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Performing an effective Business Risk Assessment in Crisis Times

  • Accountant
  • CPA (CA)
  • CRMA
  • CPA/CFF
  • CFE
  • CGAP
  • CGFM
  • CISA
  • CIA
  • CMA
  • CPA (US)
  • CVA
  • CA - ICAEW
  • IAP
  • QIAL
  • ACCA
  • CBA/MCBA
  • CA - Ireland
  • CA - Scotland
  • CPA - Ireland
  • CFIRS
  • CWS

Published: April, 2022

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  • Course Description
  • Course Qualification
  • Presenter
  • FAQ

Course Description

Course Description

A successful business strategy depends on the ability to perform an astute risk assessment. That’s hard enough to deliver under the best of circumstances — and COVID-19 leaves companies performing risk assessments under some of the worst. Clearly fresh risk assessments are necessary.

COVID-19 has transformed a host of business operations, and that means a host of business risks have changed, too. At the same time, however, your ability to assess those risks has come under strain, often in very practical ways. The purpose of the business assessment is to identify core functions and key people in your business to understand:

  • Parts of the business most under strain, so you know what to protect.
  • Opportunities to boost certain products or services to meet changing customer demand.
  • New ways of working that can benefit both employees and customers

The question becomes, what specific factors should professionals take into account to perform a business risk assessment in this COVID-19 environment. It is easy to say “everything” has changed but what does that really mean to your business and your strategies?

This CPE webinar will be particularly interesting for Accountants and Finance professionals, Internal auditors/Professionals considering the role of internal audit, and Legal and Compliance professionals as it covers the following subjects:

Key Topics Covered:

  • The concept of business risks assessments
  • How the COVID-19 pandemic had changed the way organizations should approach and execute their assessments
  • Risk factors embedded in the new business environment
  • Discuss the reality of taking this opportunity to pause and take a critical look at your current business so you know what to protect and where to focus your efforts.

Modules

  • 1.1 Introduction
  • 00:06:34
  • 1.2 Agenda
  • 00:01:11

  • 2.1 What is the difficulty with traditional risk assessment
  • 00:06:13
  • 2.2 Traditional risk assessment matrices
  • 00:05:03

  • 3.1 Risks
  • 00:05:59
  • 3.2 Steps for mitigation activities
  • 00:16:16
  • 3.3 Future approaches of mitigation activities
  • 00:08:57
  • 3.4 Categories of business risk
  • 00:02:22

  • 4.1 Dynamic risk model
  • 00:08:24
  • 4.2 How will the risk play out over time
  • 00:06:26
  • 4.3 Risk Appetite
  • 00:06:18

  • 5.1 Decide on risk management approach
  • 00:03:03
  • 5.2 How should we mitigate the risks we are taking and Response
  • 00:02:48
  • 5.3 Building resilience
  • 00:06:16

  • 6.1 Reset aspiration for risk management
  • 00:06:02
  • 6.2 Harness data analytics
  • 00:03:50
  • 6.3 Develop risk talent forward
  • 00:02:46
  • 6.4 Strengthen
  • 00:02:27

  • 7.1 Principles for RM during crisis times
  • 00:12:57

  • 8.1 Summary
  • 00:05:20
  • 8.2 Ending Speech
  • 00:00:16

Learning Objectives

  • To evaluate the difficulty with the traditional risk assessment process
  • To examine key risk exposures that may have arisen due to COVID.
  • To explore 3 core components of a dynamic risk assessment to decide on risk management approach, to determine risk appetite, and to detect risks and control weaknesses
  • To understand and explore variations in the concepts of risk appetite, risk tolerance and likelihood.
  • To examine how to safeguard your business with COVID-19 risk management tactics
  • To explore model or scenario type risk assessment plans

Who Should Attend?

