Course Objectives
Governance, Risk and Compliance (GRC)
Course Methodology
The course is built on presentations by the instructor and the participants and includes exercises and case studies to be discussed in the training.
Course Objectives
By the end of the course, participants will be able to:
Define corporate governance and its relation to risk management and internal controls
Discuss the roles and responsibilities of the various stakeholders in a private or public organization
List the functions of corporate governance and differentiate between the various models
Identify the areas of risk management and its internal and external environment changes
Identify the proper controls to be implemented in various business cycles
Target Audience
Board members, chief financial officers, senior management, directors, finance managers, financial controllers, accounting and finance personnel, legal counsel, corporate legal advisors, corporate secretaries, lawyers, external and internal auditors, HR managers, and department heads.
Target Competencies
Understanding the structure of the board of directors
Analyzing board committees
Improving risk monitoring and control
Assessing and analyzing risks
Controlling risks
Reporting risks
Advising on the GRC system
Course Outline
Overview of governance, risk management and internal controls
Definition of corporate governance
The scope of corporate governance
Essential corporate governance principles
Code of conduct
The board of directors
The audit committee
Other committees
Stakeholders in Corporate Governance (CG)
Stakeholders
Shareholders rights
Directors’ duties and rights
Internal auditors and external auditors
Risk based decision making
CG failure effects
The efficient board
Functions of corporate governance
Independence of the board
Selection, remuneration and evaluation of the board
Analyzing current company’s CG system
Disclosure and transparency
Introduction to compliance
Definition of compliance
Importance of compliance
Practical examples of compliance
Risks of compliance
Enterprise Risk Management
Risk perception
Why should we care about risk
Internal environment changes
External environment changes
Risk management areas
Strategic
Operations
Reporting
Financial
Health and safety
Risk management process per COSO guidelines
Internal environment
Objectives setting
Event identification
Risk assessment
Risk response
Control activities
Information and communication
Risk monitoring
Implementing controls in business cycles
Controls in purchase and payment cycle
Controls in inventory and costing cycle
Controls in HR and payroll cycle
Controls in sales and collection cycle
Controls in fixed assets life cycle
Overview of governance, risk management and internal controls
Definition of corporate governance
The scope of corporate governance
Essential corporate governance principles
Code of conduct
The board of directors
The audit committee
Other committees
Stakeholders in Corporate Governance (CG)
Stakeholders
Shareholders rights
Directors’ duties and rights
Internal auditors and external auditors
Risk based decision making
CG failure effects
The efficient board
Functions of corporate governance
Independence of the board
Selection, remuneration and evaluation of the board
Analyzing current company’s CG system
Disclosure and transparency
Introduction to compliance
Definition of compliance
Importance of compliance
Practical examples of compliance
Risks of compliance
Enterprise Risk Management
Risk perception
Why should we care about risk
Internal environment changes
External environment changes
Risk management areas
Strategic
Operations
Reporting
Financial
Health and safety
Risk management process per COSO guidelines
Internal environment
Objectives setting
Event identification
Risk assessment
Risk response
Control activities
Information and communication
Risk monitoring
Implementing controls in business cycles
Controls in purchase and payment cycle
Controls in inventory and costing cycle
Controls in HR and payroll cycle
Controls in sales and collection cycle
Controls in fixed assets life cycle