Annual Risk Assessment (ARA): Focus on Enterprise Risk Management (ERM) and Fraud Risk Assessment (FRA)

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.

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.