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 NOUVEAU! Objective Centric ERM and Internal Audit_ Focusing on What Really Matters

Chapter Training
2017-10-03 09:00
2017-10-03 17:00
Montréal - Lieu à confirmer | Canada - Québec

FORMATION EN ANGLAIS (1 JOUR - 7 CPE)


The 2017 AICPA/NCSU risk oversight survey reported that "Only about one-quarter of the respondents describe their ERM processes as an important strategic tool with no real differences in that assessment across types of organizations". The 2017 PwC global internal audit survey of board and C-Suite members found that "Stakeholders reporting that Internal Audit adds significant value dropped from 54% in 2016 to only 44% in 2017, reaching its lowest level in the five years we’ve been tracking this metric."

ERM specialists and internal auditors around the globe should be seriously concerned with these findings. With mounting pressure on CEOs and Boards of directors to demonstrate they are effectively overseeing long term value creation, ERM, and internal audit dissatisfaction with traditional approaches to ERM and internal audit is increasing.

We believe a key reason for these results is that the majority of internal audit functions and ERM specialists fail to clearly show the link between top value creation and preservation objectives, risks identified and assessed, risk treatments, and residual risk status information, including current performance on the objective being assessed in their work. Without a clear message that effective risk assessment is about increasing certainty key strategic/value creation and preservation objectives will be achieved while still operating within the organization’s risk appetite it is likely internal audit and ERM specialist groups will continue to be seen by many C-suite and board members as a compliance cost, not activities that can significantly contribute to their organization's long term success.

The next generation “OBJECTIVE CENTRIC ERM AND INTERNAL AUDIT” approach this workshop introduces provides a tangible response to declining customer satisfaction.

Coverage will include:

  • What’s wrong with the status quo approaches to ERM and internal audit?
  • What is Objective Centric ERM and Internal Audit? What makes it different?
  • How does the Objective Centric ERM and Internal Audit approach integrate with the August 2017 COSO ERM update?
  • The business case for Objective Centric ERM and Internal Audit
  • Impact of Objective Centric ERM/IA on internal audit and ERM planning and work plan
  • Implementing Objective Centric ERM and Internal Audit – step-by-step
  • Why are “Risk Registers” used by a majority of ERM programs not doing the job?
  • Building, prioritizing and assigning the organization’s Objective Register including the key roles of the BOARD, RISK OVERSIGHT COMMITTEE, OWNER/SPONSORS, INTERNAL AUDIT and ERM specialists
  • Practical methods to reliably identify and assess risks to key strategic value creation/value erosion objectives
  • Identifying and assessing the current “Risk Treatments” in place – including risk mitigation, risk transfer, risk share, and risk finance strategies – much more than “internal controls”.
  • Documenting the current residual risk status/retained risk position including current performance levels and assessing whether it is or is not within your organization’s Risk Appetite/Tolerance
  • How to assess whether current risk treatment strategies are optimized – i.e. the lowest possible cost capable of producing an acceptable residual risk status
  • Integrating ERM, Internal Audit with all the assurance silos and your organization’s strategic planning and budgeting processes
  • Strategies to customize your implementation plan to your organization’s risk culture

The pre-readings for this workshop are the August 2017 Conference Board Director Notes paper “BOARD OVERSIGHT OF VALUE CREATION AND PRESERVATION OBJECTIVES: WHAT NEEDS TO CHANGE” and the April 2015 IIA article “REINVENTING INTERNAL AUDIT” winner of the IIA 2016 Outstanding Contributor Award.

NOTE: all core reference aids needed to implement OBJECTIVE CENTRIC ERM AND INTERNAL AUDIT are a free download for end user organizations and are available at http://riskoversightsolutions.com/ro-resources

Formateur

Tim J. Leech, Managing Director at Risk Oversight Solutions Inc

Coût

Membre / Non-Membre : 250$ + tx 

Lieu

Montréal - endroit à confirmer

Date

Le 3 octobre 2017 de 9h à 17h

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