Risk Based Audit and Internal Control

Course details

Participants will learn the basics, methodologies, approaches of risk-based auditing with introduction to risks and risk management, in general, and operational risk management, in particular.
 
Target Audience:
This workshop targets corporate employees involved in the process of internal control such as departments' heads, internal control and audit staff. The course is also intended for those who are familiar with and/or interested in the operational risk management process.
 
Training Objective:
The workshop will enable internal control and audit staff to develop their skills and knowledge in relation to risk management and risk-based audit to effectively carry out RBAs and report to management.
 
Workshop Description:
The workshop aims to:
1. Importance of risk management, internal audit for financial institutions
2. Internal audit standards
3. Introduce different types of risk that a corporate is facing and the risk framework of within a corporate;
4. Introduce basics of operational risk management and its role within a corporate.
5. Present the process of risk mapping and risk registration.
6. Explain how to perform a risk casual analysis.
7. Introduce the important role of internal control in risk management.
8. Explain how to perform internal control assessment.
9. Introduce the risk-based audit approach.
10. Demonstrate the practical steps to perform a risk-based audit.
11. Present how to report risk-based audit findings.
 
Workshop Outline:
Module 1: Risk Taxonomies (Risk Catalog)
• Introduction to different types of risks
• Market risk and credit risk
• What is operational risk? Defining the scope of operational risk
• What is operational risk management framework?
             1. Risk events types, control, and reporting
             2. Self-assessment overview
             3. Key risk indicator
             4. Continuity of business/back up plan/crisis management
             5. Types of losses- actual, near misses and predictive incidents
 
Module 2: Prepare Risk-Based Audit Plan
• Determination of audit universe
• Risk management framework
• Risk Mapping
• Risk Registration
• Casual analysis
• Developing audit plan
 
Module 3: The System of Internal Control
• Definition and objectives of internal controls, Importance of risk management, internal audit for financial institutions
• Components of internal control system
• Types of control/Control activities and procedures, internal audit standards
• Review control effectiveness
 
Module 4: Audit Review and Reporting
• Factor identification
• Audit review and audit write ups
• Heat Map and matrices.
 
Workshop Language: materials and handouts will be in English. Delivery will be in English/Arabic.
  Updated on 20 May, 2019