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Internal Control Development That Balances Risk with Strategy
Who Should Attend?
Accounting and other business professionals that wish to know more about controls to drive strategy and mitigate risk.
Area of Study:
A basic understanding of Risk and Internal Control Concepts
This session uses the updated The COSO Enterprise Risk Management Framework as well as other authoritative sources to explore how organizations of all size and type can drive the entity in a desired direction while keeping an eye on the risks associated with undertaking or not undertaking a business activity. This material is becoming more and more beneficial as companies strive to address the many new business challenges such as evolving markets, the rapid rate of change in the business world and the notable increase in regulation standards. This material is taught using ideas set forth by authoritative bodies as well as with case examples to help participants conceptualize the content. Those that work with internal controls and regularly consider risk management, should strongly consider this session.
Once participants have completed this session they should be able to:
- List the foundational components of the COSO Risk Management Framework.
- Understand how risk affects strategy and how the converse is true
- Define important concepts such as “Risk Appetite”, “Framing Risk”, and “Risk Tolerance”.
- Explain the importance of organization strategy at varying levels of an entity.
- List important steps required to analyze risk as it relates to strategic moves by a company.
This session is taught via the use of real world examples and case studies.
- An overview of COSO ERM concepts
- The steps needed to build and maintain strategies
- Understanding and controling risk added by changes in direction
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Training for Business Professionals