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

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