ASSESSING RISK: ENSURING INTERNAL AUDIT’S VALUE, DALLAS, AUGUST 24-25, 2017
Risk assessments in their various forms (e.g., annual audit planning, engagement planning, enterprise risk management, etc.) are a key building block for numerous internal audit activities, deliverables, and communications such as periodic audit planning schedules, audit engagement planning memos, audit reports, ERM activities, and audit committee reports. However, many internal auditors and internal audit functions struggle to find the right risk assessment framework that balances stakeholder needs and resources available for this time-intensive activity. Likewise, many internal auditors struggle with execution of risk assessment activities such as establishing practical and consistent measurement criteria for rating and ranking risks as well as keeping a keen focus on the risks that are most important to their stakeholders. Risk assessment is at the forefront of ensuring internal audit’s value to its stakeholders. Without effective risk assessment activities, an internal audit function has little assurance that it is deploying its resources in a way that fulfills its mission within the organization.
This course provides practical insights relating to contemporary best practices of risk assessment activities and allows participants to apply what they have learned so that they can implement risk assessment activities at their organization. This interactive and engaging two-day course takes a deep dive into the fundamentals of risk assessment; nuances such as audit universe, risk appetite, and fraud; and the challenges of implementation. It also addresses skill gaps many internal auditors struggle with such as how to develop their own risk assessment frameworks and how to select or construct a risk ranking system. After reviewing real examples of risk assessment models used by leading internal audit functions, participants will have the opportunity to develop their own risk assessment frameworks by picking and choosing those elements and best practices that best meet the risk assessment needs of their organization, no matter the size or maturity level of their internal audit function.