In order to successfully and effectively design and execute an ERM assurance program, it is essential that Auditors (internal and external) possess the requisite skills as well as a sound understanding and knowledge of the practical aspects and concepts of ERM. This program provides auditors with a sound understanding of the fundamentals, origins, development and current status of Risk Management practices and Risk Management standards utilised Internationally by most companies.

The linkages between Risk and Internal Controls are critical when considering and evaluating the effectiveness of Operational Risk Management issues, mitigations and processes – and is a critical component of the Auditors assurance responsibilities. This module encompasses a detailed examination into internal control concepts and issues relevant to the risk management process. Studies here include an examination into the contents and intent of the COSO’s 2013 revised Internal Control framework. Participants will be immersed in various evaluation options including that of Risk Control Self Assessments (RCSA). The program includes an in-depth study into the various RCSA approaches and options available – the approaches and methodologies including their purpose and design, tools, and their fit into an ERM framework. Contents of the program includes a detailed case study and exercise over a complete RCSA lifecycle and participants will be given the opportunity of practicing their new skills via a mini RCSA case study workshop.

In order to be able to provide effective value added assurance services, successful Assurance professionals must possess a sound practical grounding in the theories and practices of ERM – and its linkages to other relevant and associated disciplines and standards (e.g. BCM). When implemented and utilised properly, ERM can become a driver for Commercial Sustainability as well as Organisational Agility and Resilience. This program coaches assurance professionals in how to achieve all of this utilising the IERP®’s practitioners based approaches. The module explains and re-emphasises the fundamentals of ERM, and shows how it can be utilised to drive strategy, performance, and the linkages to corporate governance and internal controls. Participants will also be taught how to apply strategic risk management concepts to enhance decision making processes and to add value to the business. The program includes practical exercises and guidance in implementing and utilising the objective centric (as opposed to Taxonomy) approach to ERM in line with International best practice. The program provides many discussion points and exercises, including case studies where the participants will apply the tools introduced during the training to identify, record, prioritise and mitigate risks. Participants will also be taught how to set up ERM monitoring systems to track progress and to maintain schedule as well as how to apply strategic risk management concepts to enhance decision making processes and value to the business. The module also explains and identifies effective internal controls as a risk mitigation tool and discusses how to establish effective risk mitigation strategies. This program coaches assurance professionals in how to achieve all of this via practical application of ERM fundamentals and how to achieve results through the effective use of the ERM framework and risk management tools.