Governance, Risk And Compliance (GRC)

Category: Governance, Risk And Compliance (GRC)

Course Description

Corporate governance and risk management are critical topics that have recently started attracting more attention in business schools and among legislatures, with this trend only increasing. While there are different models for corporate governance and risk management, all of them aim at organizing the relation between company and stakeholders and controlling risks effectively.  What is more important is the fact that ‘Governance, Risk Management, Compliance and Effective Internal Controls’ are all part of one system. Unfortunately, not all companies have this avant-garde look towards this system. This course includes discussions about board structure, committees and their functions while covering the detailed process of managing risks as per the Committee of Sponsoring Organizations of the Treadway Commission (COSO) requirements. In addition, the course includes a discussion on internal controls that are used to respond to the risks in different areas of the corporation. Compliance is also covered per latest developments.

Course Methodolgy

The course is built on presentations by the instructor and the participants and includes exercises and case studies to be discussed in the training.

Benefits Of Attending

By the end of the course, participants will be able to:

  • Define corporate governance and its relation to risk management and internal controls
  • Discuss the roles and responsibilities of the various stakeholders in a private or public organization
  • List the functions of corporate governance and differentiate between the various models
  • Identify the areas of risk management and its internal and external environment changes
  • Identify the proper controls to be implemented in various business cycles

Target Audience

Managers, senior managers, directors, executives, financial controllers, senior accounting and finance personnel, and auditors.

Target Competencies

  • Understanding the structure of the board of directors
  • Analyzing board committees
  • Improving risk monitoring and control
  • Assessing and analyzing risks
  • Controlling risks
  • Reporting risks
  • Advising on the GRC system

Course Outline

  • Definition of corporate governance
  • The scope of corporate governance
  • Essential corporate governance principles
  • Code of conduct
  • The board of directors
  • The audit committee
  • Other committees
  • Stakeholders
  • Shareholders rights
  • Directors’ duties and rights
  • Internal auditors and external auditors
  • Risk based decision making
  • CG failure effects
  • The efficient board
  • Independence of the board
  • Selection, remuneration and evaluation of the board
  • Analyzing current company’s CG system
  • Disclosure and transparency
  • Definition of compliance
  • Importance of compliance
  • Practical examples of compliance
  • Risks of compliance
  • Strategic
  • Operations
  • Reporting
  • Financial
  • Health and safety
  • Internal environment
  • Objectives setting
  • Event identification
  • Risk assessment
  • Risk response
  • Control activities
  • Information and communication
  • Risk monitoring
  • Controls in purchase and payment cycle
  • Controls in inventory and costing cycle
  • Controls in HR and payroll cycle
  • Controls in sales and collection cycle
  • Controls in fixed assets life cycle