Strengthening Internal Control & Risk Management Training

Module 1: Foundations of Internal Control and Risk Management

Definition, objectives, and importance of internal controls

Principles of effective risk management

The relationship between governance, risk, and control

Module 2: Internal Control Frameworks and Standards

COSO Internal Control Framework

ISO 31000 Risk Management Standard

Best practices and regulatory requirements

Module 3: Risk Identification and Assessment

Tools and techniques for identifying risks (checklists, risk registers, workshops)

Risk classification: strategic, operational, financial, compliance, reputational

Assessing risk likelihood, impact, and prioritization

Module 4: Designing Effective Internal Controls

Types of internal controls: preventive, detective, and corrective

Segregation of duties, authorization, and approval processes

Controls for safeguarding assets, information, and resources

Module 5: Risk Mitigation Strategies and Control Activities

Developing risk treatment plans

Embedding risk responses in processes and operations

Case studies of successful risk mitigation

Module 6: Monitoring, Evaluation, and Auditing of Controls

Control monitoring techniques and key risk indicators (KRIs)

Internal audit role in strengthening controls

Using audits and reviews for continuous improvement

Module 7: Fraud Risk Management and Ethics

Identifying fraud risks and red flags

Anti-fraud controls and whistleblowing mechanisms

Building a culture of integrity and ethical practices

Module 8: Enterprise Risk Management (ERM) Integration

Linking risk management with organizational strategy

Developing a risk-aware culture

Reporting risk to management and the board

Module 9: Emerging Trends in Internal Control and Risk Management

Digital transformation and IT risk management

Cybersecurity and data protection risks

ESG (Environmental, Social, Governance) and sustainability risk