Internal Controls for Financial Institutions Courses - LONDON CORPORATE TRAINING

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It was an interesting training programme and we really enjoyed the lectures and the class activities.

External Affairs Manager
General Civil Aviation Authority, UAE

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Internal Controls for Financial Institutions

Course Ref: AM.5B

Course Subject: Advanced Management

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Dates for This Course

Who should attend?

  • Regulatory authorities in Banking, Insurance, Pensions and Capital Markets
  • Executive and non-executive Board and committee members
  • Company secretaries
  • Shareholder representatives
  • Senior managers and executives
  • Corporate lawyers
  • Marketing specialists
  • Institutional investors

Learning objectives

  • To describe key risk management and internal control concepts
  • To apply the main industry frameworks and standards which influence internal controls
  • To assess the effectiveness of their organisations internal controls
  • To guide executives and management in the establishment of an appropriate control environment
  • To enhance their effective usage of internal controls

Course content

Internal Controls in the Context of Today’s Corporate Governance

  • What is Corporate Governance?
  • Why is it different for financial institutions?
  • Internal controls as a mechanism for controlling risks
  • Board and senior management responsibilities for internal controls and the establishment of a control culture
  • US Sarbanes Oxley Act 2002 and its requirements for monitoring and annual reporting on internal controls effectiveness

Main Components and Principles of Internal Controls

  • The definition and purpose of internal controls
  • The five components of the original COSO internal controls framework
  • Integration of the original COSO control framework into COSO Enterprise Risk Management framework (ERM)
  • Linking COBIT to COSO – Information technology framework and internal controls

Financial Sector Regulators and Internal Controls

  • The three categories of objectives for internal controls
  • COSO internal controls framework – the expanded 2013 revision
  • The new seventeen principles – practical application to provide comprehensive controls
  • The strong link between Basel II operational risk management and COSO
  • Inherent limitations of internal controls

The Control Environment

  • The vital first step – establishing the management tone at the top and an institution-wide code of conduct reflecting integrity and ethical values
  • Board and management’s delegation of authority
  • Commitment to competence – attracting, developing and retaining the right human resources
  • Performance measures, incentives and rewards

Types of Internal Controls

  • Risk appetite and strategy established by the Board and risk response strategies
  • Control activities, internal controls, responsibilities and uses through the eyes of different stakeholders
  • Inherent and residual risks
  • Reporting and assurance