Program Overview
Inherent Risk (IR) and Residual Risk (RR) are two indispensable tools that auditors and risk managers need to use frequently in their everyday activities. Failure to do so will result in inflated costs, due to unsuitable insurance coverage; inefficient and inadequate controls, that do not protect the organisation well; and poor professional judgement and performance.
This session is created to offer a simple and easy to understand way for auditors, risk managers and other professionals to start using IR and RR in their work. The session will provide step-by-step processes for calculating IR and RR. During the session case studies will be reviewed and discussed on how IR and RR can be used in Government and private enterprises.
The session has a strong practical focus and, as a result, participants will spend 40% of the time doing practical exercises and in scenario work.
Learning Outcomes
After attending this session, the participants will be able to:
- Understand and define Inherent Risk (IR) and Residual Risk (RR)
- Locate the input information for IR and RR in the organisation
- Apply the concepts of IR and RR in organisational Risk Management
- Explain in business-friendly manner IR and RR to managers and executives
Intended Audience
- Internal auditors and assurance professionals
- Risk and governance professionals
- Internal audit managers and supervisors
- Internal audit directors
- Risk managers
- Chief Risk Officers
- Chief Audit Executives
- External Auditors
- CFOs
