ComplianceOnline

3-hr Virtual Seminar: IPPF Internal Audit Standard 2120: Assessing the Effectiveness of Risk Management Processes

Instructor: Tim J. Leech 
Product ID: 702709
  • Duration: 3 hrs

Training CD

$299.00
One CD is for usage in one location only.
(For multiple locations contact Customer Care)
CD and Ref. material will be shipped within 15 business days

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This training on assessing risk management processes will explain the IPPF Internal Audit Standard 2120 in detail, highlight recent updates to the standard, discuss how to comply with it and use it to assess the effectiveness of risk management processes at your organization.

Why Should You Attend:

In 2000 the IIA introduced a radical new professional practice standard that stated internal audit “should evaluate the effectiveness and contribute to the improvement of risk management processes”. Following the global financial crisis, and after analyzing the global state of compliance with this standard, the IIA decided that the word “should” needed to be replaced with “must”.

This webinar will help Internal Auditors that want to help their board of directors meet their responsibility to oversee the effectiveness of risk management processes and internal auditors that want to comply with the IIA IPPF. The session will also help ERM Specialists/Operational Risk Groups for Internal audit evaluate the effectiveness of risk management frameworks developed by ERM specialists and operational risk functions. Knowing the evaluation criteria internal auditors will use to complete these assessments is useful to planning how to best implement enterprise level risk management processes.

At the end of this webinar, the speaker will handle your specific questions related to the topic.

Learning Objectives:

  • Learn why IIA IPPF Standard 2120 was enacted.
  • Learn why the majority of IA functions haven’t complied with it to date.
  • Learn what the IIA practice advisory recommends to comply with it.
  • Learn how to effectively complete a Standard 2120 assessment using a method designed specifically to help boards meet NACD board risk oversight expectations.
  • Internal Auditors
  • Financial officers

Areas Covered in this Seminar:

  • Overview of the board risk oversight expectations for public companies and the public sector and new related U.S. and Canadian public company disclosure requirements.
  • The evolution of IIA IPPF professional practice standard 2120 – why was it enacted and why was it changed from a “should do” to a “must do”.
  • Why the majority of internal audit functions around the world have not yet complied with a standard originally introduced 12 years ago.
  • What the December 2010 IIA Practice Advisory and other related guidance suggests internal audit functions should do to comply with section 2120.
  • Strengths and weaknesses of the IIA guidance on section 2120 audits.
  • Practical, step-by-step guidance on how to tackle this new professional practice standard and, more importantly, position internal audit departments, companies, and boards to fully meet these new risk management and risk oversight expectations.

Who Will Benefit:

  • Internal audit chief audit executives
  • Internal audit directors/managers
  • Internal auditors

Instructor Profile:

Tim J. Leech, FCPA, FCA, CIA, CRMA, CFE, CCSA is Managing Director Risk Oversight Inc. (“RO”) RO focuses on helping companies more effectively manage risk and assurance to meet escalating due diligence expectations and add real value. He has over 25 years of experience in the ERM, internal audit and forensic accounting fields, including expert witness testimony in civil and criminal proceedings and global experience helping public and private sector organizations with internal audit transformation initiatives and the design, implementation and maintenance of integrated GRC/ERM frameworks. He developed the world’s first training seminar for internal auditors focused on assessing and reporting on management risk management processes and has delivered Standard 2120 training to hundreds of internal auditors to date. He is the author of the December 2012 Conference Board Director Notes publication “Board Oversight of Management’s Risk Appetite and Tolerance” and the globally acknowledged white paper “The High Cost of ERM Herd Mentality”. A sample of clients he has provided services to include Mobil Oil, RBC, CIBC, Telstra, Boots Plc, Comptroller General Of Argentina, Telstra, British Airport Authority, SVG Capital, BellSouth, Farm Credit Canada, Treasury Board Secretariat, Institute of Management Accountants, Manulife, MBNA, National Bank, Potash Corporation, Independent Order of Foresters, Environment Canada, Ontario Provincial government, OPP, Rabobank, ABN Amro, Nordea, Scandia, Fortis, Transport Canada, Northern & Indian Affairs, Parks Canada, Shell, City of Detroit, Australian Taxation Authority, Tucson Electric, and many others.

In September 2009 Tim was awarded the first Canadian Outstanding Contributor to the Profession of Internal Auditing award in recognition of over 25 years of global service. In 1997 Leech was awarded the designation Fellow of the Institute of Chartered Accountants (FCPA/FCA) in recognition of his public service and contributions in the fields of risk and control management. Leech has provided training for tens of thousands of public and private sector professional accountants, auditors and risk management specialists in Canada, the U.S., the EU, Australia, South America, Africa and the Middle and Far East. He has received worldwide recognition as a pioneer, thought leader and trainer.

Topic Background:

In 2000 the IIA introduced a radical new professional practice standard that stated internal audit “should evaluate the effectiveness and contribute to the improvement of risk management processes”. Following the global financial crisis, and after analyzing the global state of compliance with this standard, the IIA decided that the word “should” needed to be replaced with “must”. IPPF Standard 2120 became in to force in 2011. Recent IIA surveys indicate a large percentage of internal audit functions have still not completed and reported their opinions on their company’s risk management processes more than 12 years after the first “should do” standard came in to force. IIA CEO Richard Chambers has been actively campaigning to escalate the critical importance of this standard through webinars, papers, articles and, most recently a blog posting titled “Assurance on Risk Management Effectiveness: What are we waiting for? (http://www.theiia.org/blogs/chambers/index.cfm/post/Assurance%20on%20Risk%20Management%20Effectiveness:%20What%20Are%20We%20Waiting%20For?) IIA quality assurance reviews (“QARs) now specifically focus on this dimension. Boards are being told by regulators globally that they are responsible for overseeing the effectiveness of the risk management processes in the companies they oversee. Internal auditors can play a key role helping their organization and board of directors meet these new expectations.

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