Introduction

Effective corporate governance depends on the alignment and cooperation of its key assurance and control functions. Risk management, internal audit, compliance, and anti-money laundering responsibilities are often treated as separate disciplines, leading to duplication, gaps, and inconsistent oversight. When these governance arms operate in isolation, organisations struggle to manage risk coherently, escalate issues effectively, and support informed decision-making.

The Governance Arms of Risk Management training course focuses on strengthening the interaction, clarity, and accountability across these critical governance functions. It examines how risk management, audit, compliance, and AML/CTF responsibilities should operate within a unified governance framework to support principled performance, regulatory compliance, and organisational resilience.

Participants will explore how governance structures, board committees, and executive oversight enable effective coordination across the three lines of defence. The course emphasises risk-based approaches to audit and compliance, ensuring assurance activities are aligned with organisational risk appetite, strategic objectives, and regulatory expectations.

Key focus areas include:

 

Key Learning Outcomes

At the end of this training course, participants will be able to:

 

Training Methodology

This Governance Arms of Risk Management training course applies a practical, governance-led learning approach. Participants engage in structured discussion, applied frameworks, and real organisational scenarios to examine how risk, audit, compliance, and AML/CTF functions interact in practice. The methodology focuses on judgement, alignment, and oversight rather than technical theory, enabling immediate application within governance environments.

 

Governance Arms of Risk Management

Who Should Attend?

This training course is ideal for professionals seeking to Strengthen governance oversight and assurance coordination & Improve integration between risk, audit, and compliance functions

Typical participants include:

  • Risk management and enterprise risk leaders
  • Internal audit and assurance professionals
  • Compliance and AML/CTF officers
  • Governance and GRC professionals
  • Senior managers involved in oversight and control

 

Course Outline

Day 1

Corporate Governance, what is it exactly?

  • Corporate Governance: Definition, Concept, Rules, Principles
  • OECD Principles of CG
  • Corporate Governance: Role of the Board of Directors and Management
  • Responsibilities of Top Management and Board in Maintaining Good CG
  • Effective Executive Management & Board Members
  • Disclosure and Transparency

Corporate Governance, how to enforce it practically?

  • Mechanisms, Processes & Relations by which corporations are controlled
  • Difference between Executive and Non-Executive Board Members
  • Board’s Committees: Roles and Responsibilities
  • Role of Audit Committee / Risk Management Committee
  • Remuneration Committee: A Sensitive Role
  • Five Steps to Improve Corporate Governance
  • Introduction of Sarbanes-Oxley Act in USA in 2002 (Enron / WorldCom)
Day 2

Risk Catalog & Risk Taxonomies

  • Introduction to Di­fferent Types of Risks Categories
  • Risk Management Universe
  • Risk Management Framework
  • Fundamental Concepts of Enterprise Risk Management
  • Identifying Credit Risks
  • Identifying Financial Risks
  • Identifying Operational Risks
  • Identifying Legal Risks
  • Identifying Political / Sovereign Risks
  • Identifying Ethical Risks / Identifying Fraudulent Risks
  • Identifying Non-compliance Risks
  • Identifying Reputational Risks
Day 3

The Risk, Compliance & Internal Audit Triangle

  • The Fundamental Differences and Importance of its Convergence
  • Overlapping: Healthy or Wasteful?
  • Cooperation & Collaboration among these Functions
  • Corporate Governance Committees: Audit Committee is No. 1
  • Effective Executive Management & Board Members

The Evolution of Internal Auditing towards Risk-based Internal Auditing

  • What is Risk-based Internal Auditing?
  • The Transition from System-based to Risk-based Internal Auditing
  • Different Approaches to Internal Auditing
  • Risk-Based Audit Approach
  • Risk-Based Audit Methodology
  • How and why audit units move into risk based audit programs?
  • Audit the Control Environment
Day 4

Prepare Risk-Based Internal Audit Plan and Execute it

  • Determination of Internal Auditing Universe
  • Risk Mapping
  • Risk Registration
  • Developing Internal Auditing Plan
  • Preparation of a Clear Plan to be Approved by Audit Committee
  • Efficiency in the Non-recurrence of Audit Notes
  • Audit References to Policies and Manual of Operational Rules & Regulations
  • Identification and Classification of Audit Risk

Compliance Risk Assessment & Management

  • Definition, Responsibilities and Goals
  • Risk Assessment and Management Methodology
  • Surveying for Threats & Assessing Vulnerabilities
  • Risk Tolerance and Residual Risk
  • Designing Controls for Risk Mitigation-Self-Assessments
  • Review Design and Auditor Selection
  • Program Development / Computer-assisted Auditing Techniques
Day 5

Money Laundering

  • Definition, Responsibilities and Goals
  • Money Laundering Threats and Methods
  • Terrorist Financing Threats and Methods
  • International Standards for Anti – Money Laundering / Combatting Terrorism Finance

Compliance Program Governance for Anti – Money Laundering / Combatting Terrorism Finance

  • Basic Terms and Definitions
  • Regulatory Compliance Management Frameworks
  • Regulatory Compliance by Design and Tone at the Top
  • Roles and Responsibilities
    • Board of Directors
    • Senior Management
    • Business Unit Leaders
    • Compliance
    • Legal
    • Internal Audit

International Standards & Professional Alignment

Our training courses are aligned with internationally recognised professional standards and frameworks across leadership, strategy, finance, governance, risk, compliance, and audit. By integrating globally trusted models, we ensure learners develop practical, relevant, and industry-recognised capabilities.

Our trainings draw on leading international standards and professional frameworks, including ISO, ISACA, COSO, OECD, IIA, FATF, Basel, IFRS/ISSB, GRI, NIST, CPD, ILM and the OECD AI Principles. This alignment ensures consistency with global best practices across financial management, risk oversight, digital governance, sustainability, and strategic decision-making..

Designed in alignment with globally recognised professional bodies, our courses support continuous professional development, strengthen organisational capability, and provide clear pathways toward professional certifications valued worldwide.

Ready to Take the Next Step?

Reserve your slot today and start your learning journey with us.

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FAQs

When governance functions operate in silos, organisations face duplicated effort, assurance gaps, and weak escalation. Effective coordination ensures risks are identified, assessed, monitored, and reported consistently across governance structures.  

No. The Governance Arms of Risk Management training course focuses on governance alignment, oversight, and accountability rather than technical risk modelling or specialist methodologies.  

The course examines the roles of boards, audit committees, and risk committees in overseeing assurance functions, including how information flows, reporting, and escalation support effective governance.  

Yes. The training course explores the evolution toward risk-based internal auditing and how audit planning should align with enterprise risk management and governance priorities.  

Yes. The course addresses compliance governance and AML/CTF responsibilities within the broader risk and assurance framework, focusing on oversight, accountability, and integration.  

Professionals working in risk, audit, compliance, or governance roles who need a clearer understanding of how these functions interact to support effective corporate governance.

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