Risk, assurance and fraud
Board risk appetite, assurance frameworks and counter fraud.
Two and a half hours on risk, assurance and fraud: identifying and assessing risk, appetite and tolerance at board level, assurance mapping and frameworks, and fraud and corruption.
- Level
- Focus
- Learning time
- 2 hours 30 minutes
- Where
- Boards and governance
- Price
- £69
When you step up to a higher level, what you paid in the last 12 months for lower-level courses inside the bigger course comes off its price, in proportion to how much of each is inside it, whichever topic it's from. Courses at the same or a lower level don't give credit against each other. A Focus course or above always costs at least £15. Read the full terms
Certificate of Completion, or Certificate of Completion and Assessment with a short assessment
Overview and Outcomes.
Who It's For
Board members, trustees, audit and risk committee members and senior officers working in public or voluntary sector organisations
Overview
Boards need not be experts in every control, but must know which risks they carry. This Focus, taken from the Immerse Governing the money, begins with the ISO 31000 process, Failure Mode and Effects Analysis and the risk assessment matrix, with the Airbus A380 as a case. It turns to appetite, tolerance and capacity, and what makes an appetite statement specific enough to change a decision, drawing on Wells Fargo. Assurance mapping follows, with a six step map and board assurance frameworks, using the fictional Tir Glas Housing. It finishes on Cressey's fraud triangle, the failure to prevent fraud offence and the Covid Counter-Fraud Commissioner's findings.
Aims
Its central aim is to help boards name, map and then manage their risks: testing a risk register with confidence, setting an appetite that guides real choices, seeing gaps in assurance before others do and understanding the conditions in which fraud takes hold.
In summary, you will be able to:
- Assess a risk register with confidence, using the ISO 31000 process, Failure Mode and Effects Analysis and the risk assessment matrix.
- Write a risk appetite statement specific enough to change a decision, learning from the Wells Fargo case.
- Use a six step assurance map and the fraud triangle to see gaps in assurance and fraud risk before others do.
What you'll develop
Through this Focus course, you will build the ability to:
- Use Failure Mode and Effects Analysis and the Structured What If Technique to identify risks precisely, asking how a process could fail rather than whether it will.
- Distinguish risk appetite, risk tolerance and risk capacity and explain why a board needs all three.
- Plan and build an assurance map in six steps, rating each source of assurance by its strength, recency and independence.
- Explain the fraud triangle of pressure, opportunity and rationalisation, and use it to reduce the conditions in which fraud occurs.
- Assess risks on a likelihood and impact matrix and use it as a conversation starter rather than a verdict.
- Assess whether a risk appetite statement is quantified, qualitative where needed, linked to strategy and set by category.
- Describe the four elements of a board assurance framework and distinguish a compliance exercise from an early warning system.
- Describe the failure to prevent fraud offence and the six principles of reasonable prevention procedures that form its defence.
Built from 2 parts.
2 hours 30 minutes of learning.
- 01How much risk is enough?Risk assessment and board risk appetiteBitesize · Strategic Risk2 modules
- 02Seeing the whole pictureBoard assurance frameworks and counter fraudBitesize · Audit and Assurance2 modules