Introduction

In recent years, Corporate Governance, Risk Management, and Compliance (GRC) have emerged as critical topics in both academia and legislation, a trend poised for growth.

Various models exist to streamline interactions between organizations and stakeholders while effectively managing risks.

Crucially, 'Governance, Risk Management, Compliance, and Effective Internal Controls' are integrated into a comprehensive framework.

Despite the importance, not all firms have embraced this advanced approach.

This course covers board structures, committee roles, and delves into the COSO-guided Risk Management process, along with discussions on internal controls and updates on Compliance.

Course Objectives

1. Define Corporate Governance and its impact on Risk Management and Internal Controls.
2. Analyze roles and responsibilities of stakeholders within organizations.
3. Outline functions of Corporate Governance and differentiate between its models.
4. Identify fields of Risk Management and note changes in its environments.
5. Select appropriate controls for various business cycles.

Course Outlines

Day 1: Overview of Governance, Risk Management, and Internal Controls

• Corporate Governance
• Definition and Scope
• Key Principles
• Code of Conduct
• Board of Directors
• Audit Committee
• Other Committees
• Stakeholder Engagement in CG
• Overview of Stakeholders
• Shareholder Rights
• Directors’ Duties and Rights
• Internal and External Auditors
• Risk-based Decision Making
• Effects of CG Failures
• Efficient Board

Day 2: Functions of Corporate Governance

• Board Functions
• Independence
• Selection, Remuneration, and Evaluation
• Organizational CG Analysis
• Current Systems Analysis
• Disclosure and Transparency
• Compliance Introduction
• Compliance Definition and Importance
• Practical Compliance Examples
• Compliance Risks

Day 3: Enterprise Risk Management

• Risk Perception and Importance
• Environmental Changes
• Internal and External
• Risk Management Areas
• Strategic, Operational, Reporting
• Financial, Health, and Safety

Day 4: COSO Guidelines for Risk Management

• COSO Framework
• Internal Environment
• Objective Setting
• Event Identification
• Risk Assessment
• Risk Response
• Control Activities
• Information and Communication
• Risk Monitoring

Day 5: Implementing Controls in Business Cycles

• Business Cycle Controls
• Purchase and Payment Cycle
• Inventory and Costing Cycle
• HR and Payroll Cycle
• Sales and Collection Cycle
• Fixed Assets Life Cycle