RISK BASED INTERNAL AUDIT (16 CPE) COSO ERM Framework - Risk Assessment Process

Transcription

1 RISK BASED INTERNAL AUDIT (16 CPE) COSO ERM Framework - Risk Assessment Process Date September 2018 Time: 09:00 17:00 Location Hotel Grand, Tirana, Albania Course director: Mr. Konstantinos P. Triantafyllidis, CIA, CFSA, CCSA, CFE, IAQAV Summary According to the Basel Committee on Banking Supervision, internal auditors and supervisors should use risk based approaches to determine their respective work plans and actions. Furthermore The International Standards for the Professional Practice of Internal Auditing indicate that the Internal Audit s Activity Plan of engagements must be based on a documented risk assessment, undertaken at least annually. The COSO ERM Internal Control System is the most modern and dynamic framework to approach and assess a company's risks, and its adoption is a major challenge as a Banks' risk profile is constantly evolving. To keep up with modern trends, internal auditors should adopt a risk-based engagement. All the more so, considering that companies rarely have excess audit capacity, available resources should be used effectively and efficiently. Risk based audits are the leading approach for performing value-added Internal Audits By participating in many case studies and group discussions participants in the seminar will understand how to assess systematically all types of risks by using a globally accepted practice, and will realize their role in the risk assessment process, explore control selfassessment techniques and learn how to organize and execute risk-based auditing. At the end of the seminar participants will get a good understanding of the audit process used currently by world class internal audit units and will understand how to execute effectively risk based audits.

2 LEARNING OUTCOMES Upon completion of this seminar participants will be able to: - Understand the importance of Bank Risk Management - Understand COSO-ERM components and their importance for the identification of risks - Understand how to identify a company s strategic risks - Identify key Internal Controls to downsize strategic risks - Learn how to organize and perform a risk assessment - Understand methods to identify operational risks - Be able to create risk registers and risk mapping - Select which risks to audit first based on risk assessment results - Understand the role of Internal Audit during Control Self-Assessment Workshops - Understand the steps for a participative audit - Understand how to develop a risk-based annual audit plan by setting priorities in design and execution of audit programs - Discover tools and techniques needed for risk-based approaches - Understand how to plan a risk-based engagement WHO SHOULD ATTEND? - The seminar will be helpful to all officers and staff working in Internal Audit Units (chief audit executives, audit directors, audit managers, audit team leaders) who can bring ideas back to their units. - In addition, officers working in Compliance Units, External Auditors, Board and Audit Committee members, Security professionals, Risk Management staff, Line Managers and generally officers that are experienced in Internal Control Systems and want to explore or review risk-based approaches. 2

3 Role of Internal Auditing - The new definition of Internal Auditing - International Standards (IPPF) for Risk-Based Audit - The value added of Internal Auditing Risk and Control Frameworks - Definition of Risks - The COSO ERM Internal Control Framework - Comparison of COSO and COSO ERM - Definition of Internal Controls according to COSO - Reasons that Internal Controls fail - Roles and Responsibilities for Control activities - Types of Internal Controls - COSO ERM components (Internal Environment, Objective Setting, Event - Identification, Risk Assessment, Risk Response, Control Activities, Information & Communication, Monitoring) Risk Management - Risk Categories - Risk Identification methods - Risk Assessment Factors (likelihood, impact, reputation) - Gross and Net Risk - Risk Appetite - Risk Tolerance - Applying COSO ERM - The Internal Auditor s Role in COSO ERM - Risk Register 3

4 Risk Assessment Techniques - Basic principles of Internal Control Systems - Control Self-Assessment (CSA) Techniques - Case study on a real CSA Workshop - The creation of the Risk Register and Risk Map - Detailed risk score matrix Risk Based Audit Engagement - Formulation of Annual Audit Plan - Risk-based audit execution - The Internal Audit Report based on risks - Traditional Audit and risk-based audit - Advantages of risk-based audit - The internal Auditor s skills for the execution of the Risk-Based Audit 4

5 INSTRUCTOR BIO: Past President of the Institute of Internal Auditors (IIA Greece) for the period Konstantinos graduated from Athens Economic University with a major in Economics. In addition, he holds an MBA in Banking from the Greek Open University. He is currently an Internal Audit consultant while he has over 30 years experience in external auditing, internal auditing in the banking sector and as Internal Audit Manager in various subsidiaries of Greek Banking Groups. Additionally he has obtained significant further training in Internal Control Systems, Internal Audit and Risk Management and international best practices in auditing in Greece and abroad. He is a Certified Internal Auditor (CIA), a Certified Financial Services Auditor (CFSA) and possesses the Certification in Control Self-Assessment (CCSA). Furthermore he is a Certified Fraud Examiner (CFE) and Accredited External Quality Assessment Valuator of the Audit Activity by the International Institute of Internal Auditors (The IIA) a field where he is very actively involved. He is member of the External Quality Assessment Evaluators of Internal Audit Units of Eurozone s Central Banks. He has participated in a large number of international and domestic seminars, conferences and events as an instructor and as a representative of the Greek Institute of Internal Auditors. He has extensive training experience in internal audit topics and serves for many years as exclusive trainer of the Greek Banking Association. He is the past President of the Greek Institute of Internal Auditors (IIA Greece, ) and the official representative of the Greek Institute in the European Confederation of Institutes of Internal Auditing (ECIIA) while he served as a member of the Audit Committee of the Greek Ministry of Economics. 5

6 IMPORTANT FINANCIAL DATA Cost per participant: AIIA Members 250 (VAT included) Non-members 290 (VAT included) Price includes course attendance, educational material, lunch and coffee breaks. Payment* can be made by bank transfer or direct deposit by using the following account info: Account Holder: Albanian Institute of Internal Auditors Nr.llog: Swift: SGSBALTX IBAN: AL Raiffeisen Bank Albania Contact details: * Important: The transferred amount must include the entire amount as stated above. No shortfalls due to exchange fee/or other administration charges may arise. Albanian Institute of Internal Auditors has to receive the amount that is stated in your invoice. 6

7 REGISTRATION FORM For RISK BASED INTERNAL AUDIT (16 CPE) COSO ERM Framework - Risk Assessment Process (16 CPE) September 2018, Tiranë, Albania. Full name Position Company name VAT nr Contact Tel Address Cancellation Policy: Places on AIIA Training courses are limited so we therefore operate a cancellation policy regarding refund. 1. In case of cancellation of a training event by AIIA or related partner, we will endeavour to inform all participants 10 days before the course is due to take place, although please be aware that this is not always possible. All course fees paid will be reimbursed in full, but we are unable to reimburse any other costs that may have been incurred, including flights, accommodation etc. 2. No refund will be made for a. Bookings cancelled less than two weeks before the event, except in exceptional circumstances and then only at the discretion of Albanian Institute of Internal Auditors. b. Non-attendance on the course. 3. For bookings cancelled two or more weeks before a course is due to start, 100% per cent of course fees paid will be refunded to the applicant. I confirm all the data I provided is true and accurate. I confirm that I read the training program and I agree to have such content delivered during the course. Name Surname Signature 7

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