Essentials of Risk Management and Internal Control

The FRC’s update to the UK Corporate Governance Code in January 2024 emphasises the board’s responsibilities in not only establishing but also maintaining  a risk management and internal control framework.

Governance professionals, chairs and others with governance responsibility need a strong grounding in the principles of risk management and internal control frameworks to be able to apply those principles in their organisational context, to determine which risks and controls are material, to monitor and review the effectiveness of controls and to articulate their position effectively.

This one-day course will cover the principles and practical application of risk management and internal control frameworks, focusing on corporate governance code requirements. It will equip you with the knowledge and understanding of the relationship between risk and internal control frameworks, and how they might operate effectively in your organisation and in line with your governance and reporting processes. 

Who is this course for

This course is ideal for anyone who has a responsibility for governance in their organisation who is looking to develop or refresh their skills in relation to risk management and internal control frameworks:

• Governance professionals
• Company Secretaries
• Internal and external auditors
• General Counsel or head of legal
• Professionals with governance responsibilities
• Chairs
• Finance Directors

A basic understanding of risk management is assumed, although key concepts are covered in the course to put risk management and internal control frameworks into an organisational context.  

For a practical grounding in the risk management process, we recommend taking CGI’s half-day Risk Management Fundamentals Masterclass.

Learning outcomes

By the end of the course, you will be able to…

1. Assess how risk management and internal control frameworks can be applied to your organisational context.
2. Describe how risk management and internal control framework interrelate.
3. Explain real controls and how they support organisational success.
4. Challenge the effectiveness of material controls.
5. Assess risk management and internal control reporting requirements and approaches.
6. Explain risk management and internal control related roles and responsibilities.

You will also recieve:

• A delegate pack containing comprehensive course notes and presentation slides

• A certificate to show you have attended the course

• 6 hours credit towards your Continuing Professional Development (CPD)

• 6 months complimentary professional subscription of The Chartered Governance Institute UK & Ireland. This includes a subscription to G+C Magazine as well as access to briefings, discounts and our knowledge base.

People who take this course often go on to book:

• Essential Corporate Governance
• Essentials of ESG: Pathway to good governance
• Optimising the structure and composition of boards and committees
• Company Secretarial Practice for PLCs
• Advanced Minute Taking
• Chartered Governance Qualifying Programme

Competency framework:

This course aligns to CGI’s competency framework: Entry/Emerging
Use the competency framework to identify your strengths and areas for improvement in governance.