CERS™Certified Enterprise Risk Specialist
Course Overview
Covid-19 will not only result in industry disruptions but also will disrupt many professions as well. Risk Management represents one of the key professions to be impacted by the virus, as our entire mindset that was completely anchored towards “Severity”, “Likelihood”, “Impact” and “Prioritization” has now been completely altered.
Organizations need to consider as to whether they need to be prepared for the least likelihood of outcomes as much as to the highest likelihood of outcomes. Debatable but rationalizations worth considering.
Based on the above, we anticipate that risk management will gradually rise on the Corporate Board Agenda and will now have a more engaged and progressive seat at the table.
This training program has been tailored to ensure todays Risk Managers are able to adapt with the challenges of tomorrow. The below details key topics that will be addressed.
Key Takeaways
Course Outline
•Current State of Risk Management
•Different Risk Management Frameworks
•Organizational Culture & Risk Management
•The Risk Management Maturity Model
•The Risk Management Road Map
•The Chief Risk Officer – A Change Agent
•The Three Lines of Defense
•The Role of the Board in Risk Management
•The Board Risk Management Committee
•Authority & Accountability
•Tone at the Top and Code of Conduct
•Governance & Culture
1. Exercises Board Risk Oversight
2. Establishes Operating Structures
3. Defines Desired Culture
4. Demonstrates Commitment to Core Values
5. Attracts, Develops, and Retails Capable Individuals
•Strategy & Objective Setting
1. Analyzes Business Context
2. Defines Risk Appetite
3. Evaluates Alternative Strategies
4. Formulates Business Objectives
•Performance
1. Identifies Risk
2. Assesses Severity of Risk
3. Prioritizes Risk
4. Implements Risk Responses
5. Develops Portfolio View
•Review & Revision
1. Assesses Substantial Change
2. Reviews Risk & Performance
3. Purses Improvement in Enterprise Risk Management
•Information, Communication & Reporting
1. Leverages Information & Technology
2. Communicates Risk Information
3. Reports on Risk, Culture & Performance
•Control Environment
1. Demonstrates commitment to integrity and ethical values
2. Exercises oversight responsibility
3. Establishes structure, authority, and responsibility
4. Demonstrates commitment to competence
5. Enforces accountability.
•Risk Assessment
1. Specifies suitable objectives
2. Identifies and analyzes risk
3. Assesses fraud risk
4. Identifies and analyzes significant change
•Control Activities
1. Selects and develops control activities
2. Selects and develops general controls over technology
3. Deploys control activities through policies and procedures
•Information & Communication
1. Uses relevant information
2. Communicates Internally
3. Communicates externally
• Principles
1. Value Creation & Protection
– Continual Information
– Integrated
– Structured & Comprehensive
– Customized
– Inclusive
– Dynamic
– Best Available Information
– Human & Cultural Factors
•Process
1. Scope, Context , Criteria
2. Risk Assessment
– Risk Identification
– Risk Analysis
– Risk Evaluation
3. Risk Treatment
4. Recording & Reporting
5. Communication & Consultation
6. Monitoring & Review
•Framework
1. Leadership & Commitment
2. Integration
3. Design
4. Implementation
5. Evaluation
6. Improvement
•Compliance Risk Management
•Defining Compliance Risks
•Applying the COSO ERM Framework to Compliance Risk Management
•Conducting Compliance Risk Assessments
•Identifying Compliance Risk Factors
•Developing the Compliance Monitoring Program
•Applying the ISO 19600:2018 to Compliance Risk Management
•Fraud Risk Management
•Hiring Board Directors
•Related Party Transactions
•Conflicts of Interest
•Code of Conduct
•Performance Assessment
•Embedding Fraud Risks in Strategy Development
•Remuneration Policies
•Fraud Risk – Risk Management, Internal Audit or Compliance?
•Policies & Procedures
•Culture
•Whistleblowing
•Systems & Automation
•Know Your Employee (KYE)
•Know Your Supplier (KYS)
•Know Your Customer (KYC)
•Employee Accountability
•Performance Measurement
•Types of Fraud Risks
•Analyzing Internal & External Factors
•The Fraud Triangle – A critical tool for risk assessment & Identification
•Data Analytics & Risk Identification
•Documenting Fraud Risks
•The Fraud Risk Register
•Preventive & Detective Controls
•Automated Vs. Manual Controls
•Control Reports & Data Analysis
•Technology & Related Controls
Who Should Attend?
Their level could be Manager to Director, Front Office, Operations, Finance, IT, Audit, Risk, Compliance, HR, Facilities Management, External Relationships, Corporate Office, Consultants, Analysts...
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- Review:IAMM Internal Audit Maturity ModelIn recognition of their dedication and contribution supporting IKEA Saudi Arabia in arranging training programs during 2017 & 2018, looking forward for more development and exciting effort this year. On behalf of IKEA Saudi Arabia, THANK YOU!Dalal KutbiCountry Learning & Development Manager at IKEA Saudi Arabia
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