  • Accountant
  • Accounting Firm
  • Accounting Managers
  • Accounting Practice Owners
  • Chief Accounting Officer
  • Cloud Accountants
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • Entrepreneurial Accountant
  • Entrepreneurial CPA
  • Senior Accountant
  • Staff of Accounting Firm
  • Young CPA

Course Qualification

Webinar Qualifies For

  • 2 General Credit for Accountant/Bookkeeper/Tax Professionals
  • 2 CPD Credit of Fraud and Risk Management for Chartered Professional Accountant (CPA Canada)
  • 2 CPE Credit of Auditing for Certified Public Accountants (CPA-US)
  • 2 CPE Credit for Certification in Risk Management Assurance (CRMA)
  • 2 CPD Credit of Auditing for Certified Financial Forensics (CFF)
  • 2 CPE Credit of Auditing for Certified Fraud Examiner (CFE)
  • 2 CPE Credit for Certified Information Systems Auditor (CISA)
  • 2 CPE Credit of Internal Auditing for Certified Internal Auditors (CIA)
  • 2 CPE Credit of Auditing for Certified Management Accountants (CMA)
  • 2 CPD Credit for CA - ICAEW
  • 2 CPD Credit for Chartered Certified Accountants (ACCA)
  • 2 CPD Credit for Chartered Accountants - Ireland (CAI)
  • 2 CPD Credit for Chartered Accountants - Scotland
  • 2 CPD Credit for CPA - Ireland
  • 2 CE Credit for Certified Fiduciary & Investment Risk Specialist (CFIRS)
  • 2 CE Credit for Certified Wealth Strategist (CWS)
  • 2 CPE Credit for Internal Audit Practitioner (IAP)
  • 2 CPE Credit for Qualification in Internal Audit Leadership (QIAL)
  • 2 CPE Credit of Auditing for Certified Valuation Analyst (CVA)
  • 2 CPE Credit for Certified Government Financial Manager (CGFM)
  • 2 CPE Credit of Auditing for Certified Business Appraiser/Master Certified Business Appraiser (CBA/MCBA)
  • 2 CPE Credit for Certified Government Auditing Professional (CGAP)

Additional details

  • Course Level :
    Basic
  • Credits :
    2
  • Instructional Method :
    QAS Self Study
  • Pre-requisites :
    None
  • Advance Preparation :
    None

NASBA APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.NASBARegistry.org.

Presenter

About Presenter

Lynn Fountain, CRMA, CPA (US), CGMA, MBA

Owner, Lynn Fountain Consulting and Training

Lynn Fountain has over 39 years of experience spanning public accounting, corporate accounting and consulting. 20 years of her experience has been working in the areas of internal and external auditing and risk management. She is a subject matter expert in multiple fields including internal audit, ethics, fraud evaluations, Sarbanes-Oxley, enterprise risk management, governance, financial management and compliance.  Lynn has held two Chief Audit Executive (CAE) positions for international companies.   In one of her roles as CAE, she assisted in the investigation of a multi-million-dollar fraud scheme perpetrated by a vendor that spanned 7 years and implicated 20 employees.  The fraud was formally investigation by the FBI and resulted in 5 indictments estimating a $13M fraud loss.

Ms. Fountain is currently engaged in her own consulting and training practice.  She has successfully executed on several consulting assignments spanning areas of accounting, risk, ERM and internal audit.  She is a highly sought-after trainer and international speaker and has produced hundreds of courses delivered through seminars, conferences and on-demand training.  She is the author of three separate technical books. 

  • Raise the Red Flag – The Internal Auditors Guide to Fraud Evaluations”.
  • Leading the Internal Audit Function
  • Ethics and the Internal Auditor’s Dilemma

Ms. Fountain obtained her BSBA from Pittsburg State University and her MBA from Washburn University in Kansas. She has her CPA, CGMA, CRMA credentials. 


About Company

Lynn Fountain Consulting and Training

www.lynnfountain.net/

Ms. Fountain has become known as an international trainer on topics of Leadership, Internal Audit, Accounting, Finance, Ethics, Business Processes, Bookkeeping, Cybersecurity and Business Issues.  She has over 150 training topics that can be tailored to meet your needs.

Faq

FAQs content

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Ratings and Review

4.3

27 Ratings

Excellent

10

Very Good

14

Average

3

Poor

0

Terrible

0

JH

Jean Hess, CFE, CPA/CITP, CPA (US)

Jan 3rd, 2022

Liked content of presentation. Good presenter.

LC

Lindsey Cohen, CPA (US)

Oct 14th, 2021

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