One question that every organization has to answer is “What can go wrong”. Risks can come from employee errors, fraud, natural disasters, or other sources. How does an organization identify risk and determine their risk appetite? Not all risks can be eliminated so how do we mitigate the negative effects of those risks. How do we manage risks to reduce the consequences the company may face from those risks?
Publication Date: February 2019
Designed For
CPAs, internal auditors, CIAs, external auditors, managers, CFOs and others responsible for risk management or internal controls.
Topics Covered
- How does an organization identify risk and determine their risk appetite?
- How do we manage risks to reduce the consequences the company may face from those risks?
- COSO Enterprise Risk Management
- Benefits of an Effective Risk Management Plan
- ERM Framework
- Examples of Risks
- Mitigating Risks
- Definition of Internal Controls
- COSO Framework for Internal Control
Learning Objectives
- Identify basic strategies for risk management
- Recognize what an organization that wants to apply the COSO enterprise risk management (ERM) framework must do
- Recognize and apply benefits of an effective risk management plan
- Describe which part of the ERM framework establishes an organization's "tone at the top"
- Identify risk appetite using the COSO ERM framework
- Recognize and provide examples of types of risk
- Describe the five components of the COSO internal control framework
- Identity types of internal controls addressing the safeguarding of company assets
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Accounting (2 hours)
Program Prerequisites
None
Advance Preparation
None
Instructor
Robert K Minniti
DBA, CPA, CFE, Cr.FA, CVA, MAFF, CFF, CGMA, PI
Dr. Minniti is the President and Owner of Minniti CPA, LLC. Dr. Minniti is a Certified Public Accountant, Certified Forensic Accountant, Certified Fraud Examiner, Certified Valuation Analyst, Certified in Financial Forensics, Master Analyst in Financial Forensics, Chartered Global Management Accountant, and is a licensed private investigator in the state of Arizona.
Dr. Minniti received his doctoral degree in business administration from Walden University, received his MBA degree and Graduate Certificate in Accounting from DeVry University’s Keller Graduate School of Management, and received his Bachelor of Science in Business Administration degree from the University of Phoenix. Dr. Minniti taught graduate and undergraduate courses in forensic accounting at DeVry University, Grand Canyon University, Kaplan University, Northwestern University, and the University of Phoenix. He designed graduate and undergraduate courses for Grand Canyon University, Northwestern University, and Anthem College.
He is a writer and public speaker. He has experience in forensic accounting, fraud examinations, financial audits, internal audits, compliance audits, real estate valuations, business valuations, internal control development, business continuation planning, risk management, cyber security, privacy laws, data security, Sarbanes-Oxley compliance work and business consulting. In addition to his practice Dr. Minniti is an instructor teaching continuing professional education classes for a variety of providers and CPA Societies.
Dr. Minniti is currently serving as a board member on the National Association of Certified Valuators and Analysts' (NACVA) Litigation Forensics Board (LFB) and as a committee member on the Arizona State Board of Accountancy's Law Review Advisory Committee.