"Essentials of ERM and Assessing its Effectiveness Using ISO 31000" - This course is approved by NASBA (National Association of State Boards of Accountancy). Seminar attendees are eligible for 20 CPE credits upon completion of training.

Course Description:

If an internal audit is to assess the effectiveness of the organization's risk management program, every member of the audit team has to understand the underlying principles.

This two-day course on ERM will introduce internal auditors to the principles and practices of risk management. It is a course for all types of organizations, whether public or private, and in all sectors and industries.

This course will focus on the ISO 31000:2009 global risk management standard. It will also cover some of the principles behind the alternative COSO Enterprise Risk Management - Integrated Framework. This will enable auditors from organizations who have adopted COSO rather than ISO to assess the effectiveness of their risk management program.

This ERM course will:

  • Discuss each of the ISO 31000:2009 principles and how they may be achieved.
  • Review the essential elements of a risk management program: the framework and process.
  • Discuss the issue of risk appetite (a COSO term) and risk criteria (the ISO term): what is needed for this to be effective for an organization.
  • Discuss several tools for assessing the maturity of risk management, with increasing levels of detailed guidance.
  • Address the issue of how internal audit can contribute – whether through consulting or assurance engagements.

The course will spend quality time considering how the assessment of risk management effectiveness should be performed, both its design and operating effectiveness. Finally, attendees will review and discuss how the results of this assessment should be communicated to stakeholders.

Norman Marks, an Honorary Fellow of the Institute of Risk Management, will share his view that our perception and practice of risk management must undergo a radical shift if it is to be effective. He will share his thoughts on:

  • Why are risk management programs failing? What are they missing?
  • How can risk management contribute to organizations taking the right risks?

Learning Objectives:

Participants will gain a solid understanding of the principles behind mature and effective risk management programs, together with the concepts and approaches necessary for an assessment of whether the program meets the needs of the organization.

Who will Benefit:

The course will cover essential material for any internal audit executive and is also relevant for auditors charged with understanding and assessing their organization’s risk management program. It will also be valuable for those individuals who are building their skills so they can move into an internal audit leadership role. The following job titles/ positions will benefit from attending:

  • Chief Audit Executives
  • Internal Audit Directors and Managers
  • Internal Audit Seniors charged with auditing risk management
  • Chief Risk Officers
  • Heads of Market, Credit and Operational Risk
  • Leaders within the Risk Office
  • Board Members, especially Risk and Audit Committee Chairs and Members
  • Chief Compliance Officers
  • Bank Regulators and Examiners
  • Risk Management Consultants
  • Internal Audit Consultants

We are registered with and adhere to the Statement on Standards for Continuing Professional Education programs of the National Registry of CPE Sponsors. Our registration number is 109066. Please check with the governing body of your license and state for specific CPE requirements. Grievances may be forwarded to the company at Ph: 650 620 3961; email: Grievances may also be forwarded to the National Registry of CPE Sponsors-NASBA, 150 Fourth Avenue North, Suite 700, Nashville, TN 37219-2417, 615-880-4200,, e-mail

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

  • What is enterprise risk management? What is its purpose?
  • Are there major differences between the COSO Enterprise Risk Management - Integrated Framework and the ISO global risk management standard?
  • Understanding the ISO 31000:2009 risk management standard: the principles, framework, process, and key definitions
  • Risk appetite, risk tolerance, and risk criteria
  • What is an effective risk management program?
  • Risk maturity models
  • The role of internal audit in risk management
  • Why should internal audit provide assurance on risk management?
  • How should internal audit assess risk management?
  • Assessing the design of risk management
  • Assessing the operating effectiveness of risk management
  • When the right engagement is consulting, and when it is time to perform an assurance engagement
  • Communicating the results of the audit engagement
  • Discussion

Meet Your Instructor

Norman Marks
Evangelist for Better Run Business and Mentor in Internal Auditing, Risk Management and Corporate Governance

Norman Marks CPA, CRMA has been Chief Audit Executive of major global corporations for over 20 years, and is one of the most highly regarded thought leaders in the global profession of internal auditing. He has been profiled as an innovative and successful internal auditing leader, and is a Fellow of the Open Compliance and Ethics Group and an Honorary Fellow of the Institute of Risk Management. Norman has been a motivational keynote speaker at conferences around the world. In addition, he is a prolific blogger about internal audit, risk management, governance, and compliance.

Norman has written multiple award-winning articles for the Internal Auditor magazine and is the author of the IIA’s best-selling Management’s Guide to Sarbanes-Oxley Section 404: Maximize Value Within Your Organization.

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Local Attractions

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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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