You will learn about the concept of corporate governance and its relationship to risk management and internal controls, discuss the roles and responsibilities of different stakeholders in the private or public organization in the field of governance and compliance, and will be able to identify areas of risk management and internal and external environmental changes that play a role in the field of governance

At the end of this course, the participants should be able to

• Define corporate governance and its relation to risk management and internal controls
• Discuss the roles and responsibilities of the various stakeholders in a private or public organization
• List the functions of corporate governance and differentiate between the various models
• Identify the areas of risk management and its internal and external environment changes
• Identify the proper controls to be implemented in various business cycles

Target Audience:

Board members, chief financial officers, senior management, directors, finance managers, financial controllers, accounting and finance personnel, legal counsel, corporate legal advisors, corporate secretaries, lawyers, external and internal auditors, HR managers, and department heads.

• Understanding the structure of the board of directors
• Analyzing board committees
• Improving risk monitoring and control
• Assessing and analyzing risks
• Controlling risks
• Reporting risks
• Advising on the GRC system

Course Methodology:

The course is built on presentations by the instructor and the participants and includes exercises and case studies to be discussed in the training.

Overview of governance, risk management and internal controls

• Definition of corporate governance
• The scope of corporate governance
• Essential corporate governance principles
• Code of conduct
• The board of directors
• The audit committee
• Other committees

Stakeholders in Corporate Governance (CG)

• Stakeholders
• Shareholders rights
• Directors’ duties and rights
• Internal auditors and external auditors
• Risk based decision making
• CG failure effects
• The efficient board

Functions of corporate governance

• Independence of the board
• Selection, remuneration and evaluation of the board
• Analyzing current company’s CG system
• Disclosure and transparency

Introduction to compliance

• Definition of compliance
• Importance of compliance
• Practical examples of compliance
• Risks of compliance

Enterprise Risk Management

• Risk perception
• Why should we care about risk
• Internal environment changes
• External environment changes

Risk management areas

• Strategic
• Operations
• Reporting
• Financial
• Health and safety

Risk management process per COSO guidelines

• Internal environment
• Objectives setting
• Event identification
• Risk assessment
• Risk response
• Control activities
• Information and communication
• Risk monitoring

Implementing controls in business cycles

• Controls in purchase and payment cycle
• Controls in inventory and costing cycle
• Controls in HR and payroll cycle
• Controls in sales and collection cycle
• Controls in fixed assets life cycle