Many leaders in business organizations of all sizes view the system of Internal Control primarily as a protective security measure. This is a great first step, however, a well designed internal controls system can and will drive all entity objectives. This session uses information gathered from years of creating internal control systems as well as concepts from well respected authoritative pronouncements and frameworks to illustrate the power of a strong and well supported control system as well as actions that can help establish such a system. This material is becoming more and more beneficial as companies strive to address many new business challenges such as evolving markets, the rapid rate of change in the business world and the notable increase in governmental and industry-based regulations. Those that work with internal controls and regularly consider ways to imporve the functionality of internal control systems shoudl strongly consider this session.
Learning Objectives
*List important components and sub-components of an Internal Control System *Understand how risk affects such things as strategy and business direciton *Define imporant concepts such as "Risk Appetite"; "Framing Risk", and "Risk Tolerance" *Explain how the control environment can help or hinder the operation of control measures in use at an entity. *List important steps that an organization can undertake, specifically related to control devleopment that can drive the direction of the entity.
Major Topics
*An overview of Control Frameworks and concepts *Strategy considerations that can be incorporated into control development *Understanding and controlling risk that arises when organizations change or choose not to
