Risk Management and Internal Audit - Tracking Enterprise Governance, Risk and Compliance Effectiveness

Effective risk-based auditing requires that the auditor understand management’s attitude to and tolerance of risk. This training program will focus on audit planning based on an understanding of the internal control structure intended by management to mitigate risk and the degree of implementation of ERM.

Implementing ERM can, in many cases, lead to results that miss by far the desired objectives. Significant impact improvements can be achieved if the key benefits/impacts that are desired are identified up-front. Avoiding the limitations of general goals such as reduced risk exposure, improved compliance, and more effective business processes, management requires clearly defined key improvement areas to facilitate process enabling verification of the extent to which risk levels are maintained within the overall risk appetite of the organization.

This course will examine, from an audit perspective, how internal audits can ensure that appropriate key improvement indicators have been established and are monitored by management in an effective manner.

The webinar is designed to provide participants with an in-depth knowledge of:

• ERM fundamentals
• Common methods of determining risk levels and risk appetite
• The role of internal audit vs risk management

• Defining risk appetite
• Identification of key risk areas
• Key steps of the risk management process
• Trends in auditing, risk management, and compliance
• Internal audit’s position on ERM
• The role of internal audit in ERM
• Element of audit plan and internal audit's role in driving processes and values
• Benchmarking the effectiveness of your ERM plan
• Groups and parties involved in ERM and governance and their roles
• Key challenges and issues in managing enterprise-wide risk management activities

Effective risk management and internal audit processes are critical for ensuring enterprise governance, risk, and compliance (GRC). These functions help identify, assess, and mitigate risks while ensuring adherence to regulatory and organizational policies.

Internal audits play a key role in evaluating the effectiveness of GRC frameworks, highlighting gaps, and providing actionable recommendations. Risk management complements this by proactively addressing potential threats to organizational objectives. Together, these processes enhance transparency, strengthen decision-making, and foster a culture of accountability, ultimately driving organizational resilience and success.