Enterprise Risk Assessments in the New ERA

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Continuing Education Credits: 1 CPE Hour

Course Overview: (Previously recored from live event)

“Enterprise Risk Assessments in the New ERA,” is led by Jesse Feller, CPA, who is the Principal of Internal Audit at Rausch. The course aims to provide a comprehensive understanding of the traditional and new processes involved in Enterprise Risk Assessments (ERA), highlighting the importance of risk identification, analysis, and reporting. It also emphasizes the role of technology and flexible ERA programs in modern risk management.

Topics Discussed:

1. Traditional ERA Process:
   • Risk Identification
   • Risk Analysis and Prioritization
   • Outcomes and Reporting
2. Traditional ERA Measurement:
   • Likelihood x Impact – Mitigating Controls = Residual risk
3. The Risks No One Sees Coming:
   • Compliance Fatigue
   • Decline of Institutional Knowledge
   • False Confidence in AI and Automation
   • Fragility of Organizational Culture in Remote and Hybrid Workplaces
   • Risk Blindness at the Board Level
4. Key Risk Imperatives for Internal Audit:
   • Transform Mindsets
   • Embrace Technology
   • Expand Skill Sets
   • Promote Dynamic, High-Impact Communication
   • Collaborate Across Functions
   • Champion Organizational Culture
   • Lead Through Permacrisis
   • Deploy Next-Generation Talent Strategies
   • Use Independence as a Platform for Influence
5. Top Near-Term Risks:
   • Economic Conditions
   • Cyber Threats
   • Talent Acquisition, Development, and Retention
   • Heightened Regulatory Change, Uncertainty, and Scrutiny
   • Third-Party Risks
   • Rapid Speed of Disruptive Innovations
   • Adoption of AI and Emerging Technologies
6. Developing a Flexible ERA Program:
   • Relevant Risks
   • Timeframe for Assessing/Addressing Risk
   • Resources Needed to Mitigate Risks
   • Skills/Competencies Needed to Audit Relevant Risks
7. Technology in the ERA Process:
   • Survey Tools
   • Data Analytics
   • Visualization Tools
   • Artificial Intelligence
8. New ERA Process:
   • Interview Senior Leadership
   • Determine Risks Based on High-Level Risk Categories
   • Create a 6-Month Audit Plan
   • Utilize SaaS-Based Advanced Risk Assessments
   • Use Data Analytics
   • Evaluate Audit Plan
   • Determine and Utilize Risk Assessment Methodologies
9. Adding Velocity as Part of the ERA Process:
   • (Likelihood + Velocity) x Impact – Mitigating Controls = Residual Risk
   • (Likelihood x Impact) + Velocity – Mitigating Controls = Residual Risk

Learning Objectives:

• Understand the traditional and new processes involved in Enterprise Risk Assessments (ERA).
• Identify and analyze potential risks that could impact operations, resources, or objectives.
• Learn how to prioritize risks and create tailored reports for decision-making.
• Explore the key risk imperatives for internal audit and the top near-term risks.
• Develop a flexible ERA program that addresses relevant risks and utilizes appropriate resources and skills.
• Discover the role of technology in the ERA process, including survey tools, data analytics, visualization tools, and artificial intelligence.
• Understand the new ERA process and the importance of adding velocity as part of the risk assessment

Presented By Jesse Feller, CPA – Principal Rausch Advisory Services