Course Details

Objective

By the end of the course, participants will be able to understand

• Understand the principles and frameworks of risk management, including ISO 31000 and COSO.
• Learn how to identify, assess, and prioritize risks within an organization.
• Develop skills to evaluate an organization’s risk management practices.
• Gain knowledge on integrating risk management into the internal audit function.
• Learn how to apply audit techniques to assess risk mitigation strategies and controls.
• Understand how to report and communicate audit findings related to risk management.

Content

Day 1: Introduction to Risk Management for Internal Auditors

• Overview of risk management and internal auditing
• The role of internal audit in risk management
• Key risk management frameworks (ISO 31000, COSO ERM Framework)
• Risk management process: Identification, assessment, response, and monitoring
• Risk management terminology and concepts

Day 2: Risk Identification and Assessment Techniques

• Identifying risks: methods and tools for risk identification (SWOT analysis, risk registers, workshops)
• Assessing risk: likelihood and impact matrix, risk scoring, and ranking
• Qualitative vs. quantitative risk assessment
• Understanding inherent vs. residual risk
• Risk mapping and visualization techniques

Day 3: Integrating Risk Management with the Internal Audit Process

• Linking risk management to the internal audit plan
• Risk-based auditing: determining audit focus based on risk assessment
• Evaluating the effectiveness of risk controls and mitigation strategies
• Using audit evidence to assess risk management processes
• Developing audit procedures for risk-based audits

Day 4: Risk Mitigation Strategies and Controls

• Identifying control activities to mitigate identified risks
• Evaluating risk mitigation strategies (preventive, detective, corrective controls)
• Assessing risk response strategies: avoidance, reduction, transfer, acceptance
• Best practices for designing effective internal controls
• Auditing for the effectiveness of controls in mitigating risks

Day 5: Reporting, Communication, and Continuous Monitoring

• Writing audit reports on risk management findings
• Communicating risks and audit results to stakeholders
• Creating risk dashboards and risk monitoring systems
• Continuous monitoring and reporting on risk management effectiveness
• Recommendations for improving risk management processes and controls in the organization

NOTE:

Pre-& Post Tests will be conducted.

Case Studies, Group Exercises, Group Discussions, Last Day reviews, and assessments will be carried out.

Methodology

A highly interactive combination of lectures and discussion sessions will be managed to maximize the amount and quality of information and knowledge transfer. The sessions will start by raising the most relevant questions and motivating everybody to find the right answers. You will also be encouraged to raise your own questions and to share in the development of the right answers using your own analysis and experiences.  Tests of multiple-choice type will be made available on daily basis to examine the effectiveness of delivering the course.

Very useful Course Materials will be given.

• 30% Lectures
• 30% Workshops and work presentation
• 20% Group Work& Practical Exercises
• 20% Videos& General Discussions