WORKING IN PARTNERSHIP: INTERNAL AUDIT AND RISK MANAGEMENT

A Unique Course

There is a danger that specialists within organisations keep themselves to themselves, protecting their patch, performing their tasks no doubt competently but often in isolation, working in ignorance - or occasionally even fear - of others. But increasingly the respective business contributions of different disciplines are being recognised and means of working together are explored.

This is especially so in the fields of internal audit and risk management.

The pace of change in both areas is rapid; the opportunities are many; the challenges daunting. Lessons can be learnt from the events of the past and the achievements so far. But much still needs to be done and fresh developments are around the corner. Present risk worry us, new risks emerge, tighter standards are demanded. 

This practical, interactive two-day workshop provides an up-date in the very latest developments in the field and examines the contributions that  internal auditors and others can make to the development, implementation, review and improvement of enterprise-wide risk management systems in any sector.

It provides a forum for discussion of the various issues, responsibilities and  relationships, but primarily seeks to give practical, knowledgeable advice on how best to help to establish and maintain effective  risk management processes to meet both business needs and governance and regulatory requirements.

Course Objectives

By the end of the course participants will be able to:

	Understand the nature risk management, its place within the organisation and governance regimes, and the state of the art
	Critically examine risk management models, standards and practices, including a comprehensive analysis of the UK Standard and the COSO Enterprise Risk Management Conceptual Framework
	Demonstrate how risk management is exercised in a range of organisations world-wide, using case studies from the private, public and voluntary sectors.
	Explain the significance and impact of regulatory, professional and other requirements and expectations
	Help participants understand each stage of the risk management cycle, from deciding the corporate risk appetite to determining how best to treat specific risks
	Examine in depth the various roles internal audit can play, from doing nothing (not an option) to integrating the internal audit and risk management functions
	Provide practical advice on how audit responsibilities can best be discharged and opportunities grasped
	Explore the benefits of an inter-disciplinary approach, considering the roles of risk managers and the various other parties involved,  the benefits and mechanisms of self-assessment, and the advantages and possible pitfalls of a partnership approach
	Demonstrate how audit can provide independent and objective assurance on the adequacy and effectiveness of an organisation’s risk management programmes and processes, provide sensible advice to management, extend their role safely into the field of consultancy and help strengthen risk management arrangements where necessary.

Who should attend?

Internal Auditors at any level in any sector who need to advance their knowledge and understanding of risk management, obtain expert guidance on their role in this field, find out how to discharge their responsibilities, and get-up-to-speed with latest developments

Those responsible for establishing, developing and promoting the internal audit function, maximising its contribution, and extending its scope

Risk Managers and others in the field of risk management and assessment who wish to join with their audit colleagues to up-date their knowledge, learn about the internal audit contribution, discuss respective roles and responsibilities, share experiences, examine means of working together and determine how best to assess, maintain and strengthen control and risk management frameworks.

Executive managers, directors and audit committee members who have responsibility for the oversight of audit and risk management arrangements

Line managers who need help.

What Makes this Course Different?

	A unique combination of contributions from both disciplines: professionals to professionals
	An integrated approach that recognises the importance of independence but also the value of working in partnership, promoting
	Privileged access to reports, codes and other documents before they are formally published
	Objective commentary, informed opinion and impartial advice on professional expectations, including the Standards and guidance from The Institute of Internal Auditors
	Tailored training according to the needs of participants, including guidance for example on the relevant sections of the Department of Health internal audit standards, the Code of Practice for Local Government Internal Auditors, the Combined Code, and the risk management and assessment implications of Basel II for banks.

Other Distinctive Course Features

	Detailed critique of the UK Risk Management Standard, with explanation from its authors and sponsors
	Expert evaluation of the COSO Enterprise Risk Management Conceptual Framework , the nearest we have to an international standard
	Comparative analysis of other guidance, models and developments, including influential Government, National Audit Office and Audit Commission reports
	World-wide examples of risk management in practice, eg in government departments, commercial companies, financial institutions, local authorities, hospitals, charities and elsewhere
	Guidance on how to set standards in your approach to risk management reviews, and benchmark your practices against others
	In-depth, objective examination of the various roles and contributions of internal audit, alone or with others, from a pure audit role, through various forms of advisory and consulting services, to integration of the audit and risk management functions
	Practical demonstration of how these various roles can be discharged and reviews can be conducted
	Extensive material in the course manual
	Availability of further more advanced training on specific aspects of the subject

 Course Contents

The course has two principal elements:

Day One: Effective Risk Management

	The nature of risk; the risky world in which we live
	Risk, uncertainty and opportunity
	Risk components and categories
	Developing a common risk understanding and language
	Responsibilities for risk oversight, management, and assessment
	The changing role of internal audit; new challenges and standards expected
	Risk-based auditing
	The nature, features and benefits of risk management
	Developments, pressures, challenges and responses
	Risk management standards and models
	Establishing a robust enterprise-wide risk management system
	The risk management cycle
	Integrating risk management into the business
	Risk mitigation strategies
	Techniques, including control and risk self-assessment
	Practical considerations, examples and case histories

Day Two: The Contribution of Internal Audit, Risk Specialists and Other Parties

	Reviewing the adequacy and effectiveness of risk management arrangements and processes
	Possible assurance, advisory and consulting roles for internal audit: the full spectrum, from indolence to integration
	Assuming executive responsibilities? Thinking like a risk manager
	Professional and other forms of guidance: IIA and other Standards
	Developing audit policies and procedures for involvement in risk management
	Working with others: the benefits and limitations of partnership
	How to do it: detailed consideration of assurance roles
	Detailed consideration of advisory, consulting and participative roles, including running risk workshops
	The case for and against amalgamating internal audit and risk management
	Techniques for risk identification, evaluation and treatment
	Practical considerations and case histories
	The way forward

Programme Design and Delivery

The course is designed to be participative, practical and flexible, combining authoritative advice and the very latest information with sensible and workable solutions to real-life problems. Participants’ needs and background are determined in advance through pre-course questionnaires that enable the training to be tailored to suit the requirements, experience and circumstances of those attending. Delivery is by means of a mix of multi-media presentations, group and plenary discussions, and practical exercises and case studies, supported by extensive course material. Numbers are strictly limited to allow personal attention and to maximize the opportunity for discussions with other participants and the tutors, who are recognized experts in the field as well as being trainers of the highest calibre.

Your Trainers

The course will be led by Keith Wade, Director of CATS, and Lee Tricker, Director of Thomas Miller Risk Management

Cost

795 £sterling, exclusive of VAT. The course is non-residential.

Venue

Institute of Directors, 116 Pall Mall, London SW1Y 5EB

Enquiries and Bookings

To either:
Stephanie Winfield, CATS International: train@catsint.co.uk, tel +44 (0) 1732 760216;
fax +44 (0) 1732 763716

or:

David Herratt, TMRM, David.Herratt@thomasmiller.com; tel. (44) {0} 20 7204 2570; fax 20 7204 2565

To ensure reserved places, please send remittance with firm bookings using the downloadable form, with payments being made out to CATS International