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Internal Controls for Financial Institutions

Course Information:

Online 12 hours Flexi-date£1,750.00
In-House Agreed with client FlexiblePOA
London 5 days 21-Mar£3,500.00
London 5 days 18-Jul£3,500.00
London 5 days 14-Nov£3,500.00


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    LCT 2022 Brochure
    LCT 2022 Brochure

    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



    • Describe key risk management and internal control concepts
    • Applythe main industry frameworks and standards which influence internal controls
    • Assess the effectiveness of their organisations internal controls
    • Demonstrate to and guide executives and management in the establishment of an appropriate control environment
    • Understand the effective usage of internal controls


    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

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