Description
Introduction
In the rapidly evolving business environment, the ability to effectively manage risk and control is vital for ensuring organizational resilience and success. This training program is designed to equip participants with the necessary skills to implement a risk-based audit approach, enhancing their capability to identify, assess, and manage risks efficiently within their organizations. Participants will learn how to integrate this approach into their overall internal control framework, allowing for more targeted and effective governance practices that align with strategic objectives.
The introduction of a risk-based audit approach shifts the traditional auditing perspective, focusing instead on areas of highest risk and greatest impact. This method not only improves the efficiency and effectiveness of audits but also helps organizations pre-emptively address potential threats and opportunities. By the end of this training, participants will be able to tailor audit and control processes to the unique risk profile of their organizations, ensuring that resource allocation in auditing is optimized to support key business priorities.
Objectives
The primary objectives of this training programme are as follows:
To Master Risk-Based Audit Techniques:
to equip participants with the skills to implement and conduct audits using a risk-based approach focusing on areas of highest risk and impact to enhance audit efficiency and effectiveness.
To Strengthen Internal Controls: to develop a comprehensive understanding of how to integrate risk management into internal control systems to support robust governance and compliance frameworks.
To Enhance Compliance and Operational Resilience: to teach how to apply risk-based audit principles to improve compliance with regulations and to strengthen operational resilience against disruptions and threats.
To Apply International Standards and Frameworks: to provide knowledge on how to utilize major international frameworks and standards, such as COSO ERM, ISO 19011, and others, in conducting risk-based audits and enhancing internal control structures.
To Obtain Practical Application and Real-World Skills: through case studies, interactive workshops, and practical exercises, participants will apply what they have learned in real-world scenarios, enhancing their capability to handle actual risks and audit situations in their organizations.
Programme
Risk based audit methodology and risk appetite framework
Introduction to a Risk-based audit methodology
The 5 deadly failings of Audit
How to eliminate the 5 deadly failings
Linking risk management to company strategy
Benefit of risk-based audit
The downsides
The risk appetite framework
The components
Risk capacity
Risk appetite
Risk policies
Risk pricing
Risk culture
Risk appetite responsibilities and 3 lines of defence
Risk appetite setting and management process
Quantitative statements – quantitative measures
Risk based audit process, assessment and universe
Risk based audit process
Risk management basics
Risk management life cycle
Assessment of risk maturity
Risk Assessment approach
Identifying Operational Risks: Techniques for identifying and categorizing operational risks in different business contexts.
Assessing Risk Impact: Methods to assess the impact and likelihood of identified risks.
Integrating Risk Management: Techniques to integrate operational risk management with internal controls.
Risk Response Strategies: Developing effective strategies to mitigate, transfer, accept, or avoid risks.
Compiling risk and audit universe
Grouping risks into audit and setting the audit plan – part 1
Audit resources allocation
Carrying out the audit
Audit reports and management information
Grouping risks into audit and setting the audit plan – part 2
An overview of IT audit frameworks such as COBIT, ITIL, and ISO/IEC 27001.
Audit Software Demonstration: IT network diagram to conduct simulation of IT-specific audits
Internal control and strategic audit framework
Internal Control Frameworks and Compliance Auditing
Understanding COSO ERM: Explore the components and applications of the COSO Enterprise Risk Management framework.
ISO 19011 Principles: Introduction to auditing management systems tailored to compliance audits.
Regulatory Compliance Requirements: Aligning internal control objectives with specific regulatory frameworks.
Compliance Audit Strategies: Developing strategies for effective compliance audits that ensure adherence to laws and regulations.
Implementing Control Matrices and Addressing Compliance
Designing Control Matrices: Step-by-step guidance on creating control matrices that reflect compliance objectives.
Workshop on Control Matrices: Hands-on session to design and critique control matrices based on hypothetical scenarios.
Compliance Case Studies: Discussion of real-world compliance failures and successful audits.
Remediation Strategies: Developing strategies to address findings from compliance audits.
Interactive Q&A: Addressing common challenges and questions about compliance audits.
Effective reporting, recommendations, practical application and audit GDPR data
Audit data management specific to GDPR Audit assessment
GDPR fundamentals: GDPR regulations, including key principles, rights of data subjects, and organizational obligations.
Risk assessment in data protection: how to conduct risk assessments specifically focused on data protection practices and vulnerabilities that could lead to non-compliance with GDPR.
Developing and implementing GDPR compliance strategies: strategies to ensure organizations are fully compliant with GDPR, including data protection impact assessments, data subject access requests, and breach notification procedures.
Audit techniques for GDPR compliance: detailed guidance on specific audit techniques and tools that can be used to assess and verify the effectiveness of GDPR compliance measures within an organization.
Handling non-compliance and remediation: methods for identifying non-compliance issues and developing effective remediation plans to address gaps in compliance before they result in penalties or damages.
Effective Reporting, Recommendations, and Practical Application
Writing Effective Audit Reports and Handling Non-Compliance: Best practices for crafting clear, actionable recommendations, especially in governance and GDPR compliance.
Auditor Opinions and Role-Play Exercises: Formulating auditor opinions and role-playing sessions on presenting audit findings to management.
Closing Workshop: Integrating Learnings into Practice: A comprehensive review session where participants apply all concepts learned in a capstone project, focusing on developing a complete audit plan that includes risk assessment, control evaluation, and compliance with GDPR.
Target Audience
Active internal auditors, operational risk analysts, compliance officers, risks controllers, business controllers, senior & middle management officers who want to learn about internal control from an audit perspective.
Preferred: at least 3 years’ experience in audit and/or business control of bank’s processes, operations, procedures and organization.
Modalities
Course Material
The training material will be handed out at the beginning of the course.
Contact
For further questions please contact our partner in your country