How to Audit the ERM function

Why Should You Attend:

Board of Directors and the C-level executives are responsible for setting the parameters of an Enterprise Risk Management (ERM) program. Audits can play critical roles in ensuring that C-level needs are met and that the information fed to them is accurate.

• ERM is a critical function to an organization to emphasize a top down approach and to identify process improvement from an organization wide perspective.
• ERM when working effectively is the driving force behind decisions made by the Board of Directors, to ensure they are making wise decisions, ERM compliance needs to be enforced.
• ERM is a process and exposes the organization to risk – to hedge that risk and understand that risk they need to be governed; an audit is an excellent governance tool.
• ERM is an evolving function and proper auditing and reporting should be done to measure effectiveness and maturity.
• Auditing can provide valuable insight to the ERM team.

This webinar will focus on the importance of internal audit in Enterprise Risk Management program. Attendees will learn how to audit the ERM function.

Areas Covered in the Webinar:

• How to measure the effectiveness of your Enterprise Risk Management team
• Audit’s role form a hands off approach
• Meeting Audit committees needs
• Auditing while maintaining independence
• Providing assurance on risk management

Who Will Benefit:

• Chief Audit Executives
• Auditors
• Compliance Officers
• Risk Managers
• Enterprise Risk Management Officers

Instructor Profile:

Denise Cicchella, CIA, CFE, CCA is executive director at Auspicium. Ms. Cicchella has lectured and taught on the topic of construction audit in the past. She has also lead and participated in construction audits of major private and infrastructure projects resulting in large recoveries for her clients. She is also the author of the IIA Handbook: Construction Audit: Overview, Monitoring and Auditing and Auditing for Corporate. She is the founding president of the New York/New Jersey Chapter of the National Association of Construction Auditors.

Topic Background:

In 2004, the Committee of Sponsoring Organizations of the Treadway Commission (COSO) issued a principle-based guidance on designing and implementing an effective enterprise-wide approach to risk management. This guidance defines essential components – such as risk appetite, risk tolerance and portfolio view, provides guidance using common principles, and provides counseling and strategy for an effective program. ERM has been implemented and is being used by companies around the world. Internal auditors can be effective in playing an active role in ERM while maintaining their independence, complying with professional standards, and enhancing their role as consultants. Once established though an ERM framework cannot be left to grow without monitoring and accountability. Subjecting the ERM function to an audit helps ensure that the framework is working effectively and efficiently.

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