ComplianceOnline

Course Description:

Annual Risk Assessment (ARA) consists of an objective evaluation of risk in which assumptions and uncertainties are clearly considered and presented. The ARA process is a continuous cycle of assessments, enterprise risk management (ERM), fraud risk assessment (FRA), management input, and facilitated workshops. The primary difficulty in risk management is that measurement of both potential loss and probability of occurrence can be difficult to measure.

This highly interactive two day seminar on Annual Risk Assessment will:

  • Cover a methodology to develop an effective ARA process.
  • Explore in detail the key elements in an effective ARA program which includes:
    • Selecting a risk framework;
    • Identifying the audit universe;
    • Identifying the risk criteria;
    • Assigning weights to each risk criteria;
    • Classifying audits into risk categories;
    • Determining available audit hours;
    • Developing an annual audit plan.
  • Examine the different types of assessments.
  • Explore how to incorporate ERM and FRA results effectively into your annual risk assessment.
  • Explain who in management should be included in the process and how to effectively use facilitated workshops to bring the ARA process to a successful conclusion.

This seminar will have a fun case study to perform the key steps in the ARA process. It will also have interactive exercises and lots of interaction so that all your questions concerning ARA will be answered.



Learning Objectives:

Upon completing this course on risk assessment participants will learn:

  • Key elements of an effective ARA.
  • How ARA and ERM interrelate.
  • How fraud risk and ARA work together.
  • Risk criteria to be included in their ARA.
  • How to place weights on the risk criteria and different methodologies for weighting risks such as likelihood and impact.
  • Role of internal audit in the ARA process.


Who Will Benefit:

  • Internal and External Auditors
  • Regulatory and Compliance Personnel
  • Fraud Managers
  • Company Executives
  • Finance and Accounting Management
  • Risk Managers
  • Internal Control Professionals




Course Outline:

Day One (8:30 AM – 4:30 PM) Day Two (8:30 AM – 4:30 PM)

Registration Process: 8:30 AM – 9:00 AM

Session Start Time: 9:00 AM

9:00 AM – 12:00 PM (Including 15 minute break)

  • Overview of Annual Risk Assessment (ARA) –
    • How to solve measurement of potential loss and probability of loss- a practical approach to solving this difficulty.
  • Review of the types of risks and common definitions –
    • It will review residual risk, inherent risk, and risk appetite
    • How to develop strategies to implement these approaches in your ARA process.
  • Effectiveness of the risk management processes in your organization –
    • It will review how the organization’s objectives support and align with the organization’s mission.
  • Determining your organization’s risk appetite –
    • Each organization pursues objectives to add value, and they should understand the risk they are willing to take to achieve their objectives.
  • Key elements in an effective ARA Program –
    • It will review risk frameworks
    • Determine the audit universe
    • How to develop the annual audit plan.
  • Introduction of the case study –Case study to begin applying the principles that we have been discussing.

Lunch 12:00 PM to 1:00 PM

1:00 PM to 4:30 PM (Including 15 minute break)

  • How to integrate a number of different risk assessments such as information technology risk assessment into the ARA process.
  • Evaluate risk exposures such as compliance with laws, regulation and contracts.
  • Identify the audit universe and how the use of a risk based approach is effective.
  • Case study to apply the principles.

8:30 AM to 12:00 PM (Including 15 minute break)

  • Risk criteria reflect your organization’s values and policies and it will examine a number of examples such as external factors and regulatory changes.
  • Review a methodology to weight the risks and quantify the results.
  • Classify the audits into risk categories.
  • Case study to apply the principles.

Lunch 12:00 PM to 1:00 PM

1:00 PM to 4:30 PM (Including 15 minute break)

  • Determine available audit hours in our case study.
  • Review an effective methodology to select the audit to perform, finalize the annual audit plan, and obtain approval of the annual plan from Executive Management and the Audit Committee.
  • How ERM and ARA interrelate, and discuss the roles of Internal Audit and the Audit Committee.
  • It will discuss FRA supports the ARA process.
  • Role of internal audit in the ARA process.
  • Finalize our case study.




Meet Your Instructor

Robert Brewer,
Internal Audit and Compliance Consultant

Robert Brewer served as Senior Vice President and Chief Compliance Officer for Office Depot since 2005. In this role, Bob had overall responsibility for compliance activities on a global basis for a retailer who provided supplies and services to its customers through 2,200 worldwide retail stores, have annual sales reaching $17 billion, employing 66,000 associates around the world. Office Depot provides more office supplies and services to more customers in more countries than any other company, and currently sells to customers directly or through affiliates in 59 countries. Among other functions, global internal audit, loss prevention, risk management functions and social compliance reported to Bob. He had direct reporting relationship with the Audit Committee of the Board with respect to audit and risk assessment matters. He also served as the Chair of the Board of Directors for the Office Depot Foundation providing resources and product valued at over $12 million annually. He previously served as Vice President of Global Corporate Audit Services for six years.

