Internal Control: Compliance, Operational and Financial

Internal controls play a vital role in ensuring organizational efficiency and mitigating risk. As part of the Governance, Risk, and Compliance (GRC) framework, internal controls are essential for managing risk and maintaining compliance. This course provides a comprehensive introduction to corporate governance and Enterprise Risk Management (ERM), detailing risk responses and control measures at various management levels. The course explores controls across different business and reporting cycles, including the purchase/payment cycle, HR/payroll cycle, inventory/production cycle, long-term assets lifecycle, and collection cycle. Additionally, it covers key areas such as information systems control, safety controls, financial reporting controls, physical controls, and external reporting requirements. Participants will gain the tools and knowledge to implement effective internal controls tailored to their organizational risks.

The course consists of instructor-led presentations, real-world examples, case studies, and group exercises. Participants will also be asked to present their findings and recommendations from the case studies and exercises.

• Risk assessment and response strategies
• Implementing and managing internal controls
• Ensuring compliance with governance standards and regulations
• Understanding and applying financial controls across business cycles
• Analyzing and recommending improvements to control systems

By the end of the course, participants will be able to:

• Understand the Governance, Risk, and Compliance (GRC) system.
• Develop controls to address specific organizational risks.
• Implement segregation of duties and internal controls within business cycles.
• Protect information technology systems and safeguard data centers.
• Design and maintain financial controls to ensure compliance.
• Meet financial and other external reporting obligations.