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Course/Product Description

Risk School

Format: In-Person Seminar
Find A Class Near You: View Dates And Locations For This Seminar

Risk School
With the increasing emphasis on corporate governance initiatives and the release of recent ERM guides and pronouncements, there has never been a more critical time for auditors to expand their knowledge of risk management and assessment.

In this intensive four-day seminar, attendees will learn the underlying concepts of a risk-based audit methodology. We will cover all aspects of risk assessment, including the fundamentals of risk-based auditing, defining risk in business terms, identifying key risk areas, evaluating global risk and conducting a detailed risk analysis at the engagement level. We will explore a strategy for transitioning the department to a risk-based function as well as for re-educating management and the Audit Committee.

Throughout the seminar, we will work through risk drills that will allow you to put into practice what you have learned. Attendees will leave this high-impact seminar with audit efficiencies and business insights that will maximize Audit’s contributions to the organization, and cast IA as a value-adding member of the team.

Prerequisite: None
Advance Preparation: None
Learning Level: Basic
Delivery Method: Group-Live
Field: Auditing


What You Will Learn:
  • Risk-Focused Pronouncements and Publications
    • ISO 3100 risk model
    • using the COSO ERM model as a baseline
    • ERM as presented in the UK/Ireland position paper: the role of internal audit
  • Risk-Based Auditing
    • defining risk-based internal auditing
    • the undercurrent of change in internal auditing
    • comparing and contrasting audit approaches
    • risk-based auditing benefits
  • Risk Basics: What You Need to Know
    • defining risk in business terms: essential for success
    • three key components of real risk assessment
    • the audit function and how it should be driven by risk
    • relating business risk and control failure
  • Establishing a Framework for Risk Analysis
    • alternative methods of determining risk in audit practice
    • subjective
    • objective
    • using core business analysis to drive a top-down risk-based approach
    • centering risk assessment around the five key things a business does
  • Aligning Key Business Risks with the Audit Universe
    • key universal business risk categories: examples
    • prioritizing risk by critical functionality of the business
    • identifying the key business risks types in your organization
    • creating an effective risk-based audit plan
    • truly integrating the risk-based audit plan into the engagement-level risk assessment
  • Objectively Driving the Audit Risk Assessment
    • establishing a case for objective-based risk assessment
    • using data and proven information
    • making your analysis reactive rather than proactive
    • data analysis tools and how to use them for risk identification
    • interpreting data in the context of risk
    • data types: what you must know
    • KRIs: output or outcome-based?
    • types of analysis
    • risk in data movement
    • pivotal point of change analysis
    • mean dispersion analysis
    • others
  • Identifying Risk Areas of Primary Concern
    • financial: how to determine what is risk and what is exposure
    • operational: focusing on areas of real opportunity
    • IS/IT: determining the big payback areas of risk
    • regulatory: identifying the real points of risk focus
  • Building an Inventory of Key Risk Metrics
    • identifying essential key risk metrics
    • financial
    • operational
    • IS/IT
    • regulatory
    • keying the metrics to ensure minimum data and maximum risk analysis
  • Engagement-Level Risk Assessment
    • engagement risk determined from the audit plan level
    • keying in on risk at the engagement level
    • focusing your evaluation on risk and control
    • building a risk-based audit program
  • ERM: The New Risk Frontier
    • understanding the role of IA in ERM
    • identifying new areas of audit concern and involvement
    • ERM and IA’s symbiotic relationship
  • Reengineering the Audit Process to Make it Truly Risk-Based
    • questioning everything in the current audit process
    • utilizing multi-purpose risk-based audit tools
    • establishing a risk basis for everything you audit
    • focusing your audit on discovering root causal events
    • narrowing the scope of your audits to focus on only what is risky
    • creating a highly efficient risk-based reporting format
  • Maximizing on Risk: Internal Audit Opportunity
    • establishing a unique audit role that only you can fill
    • Provable Value Concept Auditing (PVCA)
  • The Audit Spectrum
    • practice today, tomorrow, the future
    • progressing toward risk-focused thought process
    • establishing a strategic risk vision
    • focusing on the tools of the future: self monitoring
  • Marketing Risk-Based Auditing
    • establishing the key advantages: how to get management buy-in
    • building the business case
    • formulating a transition plan
    • re-educating management and the audit committee
Dates &Times

Classes start on the date(s) posted herein, and run from 8:30am to 5pm daily, except for the last day of class, which ends at 3pm.

About The Provider: Founded in 1978, and with offices in the USA, UK, and Asia, MIS Training Institute - aka MISTI - is the international leader in audit and information security training.

Helping audit and infosecurity professionals stay at the top of their game has always been at the core of MISTI's mission. To that end, MISTI has developed and focused its seminars, conferences, and symposia on the wide-ranging needs of auditors and information security practitioners who are charged with controlling complex systems and business environments.

All MISTI training classes are led by industry experts. MISTI training classes are delivered by professionals who have been in the field and practice what they teach. Additionally, MISTI training's unparalleled course curriculum covers the most up-to-the-minute topics, provides proven audit and security practices, and delivers the information needed to be successful in today's organizations.

MIS Training Institute is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing education on the National Registry of CPE Sponsors. NASBA Sponsor Number: 103321

Cancellation/Refund Policy: MIS Training Institute

A full refund less a $100 administrative fee will be given for cancellations received 15 days or more before the event. Tuition is non-refundable for cancellations made 14 days or less before the event. You may, however, transfer your tuition to another MIS Training Institute event, less a $195 administrative fee. Transfers are valid for 12 months from the time of initial cancellation. Substitutions are welcome at any time.

Those who do not cancel before the MISTI event date and who do not attend are responsible for the full non-refundable, non-transferable tuition.
Price: $2,063.00
More Info: Contact Us For More Information
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