Annual Risk Assessment (ARA) consists of an objective evaluation of risk in which assumptions and uncertainties are clearly considered and presented. The ARA process is a continuous cycle of assessments, enterprise risk management (ERM), fraud risk assessment (FRA), management input, and facilitated workshops. The primary difficulty in risk management is that measurement of both potential loss and probability of occurrence can be difficult to measure.
This highly interactive two day seminar on Annual Risk Assessment will:
- Cover a methodology to develop an effective ARA process.
- Explore in detail the key elements in an effective ARA program which includes:
- Selecting a risk framework;
- Identifying the audit universe;
- Identifying the risk criteria;
- Assigning weights to each risk criteria;
- Classifying audits into risk categories;
- Determining available audit hours;
- Developing an annual audit plan.
- Examine the different types of assessments.
- Explore how to incorporate ERM and FRA results effectively into your annual risk assessment.
- Explain who in management should be included in the process and how to effectively use facilitated workshops to bring the ARA process to a successful conclusion.
This seminar will have a fun case study to perform the key steps in the ARA process. It will also have interactive exercises and lots of interaction so that all your questions concerning ARA will be answered.
Upon completing this course on risk assessment participants will learn:
- Key elements of an effective ARA.
- How ARA and ERM interrelate.
- How fraud risk and ARA work together.
- Risk criteria to be included in their ARA.
- How to place weights on the risk criteria and different methodologies for weighting risks such as likelihood and impact.
- Role of internal audit in the ARA process.
Who Will Benefit:
- Internal and External Auditors
- Regulatory and Compliance Personnel
- Fraud Managers
- Company Executives
- Finance and Accounting Management
- Risk Managers
- Internal Control Professionals