Governance, Risk Management, and Compliance: An Integrated Approach (10 Days)

Introduction:

Governance, Risk Management, and Compliance (GRC) are increasingly recognized as crucial components that help organizations—both private and public—align with their visions and operational strategies. Effective GRC systems integrate governance, risk management, and compliance to help organizations mitigate risks and adhere to applicable laws and regulations.

This course on GRC explores various concepts of corporate governance and risk management structures, the essence of compliance, and the importance of integrated GRC internal controls. Participants will engage in discussions about board structures and committees, risk management based on the COSO framework, internal controls, and the latest developments in compliance.

Objectives:

By the end of this Governance, Risk Management, and Compliance (GRC) course, participants will be able to:

• Explain how corporate/public governance coordinates with risk management and internal controls.
• Describe the functions of private and public organizations and various stakeholders within them.
• Identify the functions of corporate/public governance and distinguish between different governance models.
• Recognize risk management phases, focusing on changes in external and internal environments.
• Identify specific risks and implement appropriate controls to mitigate them within private or public sector organizations.

Training Methodology:

• Cases
• Workshops of Interactive Nature
• Discussions in Groups
• Simulations
• Panel of Experts
• Acting Out
• Situations Analysis

Course Outline:

Unit 1: Introduction to Control, Risk Management, and GRC Tools, as well as Governance and Risk Issues

• Definition and scope of corporate/public governance
• Principles of corporate/public governance
• The role of codes of ethics
• Matrix of governance, risk management, and compliance
• Composition and functions of the board of directors
• Criteria for audit committee independence
• Importance of other committees

Unit 2: Stakeholders in Corporate/Public Governance

• Identification of stakeholders
• Shareholders' rights and governance
• Duties, rights, and legal governance of directors
• Internal and external auditors' roles
• Risk management-oriented decision-making
• Consequences of governance failure
• Characteristics of an effective board

Unit 3: What Corporate/Public Governance Has to Fulfill

• Achieving board independence
• Procedures for selecting board members, remuneration, and evaluation
• Oversight of organizational systems
• Issues of disclosure and transparency

Unit 4: What Does GRC Mean in Business and Environmental Practice?

• Definition and importance of compliance
• Effective compliance management
• Real-world compliance challenges and solutions
• Strategies to prevent and mitigate compliance issues

Unit 5: Enterprise Risk Management

• Understanding risk perception and management
• Prioritizing risks
• Managing internal and external environmental shifts

Unit 6: Risk Management Areas

• Strategic domain risks
• Operational process risk management
• Reporting lines management
• Financial risk management techniques
• Occupational health and safety management

Unit 7: Risk Management Process According to COSO Guidelines

• Supporting internal environments
• Setting and aligning objectives
• Strategies for event identification
• Risk assessment techniques
• Formulating risk responses
• Control activities and their impacts
• Information and communication systems
• Risk monitoring practices

Unit 8: Implementing Controls in Business Cycles

• Controls in the purchase and payment cycle
• Inventory and costing cycle controls
• HR and payroll internal controls
• Collection and sales cycles
• Fixed asset management practices

Unit 9: Closing Workshop and GRC Training

• Application of GRC in academic and professional settings
• Gathering best practices and recent developments
• Case studies on GRC challenges and solutions
• Current trends in IT, software, and mobile applications
• Review of relevant publications and resources in GRC

Conclusion:

Participants will leave this course equipped to enhance governance, manage risks effectively, and ensure compliance within their organizations. By applying the GRC tools and knowledge gained, they will be better positioned to uphold GRC best practices. Pursuing GRC certification can further validate their expertise and commitment to these principles.