity, climate change) on ERM.
• Integrating data analytics and technology into ERM.
• Using scenario analysis and simulation for risk assessment.
• Developing a dynamic and adaptive ERM framework.
• The future of ERM and its role in organizational success.

Training Approach

This course will be delivered by our skilled trainers who have vast knowledge and experience as expert professionals in the fields. The course is taught in English and through a mix of theory, practical activities, group discussion and case studies. Course manuals and additional training materials will be provided to the participants upon completion of the training.

Tailor-Made Course

This course can also be tailor-made to meet organization requirement. For further inquiries, please contact us on: Email: info@skillsforafrica.org, training@skillsforafrica.org  Tel: +254 702 249 449

Training Venue

The training will be held at our Skills for Africa Training Institute Training Centre. We also offer training for a group at requested location all over the world. The course fee covers the course tuition, training materials, two break refreshments, and buffet lunch.

Visa application, travel expenses, airport transfers, dinners, accommodation, insurance, and other personal expenses are catered by the participant

Certification

Participants will be issued with Skills for Africa Training Institute certificate upon completion of this course.

Airport Pickup and Accommodation

Airport pickup and accommodation is arranged upon request. For booking contact our Training Coordinator through Email: info@skillsforafrica.org, training@skillsforafrica.org  Tel: +254 702 249 449

Terms of Payment: Unless otherwise agreed between the two parties’ payment of the course fee should be done 5 working days before commencement of the training.