Overview
This course provides an overview of the Enterprise Risk Management (ERM) process and all the underlying elements of ERM, including risk appetite, governance, and roles and responsibilities. The course includes the attributes that make an ERM process effective, such as addressing black swans, using risk-driven metrics, and linking ERM with the organization’s strategy. Most of the course will involve methods for auditing the ERM process by assessing the process according to the COSO framework, comprising five components and twenty principles.
Learning Options
Below are the available learning options for this course:
AuditPro
Online On-Demand
This course is available through AuditPro — a subscription-based, on-demand learning platform. As a subscriber, you will have access to an ‘all you can watch’ library of courses that are built in alignment with the National Association of State Boards of Accountancy (NASBA) standards.
Learn more & subscribeEnterprise Solutions
Tailored Experience
Bring this course to your organization at your convenience. ACI Learning can deliver this instructor-led course for your team at a chosen location or virtually. Alternatively, choose the topic(s) you need and ACI will craft a training solution to keep your team future-proof.
Customize your trainingNASBA Certified CPE
Auditing
Why you should take this course
For users with an intermediate knowledge of this topic, and are searching for a deeper understanding of its evolving complexities.
Who should take this course
Audit Directors and Managers, Risk Officers, Internal and External Auditors, Information Technology Auditors, and Operations Managers.
Prerequisites
- Risk Audit School (OAR201)
- or equivalent experience
1. Enterprise Risk Management (ERM)
• Overview
• Risk Appetite
• ERM Governance
• Internal Audit’s Role and Responsibilities
• Black Swans
• ERM Effectiveness
• ERM Metrics
• ERM and Strategy
2. COSO Principles
• Overview
• COSO Principle 1: Exercises Board Oversight
• COSO Principle 2: Establishes Operating Structures
• COSO Principle 3: Defines Desired Culture
• COSO Principle 4: Demonstrates Commitment to Core Values
• COSO Principle 5: Attracts, Develops and Retains Capable Individuals
• COSO Principle 6: Analyzes Business Context
• COSO Principle 7: Defines Risk Appetite
• COSO Principle 8: Evaluates Alternative Strategies
• COSO Principle 9: Formulates Business Objectives
• COSO Principle 10: Identifies Risk
• COSO Principle 11: Assesses Severity of Risk
• COSO Principle 12: Prioritizes Risk
• COSO Principle 13: Implements Risk Responses
• COSO Principle 14: Develops Portfolio View
• COSO Principle 15: Assesses Substantial Change
• COSO Principle 16: Reviews Risk and Performance
• COSO Principle 17: Pursues Improvement to ERM
• COSO Principle 18: Leverages Information Systems
• COSO Principle 19: Communicates Risk Information
• COSO Principle 20: Reports on Risk, Culture, and Performance
3. Reports
• Types of Reporting
- The learner will understand the basic elements of the entire ERM process, including governance, execution, and reporting.
- The learner will define common ERM vocabulary and terminology.
- The learner will understand how the ERM process should be linked to the organization's strategy.
- The learner will apply the ERM framework principles and develop auditing procedures to assess the effectiveness of an organization's ERM process.
- The learner will identify the differences between the two of the most used ERM frameworks, COSO and ISO.
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: www.nasbaregistry.org.