Conducting a risk audit
Context and rationale
Identifying and assessing risks has become a priority for companies. Today it is essential to prevent the high vulnerabilities and hazards inherent in their activity in order to guarantee their financial and legal security. By enabling senior management to make the best strategic choices, risk mapping is an essential tool for the Risk Manager.
This course aims to give a good understanding of the risk audit process through both an internal and an external approach, and to draw up the risk map.
Training objectives
- Giving a good understanding of the risk audit process through both an internal and an external approach.
- Having all the methodological reference points needed to produce a risk map.
- Facilitating the implementation of risk management.
- Setting up a suitable risk map.
- Assessing existing and potential risks.
Training content
Definition and challenges of risk management
- Identifying the company's risks.
- Defining risk management and risk audit.
- Understanding the task of the risk audit.
- Defining how it complements the company's other functions.
The fundamental elements of risk mapping
- Identifying who requests a risk map.
- Placing risk mapping within the risk management process.
- Defining the concepts of risk and mapping.
Risk identification methods
- The interview method.
- The method of assessing the risk control system.
- The generic risks method.
- The existing maps method.
- The internal or external audit reports method.
The risk mapping process
- Document collection.
- Identifying the risk universe.
- Identifying risks.
- Assessing the probability of occurrence.
- Assessing the impact.
- Assessing criticality.
- Drawing up the action plan.
- Validating the map.
- Updating the map.
Producing the risk map: implementation on several cycles
- Purchasing and general services
- Internal control objectives
- Description of the process
- Risks associated with the cycle
- Action plans
- Treasury
- Internal control objectives
- Description of the process
- Risks associated with the cycle
- Action plans
- Fixed assets
- Internal control objectives
- Description of the process
- Risks associated with the cycle
- Action plans
- Accounting
- Internal control objectives
- Description of the process
- Risks associated with the cycle
- Action plans
- Customer sales
- Internal control objectives
- Description of the process
- Risks associated with the cycle
- Action plans
Controlling risks
- Deciding how to treat a risk.
- Treating the risk: choosing the actions to take and carrying them out.
- Reporting on residual risk.
Making the most of the risk audit results
- Structuring information to support decision-making.
- Presenting the conclusions and recommendations of the audit assignment.
- Case study: analysing risk audit conclusions, recommendations and mapping.
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