Internal control is more important than ever – Boards are increasingly expected to provide oversight of enterprise risk management (ERM) and attest to the effectiveness of their companies’ systems of internal control. As the complexity of risk changes with new risks emerging, the importance of considering risk in both the strategy-setting process and in driving performance becomes even more apparent. Taking this lead, the Committee of Sponsoring Organisations of the Treadway Commission (COSO) ERM Framework, one of the most widely recognised and applied risk management frameworks in the world, has taken an initiative and updated its framework in June 2017.

COSO’s fundamental premise is that effective risk management and internal controls are crucial to sustaining an organisation. The COSO framework can contribute value to governance, strategy setting, business planning, execution, monitoring, and adapting processes of an organisation. This internationally recognised internal control framework is designed to provide reasonable assurance that objectives will be met and risk reduced to an acceptable level. In essence, there should be clarity on the difference and relationship between the organisations’ assurance and other monitoring activities (the four cornerstones of corporate governance) to minimise black holes in the organisation. This is essential to good business, effective governance, and long-term sustainability.

With a combination of group case study and an in- person workshop, this programme will have a short introduction of ERM – Integrating with Strategy and Performance as both the COSO Internal Control Integrated Framework and ERM COSO Framework are interlinked and will assist management and boards of directors with their respective duties for managing risk and control.

Learning Outcomes

• Explain the key points related to the COSO principles-based approach
• Identify the differences between COSO Internal Control Integrated Framework and COSO ERM Integrating Strategy & Performance
• Describe how a system of risk and internal control is being designed, implemented and monitored in the organisation
• Recognise ways to identify, analyse and respond to risks and controls in your organisation
• Develop an effective board and management oversight in your system of internal control
• Learn how to perform an assessment of an organisation using COSO to deliver an integrated assurance reporting

Facilitator

WEE HOCK KEE
CA(M), FCCA, CFIIA, CRMA, ICDM (F),
ICDM Faculty Member

Wee Hock Kee (Wee) consults on matters relating to corporate governance, risk management and internal control for PLCs. He was the past President of IIA Malaysia and Asian Confederation of Institute of Internal Auditors, former board member of IIA Global, member of ACCA Malaysia’s Advisory and past Chairman of the Internal Audit Working Group of MIA. He won the prestigious Malaysian Internal Auditor of the Year Award for 2001.

He has worked in a number of multinational companies as Chief Audit Executive. His last position was with AstraZeneca (UK) as the Regional Audit Director of Asia Pacific, Middle East and Africa. Wee has extensive experience in conducting board evaluations for major companies with market capitalisation ranging from RM500 million to RM30 billion, covering a wide range of industries including insurance, plantation, manufacturing and shipping. He has been a regular speaker on numerous international regional and national conferences on Governance, Risk and Compliance (GRC). He was previously engaged by BURSA from 2013 to 2016 to conduct awareness and education for Governance, Risk and Compliance (GRC), Audit Committee (AC) and board members on risk management and internal control assurance framework and was involved in the NIEW women directors’ training programme from 2013. He was a Research Fellow in HELP University ELM Faculty.

Wee has sat on a number of public listed companies. In his capacity as a board member of these PLCs, he also chaired the Audit and Risk Management Board Committee. Currently, he sits as a board member of MIMOS Berhad. He is also the Audit and Risk Committee Chair.

Download the brochure at the right sidebar to read more.