Enterprise Risk Management Basics for Government Auditors

Welcome to Enterprise Risk Management Basics for Government Auditors! 

In today's complex and interconnected world, understanding and applying robust risk management principles is essential for protecting public resources and achieving organizational objectives. This course, guided by expert Elizabeth McDowell, provides government auditors with a foundational understanding of Enterprise Risk Management (ERM).

We'll begin by exploring the critical importance of risk management in the public sector, examining real-world examples that highlight the consequences of inadequate risk oversight. You will gain a clear overview of the risk management process, including identification, assessment, and response activities.

Key topics covered include:

• Understanding the significance and benefits of adopting an enterprise-wide approach to risk management.
• Examining the Three Lines Model and clarifying the distinct roles and responsibilities of the governing body, management, and internal audit in ERM.
• Exploring concepts like risk appetite, tolerance, capacity, preference, and fostering a strong risk culture.
• Assessing organizational risk maturity using established models and understanding internal audit's evolving role at different stages.
• Briefly introducing formal risk management frameworks such as COSO, ISO, COBIT, and NIST as guides for implementation.

By the end of this course, you will be equipped with the fundamental knowledge of ERM principles and their application within a government auditing context, enabling you to better evaluate risk management processes and contribute to your organization's resilience and success.