COURSE OUTLINE

King III advocates that Risk Management (RM) is the cornerstone of Corporate Governance. King III RM guidelines are in line with the globally accepted “COSO Integrated Risk Management Framework”. The COSO RM theory and methodology is a globally accepted framework for the basis for effective RM practice yet there are many challenges in successfully implementing it, with one of the main causes being a lack of knowledge, techniques and skills in the practical application of the theory.

This course is imperative for the IA profession as it goes beyond the traditional boundaries of internal control, enabling the creation of risk-based auditable controls to aid in developing audit strategy/plans and audit execution. Whilst this new version of the course still covers the much needed knowledge on applying the RM theory in the live environment, it goes further into explaining the role of the IA expanding from its “Core Audit Function” into the “Consulting Role” as well to assist organization to achieve an efficient and effective Risk Management practice.

OUTCOMES

1. Understand RM Governance within Corporate Governance (CG) in line with King III Guidelines.
2. Understand the COSO Internal Control framework latest Dec 2011 principles and the COSO Integrated RM framework and the association between the two.
3. Learn the COSO Application Techniques (using examples, test questions and model answers) applicable throughout the COSO RM components (i.e. RM iterative life-cycle).
4. Be able to actively participate and contribute in the COSO RM process undertaking with the likes of Risk and IT officials and other senior persons
5. Learn through some case studies of RM failures and successes.
6. Obtain an overview of IT Risks and understanding that “IT Risks is Business risk”
7. You will obtain an overall knowledge of the COBIT 5 IT Risk framework which includes a basic knowledge of what constitutes
   • IT General Controls and risks associated with IT Applications and
   • IT elements/components associated with business risks.
8. Finally you will be able to:
   • device means to evaluate the whole RM process
   • make recommendations for RM and IA improvements
   • confidently participate and contribute in IA, RM and IT discussions
   • be able to confidently cast an opinion to the Business at large on the effectiveness or lack thereof of the RM process
   • obtain insights to assist IA to devise audit plans from Risk Assessments