Auditing Third-party Risks

Using third parties invariably presents a variety of risks for organizations, including strategic, reputational, regulatory, operational, financial, transactional, security, compliance, and other risks. However, when utilized effectively, third parties can also provide tremendous value in terms of specialized knowledge, increased capacity, reduced overhead, and more customized business solutions. Internal audit should be at the front of managing the risks associated with third parties by independently reviewing, evaluating, and reporting on the related business practices. This course provides an overview on third-party risk management, including governance structure and risk management processes. It also specifies contracting, monitoring, and contract termination elements of the third-party relationship. Finally, the content defines the role of internal audit as it relates to various phases of the third-party management audit engagement, including planning, defining scope and objectives, testing, and reporting.

SKU: 1010.LMS.LM01.D093.02.01

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Auditing Culture and Conduct

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Auditing Credit Risk

Credit risk is a key risk for financial services organizations and, for a good number of organizations, maybe the most critical risk. Regulators and regulatory supervisors are focused on this risk, emphasizing the necessity of having accurate models that can measure the capital impact of credit activities, the risk of leveraged finance, and the great importance of counterparty risk. New requirements and supervisors’ expanded expectations are giving internal audit a more relevant and active role in the assessment of credit risk. In addition, the organization’s board of directors has responsibility for credit risk oversight and governance, and internal audit should provide the board with independent assurance regarding the organization’s credit risk management efforts. This course provides internal auditors with a baseline skill set necessary to test and evaluate the effectiveness of the organization’s credit risk management framework and processes.

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