Course Information
Revisiting Risk Assessments after COVID-19
Course Description
Change equals risk. With change comes an increase in risk. The increased risk can be temporary while we work through the change, or it can be permanent. It is our job to determine which. We are in unprecedented times and experiencing a time of significant change for all organizations. The work that we have done, the risk assessments, the forecasts, the audits, all need to be revisited and spot checked to take into consideration what has changed and how it has impacted our assessment of risk and exposures for our organization. This course will examine how auditors and fraud examiners should revisit risk assessments, recent audits and identify, evaluate and prioritize emerging risks as a result of COVID.
Fraud risk is increasing significantly with the changes, adaptions, and work-arounds organizations have had to leverage to keep operating during COVID. This course will examine how to assess the increased fraud risk and what can be done to prevent, detect and deter fraud during these new circumstances.
Course Objectives
Upon completion of this course, participants will be able to:
How to revisit a risk assessment
Where to start with a risk assessment revisit
Why you should evaluate everything first from a top down approach
Quick spot check methods to achieve quick, yet measurable results
How and why now is the time auditors can add real value to their organizations
Detailed Course Outline:
COVID and Impact to Business
• Business changes
• Lost revenue
• Pandemic timeline and impact of timeline
Identifying, Understanding, Evaluating and Prioritizing New Risks
Focus on the organization’s business objectives
• Changes, adaptation, work-arounds temporary and permanent
• Revenue, people, future and adaptation
Revisiting Risk Assessments
• Why risk assessment revisits need to occur
• How to revisit and what to focus on
• Identifying, understanding and evaluating change to existing risks
• Re-evaluating significance and likelihood
Spot Checking Recent Work
• Determining what to check
• How to “spot” check without a full audit
• Staying targeted and focused
Business Continuity Assessments
• Crisis planning
• Employee health and safety
• Communication
• Security and social engineering
• Technology
• Supply chain
• Reputation
• Legal issues and new regulations
• Survival strategies and accepting risks
Risk Management Assessment
• Reassessing existing risk management process and policies
• Reassessing risk management teams, skills and focus
• Assessing service providers, third-party, and travel
Specific Risks
• Accounting
• Telecommuting
• People and Human Resources
• Processes – changes, modifications, workarounds
• Supply Chain
• Information Technology and Cybersecurity
Fraud Risk
• Identifying new fraud risks
• Personal and organizational risks
• Protecting and educating employees on fraud risks
Leveraging Data Analytics
• Ad hoc assessments and analysis
• Continuous auditing and monitoring
• Fraud detection and deterrence
Prerequisites
Professional auditors with at least two years experience.
Instructors
Bret Kobel is Managing Partner for Verracy Training & Consulting and has more than 20 years of professional finance, accounting, audit, risk and compliance experience. Mr. Kobel specializes in internal controls, process improvement, process transformation & implementation with organizations operating under GAAP and/or IFRS Standards. He brings a diverse background to the organization from venture-backed startups to global Fortune 500 companies.
Prior to joining Empower, Mr. Kobel spent two years on assignment in Singapore as the Regional CFO and Controller for an international logistics company responsible for seven countries in the Asia Pacific region. Mr. Kobel was tasked with transforming the financial organization and redesigning the financial processes to ensure timely and accurate financial reporting.
Prior to that, Mr. Kobel spent several years with a large international drilling services company operating in over 40 countries on six continents. He was responsible for developing the company’s initial policies and procedures and implementing the baseline internal controls framework for the company as well as the initial Enterprise Risk Management (ERM) program. Mr. Kobel later led global Internal Audit teams performing the first ever internal audits in the company’s 120-year history.
Earlier in Mr. Kobel’s career, he was part of a team that interpreted the newly released 1992 COSO Internal Control – Integrated Framework that worked to define a set of policies and procedures for one of the largest university systems in the nation and later led teams conducting the initial internal audits for the newly-implemented procedures.
Mr. Kobel received his BS degree from Indiana University and his MBA from The University of Texas at Austin. He is a member of the Institute of Internal Auditors (IIA) and the Association of Certified Fraud Examiners (ACFE) and is currently an instructor and conference speaker for the IIA and ISACA.
Additional Information
TAC Rule 523.142(g) requires the CPE Sponsor to monitor individual attendance and assign the correct number of CPE credits. Participants will be asked to document their time of arrival and departure in compliance with this Rule. Additionally, attendance will be monitored throughout the day and CPE certificates will reflect actual attendance of each participant. To see answers to our Frequently Asked Questions, visit http://www.sao.texas.gov/training/faq.html. |