Assessing Business Risk

Introduction

This unit introduces the instructor(s)/participants, provides an overview of the seminar, and creates the environment needed for a positive/rewarding seminar experience In this unit, we will:

  • Meet the instructor(s) and participants
  • Discuss your expectations and the seminar objectives/topics
  • Create the environment needed to deliver an effective seminar

Business Risk Fundamentals

Create the foundation needed to deliver the seminar.

In this unit, we will:

  • Confirm our collective understanding of several basic business risk assessment terms and concepts
  • Examine the internal audit/risk assessment process and identify potential opportunities and disconnects

Enterprise Risk Assessment

Enhance our collective understanding of the model for risk assessment at the enterprise level. Provide participants with an opportunity to

  • Benchmark their risk assessment tools and practices.
  • Sharpen their risk identification and evaluation skills.

In this unit, we will:

  • Learn how to develop an inventory of auditable activities
  • Examine risk factors, weights for risk factors and various scales assigned to risk factors.
  • Know different methodologies for performing risk assessment
  • Learn various sources for obtaining information about each activity
  • Understand how to evaluate and use the risk assessment results

Engagement Planning Considerations

Introduce the model for risk assessment at the internal audit engagement level. Provide participants with an opportunity to

  • Benchmark their engagement planning practices.
  • Improve your understanding of business processes/objectives and risks.

In this unit, we will:

  • Understand how risk relates to business objectives
  • Examine internal audit planning considerations and success factors
  • Review several business processes and practice identifying significant objectives and potential risks
  • Explore approaches/techniques that can be used to “understand the business”

Engagement Risk/Control Assessment

This unit focuses on prioritizing risks and evaluating control design. In this unit, participants with an opportunity to:

  • Benchmark their risk assessment tools and practices
  • Sharpen their risk identification and control evaluation skills

In this unit, we will:

  • Discuss tools/practices that can be used to create a “seamless” enterprise and engagement level risk assessment process
  • Examine several techniques that can be used to prioritize risks
  • Open up the “control identification” and “control design evaluation” toolboxes and practice using these tools on the WMSS Personnel internal audit engagement

Engagement Objectives/Programs

Complete our review of the engagement level risk assessment model. Provide participants with an opportunity to:

  • Benchmark their engagement objective setting and program development practices
  • Improve their ability to develop value added internal audit objectives and strategies

In this unit, we will:

  • Discuss how to develop value added audit objectives and work programs
  • Apply these ideas on the WMSS internal audit engagement

Value-added Applications

Demonstrate how risk assessment tools and techniques can be used to add value on internal audit assurance and consulting service projects.

In this unit, we will discuss risk assessment impact on:

  • Enterprise Risk Management
  • Internal Audit Consulting Services

Putting it All Together

Wrap up the seminar by recapping several key points and give the participants a final opportunity to benchmark their risk assessment practices/plans and ask questions.

In this unit, we will:

  • Revisit the course objectives/your expectations for the course
  • Revisit the risk assessment process overviews
  • Discuss additional risk assessment resources
  • Have a final benchmarking discussion

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