3-hr Virtual Seminar: IPPF Internal Audit Standard 2120: Assessing the Effectiveness of Risk Management Processes

This training on assessing risk management processes will explain the IPPF Internal Audit Standard 2120 in detail, highlight recent updates to the standard, discuss how to comply with it and use it to assess the effectiveness of risk management processes at your organization.

Why Should You Attend:

In 2000 the IIA introduced a radical new professional practice standard that stated internal audit “should evaluate the effectiveness and contribute to the improvement of risk management processes”. Following the global financial crisis, and after analyzing the global state of compliance with this standard, the IIA decided that the word “should” needed to be replaced with “must”.

This webinar will help Internal Auditors that want to help their board of directors meet their responsibility to oversee the effectiveness of risk management processes and internal auditors that want to comply with the IIA IPPF. The session will also help ERM Specialists/Operational Risk Groups for Internal audit evaluate the effectiveness of risk management frameworks developed by ERM specialists and operational risk functions. Knowing the evaluation criteria internal auditors will use to complete these assessments is useful to planning how to best implement enterprise level risk management processes.

At the end of this webinar, the speaker will handle your specific questions related to the topic.

Learning Objectives:

• Learn why IIA IPPF Standard 2120 was enacted.
• Learn why the majority of IA functions haven’t complied with it to date.
• Learn what the IIA practice advisory recommends to comply with it.
• Learn how to effectively complete a Standard 2120 assessment using a method designed specifically to help boards meet NACD board risk oversight expectations.
• Internal Auditors
• Financial officers

Areas Covered in this Seminar:

• Overview of the board risk oversight expectations for public companies and the public sector and new related U.S. and Canadian public company disclosure requirements.
• The evolution of IIA IPPF professional practice standard 2120 - why was it enacted and why was it changed from a “should do” to a “must do”.
• Why the majority of internal audit functions around the world have not yet complied with a standard originally introduced 12 years ago.
• What the December 2010 IIA Practice Advisory and other related guidance suggests internal audit functions should do to comply with section 2120.
• Strengths and weaknesses of the IIA guidance on section 2120 audits.
• Practical, step-by-step guidance on how to tackle this new professional practice standard and, more importantly, position internal audit departments, companies, and boards to fully meet these new risk management and risk oversight expectations.

Who Will Benefit:

• Internal audit chief audit executives
• Internal audit directors/managers
• Internal auditors