Risk Assessments

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A Synopsis: Risk Assessments: How to Do Them Successfully Every Time

This one-day course is an introduction to risk and risk assessment. One to two additional days of facilitation skills training can be added if participants will be doing risk assessments with groups, or if auditors are seeking to integrate risk assessment approaches with more traditional audit approaches.

RISK ASSESSMENTS: HOW TO DO THEM SUCCESSFULLY EVERY TIME

I. What is Risk? What does it mean to the Auditor vs. Non-Auditors?

	a. Traditional approaches to defining risk
	b. Why traditional approaches are not enough
	c. Determining a definition of risk for your group

II. How Should Risk best be Assessed?

	a. The partnership of the Controller, Audit department, and Management
	b. Different approaches to Risk Assessment

III. Determining the Best Approach for your Organization

	a. What do others in your industry do? Is that a good reason to do the same thing?
	b. The role of organizational culture, vision and resources in determining the best approach
	c. Enterprise Risk Management vs. Risk Self-Assessments
	d. Developing your risk assessment model:

	What areas to cover and how to determine them
	Prioritizing areas to cover
	Determining how detailed to get

IV. Enterprise Risk Management

a. What it is, how it works, what it involves
b. Models of ERM and a map on how to start the implementation

V. Risk Assessments Within your Department, With your Clients

a. Different approaches to doing risk assessments
b. The step-by-step process for doing a risk assessment
c. Prework involved before working with clients on assessments
d. Pre-meetings with management to set up the risk assessment process
e. Conducting the assessment:

What questions to ask clients and how to ask them

Facilitated approaches, skills and tools to use if using a group approach

Setting up pilots

Conservative vs. creative approaches to doing the assessments

Action plans, follow-up, and monitoring change

VI. Gaining People's Buy-In to do Risk Assessments

	a. Building a partnership through assessments
	b. Step-by-step strategies if gaining senior management's/audit committee buy-in
	c. Step-by-step strategies for gaining other management's buy-in
	d. Step-by-step strategies for gaining audit management's buy-in
	e. Step-by-step strategies for managing resistance with participants

VII. Practice

a. Time to develop a model for risk assessments that works for you