Reinventing ERM and Internal Audit What Boards Need Now to Meet New Risk Oversight Expectations

This webcast focuses on the business case for radical changes to traditional risk-centric approaches to ERM, including risk registers and risk heat maps, and what is often referenced as “risk-based” internal auditing where internal audit functions as an organization’s primary risk assessors/reporters to better meet board risk oversight requirements.

Following the 2008 global financial crisis regulators, institutional investors, credit rating agencies and director associations globally are all calling on boards to radically improve the way boards oversee management’s risk appetite and tolerance and, most recently, the organization’s risk culture. A recent September 2015 survey by Chartered Global Management Accountants (CGMA) commissioned by the American Institute of CPAs (AICPA) and Chartered Institute of Management Accountants (CIMA) that includes results from over 1300 companies globally indicates that over 60% of boards expect management to do more to oversee risk and help the boards meet these new expectations. (http://bit.ly/1KVtmKf) These developments have profound implications for companies, internal audit departments, and specialist risk groups responsible for ERM efforts. This session has been designed to provide a quick primer on the forces driving the risk management and oversight change mandate and provides practical strategies to help companies, internal auditors, and ERM groups respond.

Learning Objectives:

• Learn why boards around the world are being asked to do significantly more than they have been to oversee risk and risk culture
• Learn what boards in the U.S., Canada, Europe and elsewhere are now expected to do in practical terms to respond to the new requirements and expectations
• Learn why boards are now expected to oversee the “risk culture” in their organization and what specifically are they expected to do
• Learn what these new board risk oversight requirements mean to internal audit and risk groups
• Learn why status quo approaches to ERM and Internal Audit are no longer good enough
• Understand the business case for a new radically better approach to ERM and Internal Audit – Board & C-Suite Driven/Objective Centric ERM and IA
• Understand the barriers to change

Presenter:

Tim Leech, Managing Director, Risk Oversight Solutions

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