Risk Assessment Using Data Analytics

Risk

Overview

This course covers the basic concepts of risk assessments and enterprise risk assessments (ERAs) and how data analytics can optimize the risk assessment process; it also covers how to use risk assessments in risk-based auditing at the annual audit planning, the engagement planning, and the audit program development levels. It also includes Enterprise Risk Management (ERM) fundamentals, best practices, and examples of tools, templates, and reports commonly used in the risk management process. There is also coverage of ERM metrics using data analytics.

To better partner with key business stakeholders and add value to one’s organization, it is necessary to understand key business risks. Therefore, the course devotes significant coverage to common business functions and their respective key processes, as well as the related risks, including Accounting, Financial Reporting, Human Resources, Legal, Sales, Contracts, Customer Service, Transportation/Delivery Service, IT, Manufacturing, Compliance, Quality Assurance, and Research & Development.

Throughout the course, there are exercises, informative articles, case studies, examples of tools and templates, and graphical depictions to help the participant apply concepts and theories to practical use in their organization. The course wraps up with reporting risk information to key stakeholders, including what’s important to the Board as it relates to communicating risk information.

Why you should take this course.

For users with an introductory knowledge of this topic, and are searching for additional information and its application.

Here are the topics we'll cover.

  1. Enterprise Risks

    • Risk Assessment – Basics
    • Enterprise Risk Assessment – Overview
    • Enterprise Risk Assessment – Steps
    • Enterprise Risk Assessment – Templates
    • Enterprise Risk Assessment - Examples

  2. Enterprise Risk Management (ERM)

    • ERM – Overview
    • ERM Metrics
    • ERM Effectiveness

  3. Risk-Based Auditing

    • Risk-Based Auditing – Overview
    • Annual Audit Plan
    • Audit Program

  4. Data Analytics

    • Overview
    • Data Analytics Terms
    • Continuous Monitoring
    • Role of Data Analytics in Risk Management
    • Steps for Using Data Analytics in Risk Assessments

  5. Executive Perspective on Top Risks

    • Top Risks

  6. Business Function Risk Assessment – Inventory

  7. Business Function Risk Assessment – Treasury

  8. Business Function Risk Assessment – Accounting

  9. Business Function Risk Assessment – Procurement

  10. Business Function Risk Assessment – Compliance

  11. Business Function Risk Assessment – Legal

  12. Business Function Risk Assessment – Human Resources (HR)

  13. Business Function Risk Assessment – IT

  14. Business Function Risk Assessment – Sales

  15. Business Function Risk Assessment – Financial Reporting

  16. Business Function Risk Assessment – Contracts

  17. Business Function Risk Assessment – Customer Service

  18. Business Function Risk Assessment – Transportation / Delivery

  19. Business Function Risk Assessment – Health Safety Environmental and Security (HSES)

  20. Business Function Risk Assessment – Research and Development (R&D)

  21. Business Function Risk Assessment – Manufacturing

  22. Culture Risk Assessment

    • Culture Risk Assessment - Drivers
    • Culture Risk Assessment – Dashboard

  23. Risk Assessment Reporting

    • Communication / Reporting

Learning Style

Instructor Led

Level

Intermediate

Who this course is for

Internal Auditors, Compliance Experts, and leaders in Internal Audit departments.

NASBA Certified CPE

32 credits

Field of Study

Auditing

Length of course

32h

Prerequisites

Risk Audit School Fundamentals of Internal Auditing
or equivalent experience

Advanced Preparation

None
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Here are the learning objectives we'll cover

  • Recognize the fundamentals of an Enterprise Risk Assessment (ERA)/Enterprise Risk Management (ERM) process and the basic concepts of a Risk-Based Auditing approach.
  • Understand the role of data analytics in the risk assessment/management/monitoring process and the general steps for using data analytics in risk assessments. Understand the risk management process (ERM) through recurring risk identification, measurement, and mitigation, including the standard tools, templates, and reporting used in the ERM process through real examples and case studies.
  • Identify the key risks of common business functions in the risk assessment of these business functions (including Accounting, HR, Treasury, Inventory, R&D, Compliance, Financial Reporting, Sales, IT, Procurement, Manufacturing, and others).
  • Apply data analytics concepts to perform risk assessments in business functions using exercises and/or real-world case studies.
  • Apply some best practices for reporting on risk assessments that are concise, effective, and engaging for key stakeholders.

Attendance policy for on-site and online instructor-led training

Students are expected to arrive on time for classes with the proper materials and attitude. An overall attendance rate of 100% is expected to fully absorb the materials and to complete labs. If you have an expected absence, please email support@acilearning.com or your instructor ahead of time. The number of CPEs awarded will be equivalent to the number of hours attended.

ACI Learning is registered with NASBA

ACI Learning is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: https://www.nasbaregistry.org/