Enterprise Risk Management for Auditors Course

Module 1: Introduction to Enterprise Risk Management (ERM)

• Understanding the need and importance of ERM in government
• Identifying various types of risks: operational, economic, reputational, and compliance-related
• Exploring leadership accountability and strategies for building a risk-aware culture

Module 2: OMB Circular A-123 and ERM Requirements

• Detailed review of OMB Circular A-123 requirements for ERM
• Integration of ERM with strategic planning and internal control processes
• Understanding the roles and responsibilities of Chief Financial Officers, Chief Operating Officers, and Performance Improvement Officers in ERM

Module 3: ERM Process and Risk Profiles

• Step-by-step approach to establishing context and identifying risks
• Analyzing, evaluating, and prioritizing identified risks
• Creating and maintaining agency-wide risk profiles to guide risk response

Module 4: Risk Responses and Mitigation Strategies

• Formulating strategies to respond to identified risks (avoidance, reduction, acceptance, sharing)
• Assessing residual risks and developing corrective action plans
• Continuous monitoring and adjusting risk response plans based on effectiveness

Module 5: Internal Control and the GAO Green Book

• Introduction to GAO’s Standards for Internal Control (the Green Book)
• Evaluating internal control systems against GAO standards
• Identification and reporting of internal control deficiencies

Module 6: Fraud Risk Management

• Recognizing and assessing fraud risks in government programs
• Applying GAO’s Fraud Risk Management Framework
• Establishing risk tolerances and managing fraud risks through preventive and detective controls

Module 7: Reporting and Assurance Statements

• Developing annual assurance statements per FMFIA requirements
• Reporting on ERM and internal control effectiveness
• Understanding reporting requirements for control deficiencies, significant deficiencies, and material weaknesses

Module 8: Additional ERM Considerations

• Managing privacy risks in federal programs
• Conducting acquisition and grant assessments
• Managing Antideficiency Act risks and other compliance-related risks