In today’s dynamic business landscape, facing risks is inevitable. The ability to effectively manage these risks now distinguishes between organizations that thrive and those that struggle to keep up with emerging challenges.
Addressing these challenges requires comprehensive knowledge of risk management, robust internal controls, and proactive fraud prevention strategies. This course will provide you with the necessary tools to create and implement a systematic plan that strengthens risk management, fraud prevention, and internal control systems.
This Energy "Risk Management: Internal Control & Fraud Prevention" training course will focus on:
- The advantages of an integrated approach to risk management and internal control.
- A proven methodology to effectively engage management on risk and control matters.
- Practical steps to eliminate unnecessary controls.
- How to craft and implement a solid fraud prevention strategy.
Upon completing the "Risk Management: Internal Control & Fraud Prevention" training course, participants will be able to:
- Establish a proper balance between risk management and internal control within the organization.
- Effectively communicate to management the advantages of an enterprise-wide approach to risk and internal control.
- Implement various techniques to identify and manage risks.
- Ensure the presence of preventative, detective, and corrective controls.
- Integrate risk management and internal control into the overall business planning process.
- Develop and enforce an effective fraud prevention strategy.
- Foster a culture of integrity and ethical conduct throughout the organization.
- This is a basic / intermediate level course and delegates are not required to have any previous experience in risk management or fraud prevention to attend
- Delegates should have a good educational standard and/or a professional qualification
- No advance preparation is required
- Delivery method – Group-live (with exercises and role-plays to simulate audit scenarios and situations that assurance professionals will encounter)
- A short examination will be given at the end of the course
This Energy training course will benefit organizations across all industries by laying the foundation for establishing an integrated framework for risk management, internal controls, and fraud prevention. The financial and operational advantages gained will be substantial.
The "Risk Management: Internal Control & Fraud Prevention" training course will enhance organizational knowledge in the following key areas:
- Strengthening the existing risk management processes.
- Developing a more effective approach to handle emerging risks and challenges.
- Structuring internal control processes to address both business and fraud-related risks.
- Gaining a deeper understanding of essential internal controls.
- Identifying and streamlining redundant processes.
- Crafting a structured and effective fraud prevention strategy.
This Risk Management: Internal Control & Fraud Prevention training course will help delegates expand their personal knowledge in the following key areas:
- Simplifying complex processes for greater clarity and efficiency.
- Gaining insights into the reasons why internal controls may not offer complete protection.
- Understanding and applying internationally recognized risk management strategies.
- Maximizing benefits by creating a unified approach to risk management, control, and fraud prevention.
This 'Risk Management: Internal Control & Fraud Prevention' training course is suitable to a wide range of professionals but will greatly benefit:
- Risk Managers
- Business Managers in line functions
- Audit Managers and other auditors
- Quality Assurance Professionals
- Managers needing a broader understanding of risk and internal control
Day One: The Power of Effective Risk Management
- The Importance of Managing Risks Efficiently and Effectively
- The Need to Embed the Risk Management Process
- The Key Link between Risk and Objectives
- Risk Measurement Techniques
- Selling the Benefits
- Ensuring an Effective Balance between Risk and Control
- ISO 31000 Risk Standard
- Risk Appetite – The least well understood aspect of risk?
Day Two: Effectively Managing the Risk Process
- Risk Mitigation Processes
- The Risk Register – and How to simplify them and optimise their value
- Identification of Risk Exposures – The 4 T’s
- Developing Action Plans and Improvement Opportunities
- Dealing with Over-managed Risks
- Linking the Output into the Business Planning Process
- Reputation Risk Management
- Engaging Stakeholders in the Process
Day Three: The Internal Control Environment
- The Need to See Internal Control as a Positive Process
- The Pressure on Internal Controls due to Leaner Business Structures
- The COSO Internal Control Integrated Framework
- The 3 Types of Control – Preventative, Detective and Corrective
- How to Get Senior Management to Take Internal Control Seriously
- Compliance with Procedures and Policies
- The Constantly Changing Regulatory Requirements
Day Four: The Key Pressures on the Internal Control Processes
- The Changing World Economy and the Impact on Controls
- The Ongoing Evaluation of the Control Environment
- Information Security
- Controls Over Technology
- Systems Development and the Risk to Internal Controls
- Internal and External Communications – and the Control Impact
- The Need for Internal Control Procedures Be Kept up-to-Date
Day Five: Proactive Fraud Prevention
- Why internal controls may not protect you against fraud?
- How to Implement a Best Practice Fraud Prevention Process
- Evaluating the Fraud Risks
- Developing a Fraud Consciousness Loop
- The Anti-fraud Policy
- Recognising the Patterns of Fraudulent Behaviour
- Promoting Integrity and Ethics Across the Organisation