Course Info
Code IND01-132
Duration 5 Days
Format Classroom
Course Summary
The gas and oil industry is prominent globally. It is crucial for anyone working within this industry to understand the potential risks involved, whether that’s financial, operational, compliance, or even health and safety risks.
The key to risk management is first to assess the regulations where the organisation is located, and all initial risk assessments should be created in compliance with local laws and legislations. Following on, a full analysis of current potential risks would be required from every aspect of the business to be accurately reviewed and detailed in a risk assessment and audit. Gaining an in-depth picture of current issues and providing solutions is vital for predicting future complications and preparing for them.
All those holding responsibility for risk management should be educated and knowledgeable on the variety of risk-based frameworks available. A widespread understanding of these frameworks will prevent misinterpretation while reviewing audits. To correctly engage with others regarding risk management in both verbal and written formats is essential and are crucial skills to obtain and develop.
The gas and oil industry is ever-evolving, and it is necessary for risk management to consistently keep up-to-date to ensure risks are kept to a minimum and contingency plans are created.
- To understand key risk management concepts and principles.
- To identify internal and external influences of risk.
- To explain the importance of risk appetite and risk tolerance.
- To understand risk frameworks including COSO and ISO 31000.
- To define risk measurement criteria that supports risk analysis.
- To identify risk categories.
- To develop communication techniques during risk audit-related engagements.
- To interpret the nature of residual and inherent risk.
- To utilise risk management concepts during risk-based audit engagements.
This course is designed for anyone responsible or involved in risk management who wishes to develop their skills and knowledge. It would be most beneficial for:
- Project Managers
- Risk Assessors
- Auditors
- E&P Managers
- Internal Audit Managers
- Internal Audit Practitioners
- Environmental Compliance Specialists
- Compliance Officers
- Chief Risk Officers (CROs)
This course uses a variety of adult learning styles to aid full understanding and comprehension. Participants will review and analyse real-world risk assessments and audits within the gas and oil industry and highlight potential risks and resolutions that they would face within their respective roles.
They will be presented with the necessary tools to develop a thorough understanding of risk management. Using these tools, they will undergo learning exercises where they will assess risks within a role, and practice conducting risk audits utilising major risk-based audit frameworks. Through group discussions, participants will communicate to others their audits. These methods will allow the participants a complete opportunity to gain a comprehensive understanding of the taught content.
Course Content & Outline
- Defining internal auditing.
- International Standards for the Professional Practice of Internal Auditing.
- The vitality of risk-based internal auditing.
- The definition of risk.
- The definition of risk management.
- The difference in approach to internal and external risks.
- Risk categories.
- Misconceptions of risk management.
- Assessing objectives and uncertainty in relation to risk.
- The purpose of risk frameworks.
- The advantages of utilising risk frameworks.
- Understand the function of major risk frameworks.
- COSO Internal Control Framework.
- COSO ERM Framework.
- ISO 31000.
- The importance of risk assessment criteria when auditing.
- Define risk appetite and concepts.
- Define risk tolerance and concepts.
- Aligning risk appetite with risk assessments.
- Risk identification, maturity, and assessment.
- The purpose of risk-based audit engagement.
- The ideal approach to risk-based audit engagement.
- Defining control.
- Management of risks.
- Evaluating the types of controls.
- What tools to use for evaluation controls.
- The purpose of accurate communication.
- Effective communication styles for audit observation.
- What audits can fail to communicate.
- Eliminating ineffective communication to prevent potential mistakes.
- Roadblocks to success.
- Overcoming personal implantation challenges.
- Create contingency plans for probable issues in the future.
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