Training Course: Professional Governance, Risk & Compliance (GRC)

Introduction

Course Objectives

• Define corporate/public 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/public 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.

Course Outlines

Day 1

Overview of governance, risk management, and internal controls

• Definition of corporate/public governance.
• The scope of corporate/public governance.
• Essential corporate/public governance principles.
• Code of conduct.
• The board of directors.
• The audit committee.
• Other committees.

Stakeholders in Corporate/Public Governance (CG)

• Stakeholders.
• Shareholders rights.
• Directors’ duties and rights.
• Internal auditors and external auditors.
• Risk-based decision making.
• CG failure effects.
• The efficient board.

Day 2

Functions of corporate/public governance

• Independence of the board.
• Selection, remuneration, and evaluation of the board.
• Analyzing the current organisation’s CG system.
• Disclosure and transparency.

Introduction to compliance

• Definition of compliance.
• Importance of compliance.
• Practical examples of compliance.
• Risks of compliance.

Day 3

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.

Day 4

Risk management process per COSO guidelines

• Internal environment.
• Objectives setting.
• Event identification.
• Risk assessment.
• Risk response.
• Control activities.
• Information and communication.
• Risk monitoring.

Day 5

Implementing controls in business cycles

• Controls in the 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.