Risk Management Assurance Developing Your Internal Audit Strategy

The IIA’s International Professional Practices Framework requires internal audit activities to “evaluate the effectiveness and contribute to the improvement of risk management processes.” For a variety of reasons, many internal audit groups have not carried out the assurance services needed to be in general conformance with the Standard (2100 – Risk Management).

Many audit committees have recognized the need to increase their oversight of strategic and other mission critical risks.  The scope, frequency, and complexity of these major risk events are increasing. These major risk events have shaken financial markets and global economies, and raised serious questions about the effectiveness of many organizations’ risk management processes.

One key element to unlocking internal audit’s full potential to add value can be providing independent advice and objective assurance on risk management to audit committees and executive management. This course was created to help participants develop or validate their strategy for carrying out their risk management assurance and consulting responsibilities.

This course compares the major risk management frameworks that can be used in a risk management assessment. You will have an opportunity to examine the key principles and features in the frameworks.  Case studies and small group activities will be used to apply the principles to real-world situations. During the course you will discuss internal audit assurance approaches/consulting activities and collect new ideas to improve your organization’s risk management process. At the end of the course, you will have an opportunity to develop or validate your internal audit group’s risk management assurance/consulting strategy.

This course is designed for individuals with a good understanding of risk management. If this prerequisite isn’t met the IIA’s “Enterprise Risk Management: An Introduction” would be a better selection. This course focuses on risk management assurance and not risk assessment for annual audit or engagement planning. If your primary interests are risk assessment for annual audit or engagement planning “Assessing Risk: Ensuring Internal Audit’s Value” would be a better selection.

Course Duration: 2 day(s)
CPE Hours Available: 16
Knowledge Level: Intermediate
Field of Study: Auditing