Introduction
In recent years, Corporate Governance, Risk Management, and Compliance (GRC) have emerged as critical topics in both academia and legislation, a trend poised for growth.
Various models exist to streamline interactions between organizations and stakeholders while effectively managing risks.
Crucially, 'Governance, Risk Management, Compliance, and Effective Internal Controls' are integrated into a comprehensive framework.
Despite the importance, not all firms have embraced this advanced approach.
This course covers board structures, committee roles, and delves into the COSO-guided Risk Management process, along with discussions on internal controls and updates on Compliance.
Course Objectives
- Define Corporate Governance and its impact on Risk Management and Internal Controls.
- Analyze roles and responsibilities of stakeholders within organizations.
- Outline functions of Corporate Governance and differentiate between its models.
- Identify fields of Risk Management and note changes in its environments.
- Select appropriate controls for various business cycles.
Course Outlines
Day 1: Overview of Governance, Risk Management, and Internal Controls
- Corporate Governance
- Definition and Scope
- Key Principles
- Code of Conduct
- Board of Directors
- Audit Committee
- Other Committees
- Stakeholder Engagement in CG
- Overview of Stakeholders
- Shareholder Rights
- Directors’ Duties and Rights
- Internal and External Auditors
- Risk-based Decision Making
- Effects of CG Failures
- Efficient Board
Day 2: Functions of Corporate Governance
- Board Functions
- Independence
- Selection, Remuneration, and Evaluation
- Organizational CG Analysis
- Current Systems Analysis
- Disclosure and Transparency
- Compliance Introduction
- Compliance Definition and Importance
- Practical Compliance Examples
- Compliance Risks
Day 3: Enterprise Risk Management
- Risk Perception and Importance
- Environmental Changes
- Internal and External
- Risk Management Areas
- Strategic, Operational, Reporting
- Financial, Health, and Safety
Day 4: COSO Guidelines for Risk Management
- COSO Framework
- Internal Environment
- Objective Setting
- Event Identification
- Risk Assessment
- Risk Response
- Control Activities
- Information and Communication
- Risk Monitoring
Day 5: Implementing Controls in Business Cycles
- Business Cycle Controls
- Purchase and Payment Cycle
- Inventory and Costing Cycle
- HR and Payroll Cycle
- Sales and Collection Cycle
- Fixed Assets Life Cycle