Prior to joining Office Depot, Bob was Director of Audit for W.R. Grace & Co., Boca Raton, FL; Director of Audits/Security for Praxair Inc., Danbury, CT; Manager of Audit Regions for Union Carbide Corporation, Danbury, CT; and Manager of Internal Audits for the West Virginia Department of Highways, Charleston, WV. He holds a MBA from the University of New Haven, CT; a CPA from the State of West Virginia; and a BS from the West Virginia Institute of Technology, Montgomery, WV.

Bob is a member of the American Institute of CPA’s (Past Chairman of the Business & Industry Executive Committee, and served on the Nominations and Board of Examiners Committees); the West Virginia Society of CPA’s; and the Institute of Internal Auditors (Board of Governors and former Vice President of Student Relations). He is a frequent speaker at professional conferences, focusing his remarks on best practices in the field of internal audit and risk assessment.

In his free time, Bob enjoys playing golf, traveling, reading and spending time with his family. Additionally, he is active in his church and local community projects.





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Local Attractions

One of the more breathtaking scenes on the lake is this tall ship approaching the docks at Navy Pier. The 148-foot four-masted schooner (and its new sister ship, the Windy II ) sets sail for 90-minute cruises two to five times a day, both day and evening. (Because the boats are sometimes booked by groups, the schedule changes each week; call first to confirm sailing times). The boats are at the whims of the wind, so every cruise charts a different course. Passengers are welcome to help raise and trim the sails and occasionally take turns at the ship's helm (with the captain standing close by). The boats are not accessible for people with disabilities.




The building may be historic (it was the first planetarium in the Western Hemisphere), but some of the attractions here will captivate the most jaded video-game addict.

Your first stop should be the modern Sky Pavilion, where the don't-miss experience is the StarRider Theater. Settle down under the massive dome, and you'll take a half-hour interactive virtual-reality trip through the Milky Way and into deep space, featuring a computer-generated 3-D-graphics projection system and controls in the armrest of each seat. Six high-resolution video projectors form a seamless image above your head -- you'll feel as if you're literally floating in space. If you're looking for more entertainment, the Sky Theater shows movies with an astronomical bent; recent shows have included Secrets of Saturn and Mars Now!




With its gleaming-white, palatial, six-story grandstand and lush gardens, this racecourse is one of the most beautiful showcases for thoroughbred horse racing in the world. Its storied history stretches back to 1927, and such equine stars as Citation, Secretariat, and Cigar have graced the track. The annual Arlington Million (the sport's first million-dollar race, held in mid-Aug) attracts top jockeys, trainers, and horses and is part of the World Series Racing Championship, which includes the Breeders Cup races. Arlington's race days are thrilling to behold, with all of racing's time-honored pageantry on display -- from the bugler in traditional dress to the parade of jockeys.




You can't -- and shouldn't -- miss the Art Institute. (You really have no excuse, since it's conveniently located right on Michigan Ave. in the heart of downtown.) No matter what medium or century interests you, the Art Institute has something in its collection to fit the bill. Japanese ukiyo-e prints, ancient Egyptian bronzes, Greek vases, 19th-century British photography, masterpieces by most of the greatest names in 20th-century sculpture, and modern American textiles are just some of the works on display, but for a general overview of the museum's collection, take the free "Highlights of the Art Institute" tour Saturday and Sunday.




A truly grand theater with historic-landmark status, the Auditorium gives visitors a taste of late-19th-century Chicago opulence. Because it's still a working theater -- not a museum -- it's not always open to the public during the day; to make sure you'll get in, schedule a guided tour, which are offered on Mondays at 10am and noon.

Designed and built in 1889 by Louis Sullivan and Dankmar Adler, the 4,000-seat Auditorium was a wonder of the world: the heaviest (110,000 tons) and most massive modern edifice on earth, the most fireproof building ever constructed, and the tallest building in Chicago. It was also the first large-scale building to be lit by electricity, and its theater was the first in the country to install air-conditioning. Originally the home of the Chicago Opera Company, Sullivan and Adler's masterpiece is defined by powerful arches lit by thousands of bulbs and features Sullivan's trademark ornamentation -- in this case, elaborate golden stenciling and gold plaster medallions. It's equally renowned for otherworldly acoustics and unobstructed sightlines.





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