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Internal Audit, Fraud & Security

Effective Risk Management


This innovative Effective Risk Management training program aims at realizing and improving the roles of Risk Management, Audit and Compliance & Anti-Money Laundering / Combatting Terrorism Finance functions within the Corporate Governance parameters in order to achieve cooperation among these functions and improve their process and harmony.

Take the guesswork out of your decision making; deliver a better bottom line. Increase your credibility, satisfy your drive to be the best, and become the hero in your organization.

This training seminar will highlight:

  • Improved Alignment to Mission, Vision and Values of the Organization
  • Increased Decision-making Agility
  • Increased Accountability for Key Objectives, Risks, and Initiatives
  • Corporate Governance, what is it exactly?
  • The Risk, Compliance & Internal Audit Triangle
  • Risk Catalogue & Risk Taxonomies
  • The Evolution of Internal Auditing towards Risk-based Internal Auditing
  • Risk-based Compliance


This training course will enable the attendees to comprehend and foster their risk management, compliance and audit skills and knowledge, assimilating the fundamentals of the new risk-based audit & risk-based compliance methodology so that they can carry out their related assignments and report it in a highly professional manner.

At the end of the course, participants will learn to:

  • VALIDATE your knowledge of CG capabilities, and showcase your expertise in planning, assessing, and improving CG to achieve Principled Performance
  • COMPREHEND the core principles and practices of CG
  • UNDERSTAND organizational risk, risk appetite and risk tolerance
  • ACQUIRE the ability to link internal audit planning to organizational risk considerations, international frameworks and Standards to provide an organizational specific risk focused internal audit plan
  • GAIN improved ability to evaluate risk, incorporate risk attributes into the internal audit and compliance programs
  • LEARN how effective CG implementation enables the assessment, monitoring and reporting of governance risks in support of decision making, business performance, and adherence to regulations, policies and mandates
  • GAIN a comprehensive and effective culture of Compliance and ERM
  • LEARN Designing and Implementing an Effective AML and CTF Program

Target Audience

This comprehensive training program is very useful for Managers in all diversified lines of business which are planning to apply proper corporate governance practice within their culture and operations, such as Banks and Financial organizations and private & government entities.

This training course is suitable to a wide range of professionals but will greatly benefit:

  • Officers involved in the process of Risk Management
  • Compliance Officers
  • Officers involved in the process of Anti-Money Laundering
  • Officers involved in the process of Combating Terrorism Finance
  • Auditors and Internal Control Managers
  • Officers involved in the process of Corporate Governance

Internal Audit, Fraud & Security Outline

DAY 1 Corporate Governance, what is it exactly?

  • Corporate Governance: Definition, Concept, Rules, Principles
  • OECD Principles of CG
  • Corporate Governance: Role of the Board of Directors and Management
  • Responsibilities of Top Management and Board in Maintaining Good CG
  • Effective Executive Management & Board Members
  • Disclosure and Transparency

Corporate Governance, how to enforce it practically?

  • Mechanisms, Processes & Relations by which corporations are controlled
  • Difference between Executive and Non-Executive Board Members
  • Board’s Committees: Roles and Responsibilities
  • Role of Audit Committee / Risk Management Committee
  • Remuneration Committee: A Sensitive Role
  • Five Steps to Improve Corporate Governance
  • Introduction of Sarbanes-Oxley Act in USA in 2002 (Enron / WorldCom)

DAY 2 Risk Catalogue & Risk Taxonomies

  • Introduction to Di­fferent Types of Risks Categories
  • Risk Management Universe
  • Risk Management Framework
  • Fundamental Concepts of Enterprise Risk Management
  • Identifying Credit Risks
  • Identifying Financial Risks
  • Identifying Operational Risks
  • Identifying Legal Risks
  • Identifying Political / Sovereign Risks
  • Identifying Ethical Risks / Identifying Fraudulent Risks
  • Identifying Non-compliance Risks
  • Identifying Reputational Risks

DAY 3 The Risk, Compliance & Internal Audit Triangle

  • The Fundamental Differences and Importance of its Convergence
  • Overlapping: Healthy or Wasteful?
  • Cooperation & Collaboration among these Functions
  • Corporate Governance Committees: Audit Committee is No. 1
  • Effective Executive Management & Board Members

The Evolution of Internal Auditing towards Risk-based Internal Auditing

  • What is Risk-based Internal Auditing?
  • The Transition from System-based to Risk-based Internal Auditing
  • Different Approaches to Internal Auditing
  • Risk-Based Audit Approach
  • Risk-Based Audit Methodology
  • How and why audit units move into risk-based audit programs?
  • Audit the Control Environment

DAY 4 Prepare Risk-Based Internal Audit Plan and Execute it

  • Determination of Internal Auditing Universe
  • Risk Mapping
  • Risk Registration
  • Developing Internal Auditing Plan
  • Preparation of a Clear Plan to be Approved by Audit Committee
  • Efficiency in the Non-recurrence of Audit Notes
  • Audit References to Policies and Manual of Operational Rules & Regulations
  • Identification and Classification of Audit Risk

Compliance Risk Assessment & Management

  • Definition, Responsibilities and Goals
  • Risk Assessment and Management Methodology
  • Surveying for Threats & Assessing Vulnerabilities
  • Risk Tolerance and Residual Risk
  • Designing Controls for Risk Mitigation-Self-Assessments
  • Review Design and Auditor Selection
  • Program Development / Computer-assisted Auditing Techniques


DAY 5 Money Laundering

  • Definition, Responsibilities and Goals
  • Money Laundering Threats and Methods
  • Terrorist Financing Threats and Methods
  • International Standards for Anti – Money Laundering / Combatting Terrorism Finance

Compliance Program Governance for Anti – Money Laundering / Combatting Terrorism Finance

  • Basic Terms and Definitions
  • Regulatory Compliance Management Frameworks
  • Regulatory Compliance by Design and Tone at the Top
  • Roles and Responsibilities
    • Board of Directors
    • Senior Management
    • Business Unit Leaders
    • Compliance
    • Legal
    • Internal Audit


Ref Location From To Cost
IAFS04 Kuwait 6-6-2020 11-6-2020