COSO Enterprise Risk Management Certificate Program

This project was commissioned by the Committee of Sponsoring Organizations of the Treadway Commission (COSO), which is dedicated to providing thought leadership through the development of comprehensive frameworks and guidance on internal control, enterprise risk management, and fraud deterrence designed to improve organi-zational performance and oversight and to reduce the extent of fraud in organizations. COSO is a private sector initiative, jointly sponsored and funded by:

• American Accounting Association

• American Institute of Certified Public Accountants

• Financial Executives International

• Institute of Management Accountants

• The Institute of Internal Auditors

The complexity of enterprise risk has changed, new risks have emerged, and managing it has become everyone’s responsibility.

The only COSO-authorized certificate program on the 2017 COSO ERM framework, this new certificate program offers you the unique opportunity to learn the concepts and principles of the updated ERM framework and be prepared to integrate it into your organization’s strategy-setting process to drive business performance. Plus, you’ll earn up to 13.5 hours of CPE.

Seven self-paced modules provide you with the knowledge necessary to understand and apply COSO’s Enterprise Risk Management – Integrating with Strategy and Performance. The ERM Framework assists management and boards of directors with their respective duties for managing risk. It does so by explaining five easy-to-understand components that accommodate different viewpoints and operating structures, and enhance strategies and decision-making. The certificate program includes:

Online Modules:

  • An Overview of Enterprise Risk Management – Integrating with Strategy and Performance
  • The Governance and Culture Component
  • The Strategy and Objective-Setting Component
  • The Performance Component
  • The Review and Revision Component
  • The Information, Communication, and Reporting Component
  • Case Application – ERM Improvement Observations

Course Description:

This certificate will focus on robotic process automation benefits and how the use of software robots can or clients to become more competitive and agile. You will gain an understanding of finance functions. the risks, opportunities. and organizational impact of automation while learning the decision criteria and key considerations needed to build a business case and run a successful proof-of. Concept. You will also understand the steps and governance needed to implement or advise clients on how to implement successfully.

ENTERPRISE RISK MANAGEMENT

The Framework itself is a set of principles organized into five interrelated components:

1. Governance and Culture: Governance sets the organization’s tone, reinforcing the importance of, and establishing oversight responsibilities for, enterprise risk management. Culture pertains to ethical values, desired behaviors, and understanding of risk in the entity.

2. Strategy and Objective-Setting: Enterprise risk management, strategy, and objective-setting work together in the strategic-planning process. A risk appetite isestablished and aligned with strategy; business objectives put strategy into practicewhile serving as a basis for identifying, assessing, and responding to risk.

3. Performance: Risks that may impact the achievement of strategy and business objectives need to be identified and assessed. Risks are prioritized by severity in the context of risk appetite. The organization then selects risk responses and takes a portfolio view of the amount of risk it has assumed. The results of this process are reported to key risk stakeholders.

4. Review and Revision: By reviewing entity performance, an organization can consider how well the enterprise risk management components are functioning over time and in light of substantial changes, and what revisions are needed.

5. Information, Communication, and Reporting: Enterprise risk management requires a continual process of obtaining and sharing necessary information, from both internal and external sources, which flows up, down, and across the organization.

The five components in the updated Framework are supported by a set of principles.4 These principles cover everything from governance to monitoring. They’re manageable in size, and they describe practices that can be applied in different ways for different organizations regardless of size, type, or sector. Adhering to these principles can provide management and the board with a reasonable expectation that the organization understands and strives to manage the risks associated with its strategy and business objectives.

Learning Objectives:

  1. Recognize what RPA is and its business value, with specific focus on accounting and enable your business
  2. Identify the opportunities and use cases for automation.
  3. Recognize the decision criteria needed to build a business case
  4. Recognize key risks and challenges that need to be addressed before implementing RPA
  5. Recognize the governance and controls considerations for addressing automation risks.
  6. Recognize the key components to implementing RPA
  7. Recognize the accounting, finance, and operational process implications of RPA.
  8. Recognize audit implications associated with RPA.
  9. Recognize future trends of automation.