Risky Business: Identifying and Managing Risk

One question that every organization has to answer is “What can go wrong”. Risks can come from employee errors, fraud, natural disasters, or other sources. How does an organization identify risk and determine their risk appetite? Not all risks can be eliminated so how do we mitigate the negative effects of those risks. How do we manage risks to reduce the consequences the company may face from those risks?

The Institute of Internal Auditors (IIA) has done a tremendous job raising the profile of the internal auditing profession. Internal auditors strive to abide by the standards and guidelines promulgated by the profession within the International Professional Practice Framework (IPPF). But have you ever asked management within your company if they knew such standards existed? Do they truly understand the concepts of risk-based auditing, independence, and obligations to the board or charter requirements? It is surprising how so many of these basic concepts are taken for granted by auditors and that we assume management is aware.

This course is designed to assist accountants and auditors who are working with small businesses. The course contains a presumption that there will be a lack of segregation of duties in the internal controls of small businesses. We will review compensating and mitigating controls for the lack of segregation of duties and will discuss developing cost effective internal controls for organizations with limited budgets. We will also discuss working directly with small business owners and bookkeepers and some of their resistance to formalized internal controls.

This course is designed for individuals who would like to obtain a basic understanding of data breaches and how their company could be affected. We will discuss various types of data breaches and how the criminals steal data from organizations. We will review some of the legal and ethical implications involved. Examples of real world cases will be provided to help develop and understanding of the risks involved. We will review policies, procedures, hardware, software, and internal controls that can be used to help prevent an organization from being a victim.

In today’s business world, all personnel must understand the concept of internal control, how they should be utilized in their individual day-to-day jobs and the benefits.