Many organizations have gone through extensive efforts to comply with Sarbanes-Oxley and other internal control regulations to ensure accuracy in their financial statements. But financial statement controls cover only a small area of risk and often ignore the far greater risks resulting from weak operational and other financial controls. In this self-study webinar, you’ll learn how to:
- Develop and implement a risk management strategy
- Strengthen controls, limit risk and prevent fraud
- Reduce risk with hedging, derivatives and insurance options
- Manage a crisis
This targeted self-study webinar will provide you with a firm grasp of the common financial and operational risks that still confront companies and what you need to do, beyond insuring against them, to manage those risks.
- Defining risk and quantifying acceptable levels of risk
- Determining the accountant’s responsibilities in risk management
- Analyzing the conditions, detection and control methods for fraud
- Utilizing financial statements, key performance indicators and common accounting tools to control risk
- Identifying ways to use key performance indicators to control risk
- Learning the role of policies and procedures in risk control
- Studying why staffing issues are a key component of risk management
- Learning how to use IT as a key factor in a risk management control program
- Using hedging and derivatives as part of a risk management program
- Integrating an ERM framework within COSO
- Making effective use of business insurance in risk management
• Identify the degree to which an entity can control its exposure to risk
• Identify the organizational levels at which risk management should be practiced
• Recognize the types of organizations that generally practice risk management
• Recognize the person(s) with the ultimate responsibility for controlling an organization’s risk
• Identify the basic operational risk management process
• Recognize the degree to which controls may detect fraud
• Recognize the characteristics of a “typical” fraudster
• Recognize the way in which fraud is typically discovered
• Identify weaknesses in controls leading to the potential for fraud
• Identify the primary characteristics of the COSO framework
• Identify the applicability of the COSO framework to business organizations
• Identify the objectives of the COSO framework
• Recognize the extent to which the COSO framework can provide assurance regarding a lack of errors or fraud
• Recognize the primary precondition to assessing risk
• Identify the ERM framework for risk assessment relative to COSO
• Recognize the focus of a SWOT analysis
• Recognize the role of the use of ratio analysis in a financial statement review to control risk
• Recognize ways in which to improve financial statement reconciliations
• Identify the role of key performance indicators in risk management
• Identify the characteristics of key performance indicators
• Recognize the role of MIS in controlling risk
• Identify an organization’s relative risk of experiencing a cyberattack
• Identify the individuals for whom cyber security awareness should be a priority
• Recognize the relationship of current SSAE No. 18 guidance relative to previous SSAE No. 16 guidance
• Recognize the changes to a SOC 2 report under SSAE No. 18
• Recognize the trend in applicable regulations relating to internal control
• Identify the necessary characteristics of a service organization’s control environment
• Identify the general characteristics of the GDPR
• Recognize the potential consequences of a corporate cyber breach
• Recognize the role of hedging against risk as a business strategy
• Recognize appropriate controls over derivatives
• Identify the types of entities or funds most vulnerable to corresponding financial risks
• Recognize ways in which to hedge against specific types of business risk
• Recognize the role of business insurance in risk management
