Performing an effective Business Risk Assessment in Crisis Times

Lynn Fountain, CRMA, CPA, CGMA, MBA

Lynn Fountain Consulting and Training

  • CPA Canada
  • CRMA
  • CFF
  • CFE
  • CIA
  • CMA
  • CPA

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Before starting this self study program, please go through the instructional document.

Overview

  • What is the difficulty with traditional risk assessments?
    7 mins
  • Step for mitigation activities
    23 mins
  • Categories of business risk
    46 mins
  • How will the risk play out over time?
    57 mins
  • Should we avoid any risks entirely?
    66 mins
  • Actions to build a dynamic RA
    78 mins
  • Principles for RM during crisis times
    96 mins

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.

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
  • CPA in Business
  • Entrepreneurial Accountant
  • Entrepreneurial CPA
  • Senior Accountant
  • Staff of Accounting Firm
  • Young CPA