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.   

Learning Options

Below are the available learning options for this course:


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 & subscribe

Enterprise 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 training

NASBA Certified CPE

32 Credits


Why you should take this course

You should attend because data analytics are an essential component of risk-based auditing, and practitioners with the ability to leverage DA are sought after because they can perform complex audit and modeling procedures.

Who should take this course

Internal auditors, audit directors, risk management personnel, Chief Risk Officers and data analysts.

What You'll learn

You will learn how to identify root causes of risks and develop proven business cases for why management must act to correct these deficiencies. Also, how to implement a continual risk assessment methodology for these areas.


  • Risk School (OAR201)

Course Objectives 

  • Recognize the fundamentals of an Enterprise Risk Assessment (ERA)/Enterprise Risk Management (ERM) process and the basic concepts of a Risk-Based Auditing approach. 
  • Understand the role of data analytics in the risk assessment/management/monitoring process and the general steps for using data analytics in risk assessments. Understand the risk management process (ERM) through recurring risk identification, measurement, and mitigation, including the standard tools, templates, and reporting used in the ERM process through real examples and case studies. 
  • Identify the key risks of common business functions in the risk assessment of these business functions (including Accounting, HR, Treasury, Inventory, R&D, Compliance, Financial Reporting, Sales, IT, Procurement, Manufacturing, and others). 
  • Apply data analytics concepts to perform risk assessments in business functions using exercises and/or real-world case studies. 
  • Apply some best practices for reporting on risk assessments that are concise, effective, and engaging for key stakeholders. 

Course Topics  

  1. Enterprise Risk 
  2. Enterprise Risk Management (ERM) 
  3. Risk-Based Auditing 
  4. Data Analytics 
  5. Executive Perspectives on Top Risks 
  6. Business Function Risk Assessment 
  7. Culture Risk Assessment 
  8. Risk Assessment Reporting

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.