Risk Assessment and Internal Controls

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Overview

2.0 Credits
ONLINE

Some organizations give too low a priority to risk management because it is not perceived as urgent. When this is the case, risks can quickly develop into crises. At that point, it is too late to plan ahead, and the organization may not be able to handle situations in an optimal way. It is vital for all not-for-profit entities (NFPs) to have a risk management system designed for their size and complexity. This CPE course provides an overview of risk assessment and internal controls for NFPs.

Objectives

  • Identify the risks faced by NFPs, including those related to reputational risk and compliance risk;
  • Recall the concepts of internal controls as they relate to NFPs;
  • Recognize the concepts of Enterprise Risk Management; and
  • Indicate how the COSO framework should be applied to NFPs.

Major Topics

  • Managing risk
  • Risks unique to NFPs
  • Enterprise Risk Management (ERM)
  • COSO ERM framework
  • Employing ERM in smaller NFPs
  • Internal controls
  • COSO Internal Control Framework
  • How to design a system of internal control
  • Conflicts of interest

Designed For

CPAs, financial professionals and NFP board members involved with risk assessment and internal controls.
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