7.0 Learning Outcomes
Learning Objectives
At the end of this chapter, students will be able to:
- Identify and explain three key responsibilities of the board in risk management, including setting the risk appetite, overseeing risk policies, and fostering a risk-aware culture.
- Describe the primary functions of a Board Risk Committee and outline the processes for monitoring key and emerging risks within an organization.
- Evaluate the role of a Chief Risk Officer by listing at least five key responsibilities, such as leading risk management efforts and overseeing technology and cybersecurity risks.
- Assess the contribution of internal audit to risk management by explaining how it provides independent assurance on the effectiveness of risk processes and controls.
- Analyze the COSO Internal Control Framework by detailing its five components and explaining their relevance to risk management.
- Discuss the role of internal audit in risk monitoring by identifying at least three ways it supports risk management activities, such as providing independent assurance and evaluating control activities.
- Create an effective risk report by outlining the key components, including risk identification, assessment, and the use of visual elements like dashboards and heat maps.
