Audit Committee Risk Briefing for Directors Training Course

Audit Committee Risk Briefing for Directors Training Course

Introduction

The modern governance landscape demands that Audit Committees evolve from mere financial oversight bodies to proactive guardians of enterprise risk management (ERM). In an era defined by rapid digital transformation, escalating cybersecurity threats, and the imperative of Environmental, Social, and Governance (ESG) accountability, directors must possess advanced skills to provide robust oversight. Audit Committee Risk Briefing for Directors Training Course is specifically engineered to equip Audit Committee members and Directors with the cutting-edge knowledge and practical frameworks required to interrogate, challenge, and effectively mitigate the complex spectrum of emerging risks impacting organizational value and stakeholder trust.

Today's boardroom dynamics require a profound shift from backward-looking compliance to forward-looking strategic risk management. Directors need more than a perfunctory briefing; they require a deep-dive into risk-based auditing, the alignment of risk appetite with corporate strategy, and the efficacy of internal controls across the entire enterprise. This program delivers a practical, case-study-driven methodology focused on improving decision-making under uncertainty, enhancing the quality of financial reporting integrity, and fostering a strong, ethical risk culture. By mastering these contemporary challenges, participants will be positioned to drive organizational resilience and ensure regulatory compliance in an increasingly volatile global market.

Course Duration

5 days

Course Objectives

1. Enhance Audit Committee Effectiveness by understanding leading practices in charter design and self-assessment.
2. Master the principles of Enterprise Risk Management (ERM) and its alignment with corporate strategy.
3. Provide Robust Oversight of financial reporting integrity and critical accounting estimates.
4. Scrutinize and validate the organization's Cyber Risk Resilience and data governance frameworks.
5. Evaluate the integration of ESG metrics and sustainability reporting into the risk register.
6. Understand and monitor Culture and Conduct Risk as a fundamental driver of control effectiveness.
7. Assess the adequacy of Internal Controls Over Financial Reporting (ICFR) and control environment.
8. Deepen understanding of the impact of Artificial Intelligence (AI) Governance and emerging technology risks.
9. Effectively review and challenge the scope and effectiveness of the Internal Audit Function.
10. Define and monitor the company's Risk Appetite and tolerance levels across key business units.
11. Navigate Regulatory Compliance changes, including global standards and anti-fraud programs.
12. Oversee Crisis Management and Business Continuity Planning for non-financial disruptions.
13. Drive Stakeholder Value Protection through proactive risk mitigation and transparent disclosure.

Target Audience

1. Audit Committee Chairs and Members
2. Non-Executive Directors (NEDs) and Board Members with risk and financial oversight duties.
3. Chief Financial Officers (CFOs) and Finance Directors.
4. Chief Risk Officers (CROs) and Risk Management Executives.
5. Heads of Internal Audit and Internal Audit Directors.
6. Corporate Secretaries and Governance Professionals.
7. Senior Management Teams reporting directly to the Audit Committee.
8. Compliance and Legal Officers involved in corporate governance.

Course Modules with Case Studies

1. The Evolving Mandate of the Audit Committee

• Defining the expanded role in Risk Governance beyond financial statements.
• Audit Committee Effectiveness and best practice charter review.
• Relationship with the full Board, Risk Committee, and management.
• Oversight of Internal Audit Function independence and resourcing.
• Case Study: Failure to identify revenue recognition fraud due to an overly narrow committee focus.

2. Enterprise Risk Management (ERM) and Strategy Alignment

• Integrating the ERM Framework with strategic planning and decision-making.
• Establishing and monitoring the organization's Risk Appetite and tolerance.
• Identifying and prioritizing Principal Risks using a Heat Map and Risk Register.
• Techniques for performing Risk Sensing and monitoring emerging risks.
• Case Study: A company's failure to adjust its risk appetite during a rapid international expansion leading to major compliance fines.

3. Financial Reporting Integrity and Oversight

• Scrutinizing complex Accounting Estimates and critical judgements
• Reviewing the effectiveness of Internal Controls Over Financial Reporting
• Managing the relationship and challenging the scope of the External Auditor.
• Deep-dive into fraud risk and the Tone at the Top environment.
• Case Study: Review of a major retail chain where aggressive revenue booking policies led to a restatement and shareholder lawsuits.

4. Cybersecurity and Digital Transformation Risk

• The Committee's role in overseeing the Cyber Risk Resilience strategy.
• Assessing controls around Data Privacy and regulatory compliance
• Understanding and governing the risks associated with AI and emerging technologies.
• Reviewing Incident Response Plans and post-breach disclosures.
• Case Study: A healthcare provider's inadequate oversight of its network security resulting in a massive data breach and HIPPA violations.

5. ESG, Climate, and Sustainability Risks

• Integrating Climate-Related Financial Disclosures and ESG data into ERM.
• Oversight of non-financial metrics and their impact on corporate reputation.
• Managing Supply Chain and Third-Party Risk from an ESG perspective.
• Addressing Greenwashing risk and ensuring transparent, accurate reporting.
• Case Study: An energy company facing a significant drop in market value following activist shareholder pressure on its climate risk strategy.

6. Culture, Conduct, and Compliance Risk

• Measuring and monitoring Corporate Culture and its influence on risk-taking behavior.
• Oversight of the Ethics and Compliance Program and whistle-blower mechanisms.
• Assessing and mitigating Anti-Bribery and Corruption (ABC) and sanctions risk.
• The relationship between Conduct Risk and financial misstatement.
• Case Study: A financial institution where a highly aggressive sales culture led to widespread employee misconduct and regulatory penalties.

7. Crisis Management and Business Continuity

• The Committee's role in pre-crisis planning and stress-testing scenarios.
• Assessing the robustness of Business Continuity Planning for non-financial events
• Reviewing insurance coverage and financial stability in light of tail risks.
• Oversight of internal and external crisis communications strategy.
• Case Study: A manufacturer's rapid operational shutdown due to a geopolitical risk event and the Board's response.

8. Driving Committee Effectiveness and Reporting

• Performing Audit Committee Self-Assessments and benchmarking against peers.
• Enhancing the quality of Board Reporting for better risk-informed decision-making.
• Effective communication with shareholders and regulators regarding risk.
• Developing a forward-looking agenda for Emerging Risk oversight.
• Case Study: Analysis of public disclosures to understand the difference between high-performing and underperforming Audit Committee reports.

Training Methodology

This course employs a participatory and hands-on approach to ensure practical learning, including:

• Interactive lectures and presentations.
• Group discussions and brainstorming sessions.
• Hands-on exercises using real-world datasets.
• Role-playing and scenario-based simulations.
• Analysis of case studies to bridge theory and practice.
• Peer-to-peer learning and networking.
• Expert-led Q&A sessions.
• Continuous feedback and personalized guidance.

Register as a group from 3 participants for a Discount

Send us an email: info@datastatresearch.org or call +254724527104 

Certification

Upon successful completion of this training, participants will be issued with a globally- recognized certificate.

Tailor-Made Course

 We also offer tailor-made courses based on your needs.

Key Notes

a. The participant must be conversant with English.

b. Upon completion of training the participant will be issued with an Authorized Training Certificate

c. Course duration is flexible and the contents can be modified to fit any number of days.

d. The course fee includes facilitation training materials, 2 coffee breaks, buffet lunch and A Certificate upon successful completion of Training.

e. One-year post-training support Consultation and Coaching provided after the course.

f. Payment should be done at least a week before commence of the training, to DATASTAT CONSULTANCY LTD account, as indicated in the invoice so as to enable us prepare better for you.