Governance Arms of Risk Management refers to the key control functions that support effective corporate governance—namely, Risk Management, Internal Audit, Compliance, and Anti-Money Laundering/Counter-Terrorism Financing (AML/CTF). These functions serve as interconnected pillars that ensure accountability, risk oversight, and regulatory alignment across the organization. Each plays a distinct yet complementary role in protecting institutional integrity and performance. This program explores how these governance arms function individually and collectively within corporate structures. It highlights their strategic importance in enhancing transparency, managing risk exposure, and strengthening institutional resilience.
Describe the core components and principles of corporate governance.
Recognize the role and responsibilities of risk management, internal audit, compliance, and AML/CTF within governance frameworks.
Identify key risk categories and understand their implications for internal controls and compliance.
Distinguish the interrelationships and boundaries between risk, audit, and compliance functions.
Outline the elements of risk-based audit planning aligned with organizational risk profiles.
Understand global standards related to AML/CTF and regulatory compliance governance.
Risk Management Officers.
Compliance Officers.
Internal Auditors.
AML/CTF Specialists.
Corporate Governance Professionals.
Define corporate governance and its institutional significance.
Explore the principles and frameworks, including OECD guidelines.
Understand the role of the Board of Directors and executive leadership.
Examine governance structures, responsibilities, and reporting lines.
Review mechanisms for implementing effective governance practices.
Identify various risk categories and classifications within organizations.
Review key global risk management frameworks and standards.
Understand the fundamentals of Enterprise Risk Management (ERM).
Examine the process of risk identification and prioritization.
Recognize the role of governance in risk mitigation and oversight.
Clarify the distinct roles of risk, compliance, and internal audit functions.
Explore coordination and information-sharing between governance arms.
Understand the shift toward risk-based internal audit approaches.
Identify challenges in aligning objectives among control units.
Highlight how collaboration enhances institutional control systems.
Define the audit universe and construct risk-based audit plans.
Explore tools used to develop risk maps and audit priorities.
Review compliance risk assessment and internal control structures.
Examine control design methodologies for risk mitigation.
Understand governance expectations for audit planning transparency.
Define money laundering and terrorism financing from a governance lens.
Review international standards and regulatory frameworks (e.g., FATF).
Understand the structure of AML/CTF compliance programs.
Clarify the roles of the board, compliance, and audit in oversight.
Identify governance mechanisms for regulatory compliance assurance.
