Risk Assessment Using Data Analytics

This course will briefly review the basic concepts of risk assessment and enterprise risk assessment (ERA) and how data analytics can optimize the risk assessment process. There will also be a thorough discussion of using risk assessments in risk-based auditing at the annual audit planning level, the engagement planning level, and the audit program development level. Learners will also learn about Enterprise Risk Management (ERM) fundamentals, including best practices and walk-through examples of practical tools, templates, and reports commonly used in the risk management process. There will also be a discussion of ERM metrics using data analytics.  

To better partner with key business stakeholders and add value to one's organization, it is necessary to understand some key business risks. Therefore, the course will spend a significant time discussing common business functions and their respective key processes, as well as the related risks of those key business processes, including Accounting, Financial Reporting, Human Resources, Legal, Sales, Contracts, Customer Service, Transportation/Delivery Service, IT, Manufacturing, Compliance, Quality Assurance, and Research & Development.  

Throughout the course, there will be exercises, informative articles, case studies, actual examples of tools and templates, and graphical depictions to help the learner apply concepts and theories to practical use in their organization. The course will wrap up with a discussion of reporting risk information to key stakeholders, including what's important to the Board level as it relates to communicating risk information.