Financial Crime World

Bouvet Island’s Internal Audit and Risk Management: A GLOMACS Training Course

Improving Corporate Governance Practices in a Remote Island Setting

Located in the Southern Ocean, Bouvet Island is taking significant steps towards enhancing its corporate governance practices with a comprehensive training course on internal audit and risk management. The GLOMACS Governance Arms of Risk Management training course aims to improve the roles of Risk Management, Audit, and Compliance & Anti-Money Laundering / Combating Terrorism Finance functions within the Corporate Governance parameters.

Training Course Objectives

The 5-day training course is designed to equip attendees with the knowledge and skills required to comprehend and foster their risk management, compliance, and audit skills. By the end of the course, participants will be able to:

  • Validate their knowledge of corporate governance capabilities and showcase expertise in planning, assessing, and improving CG
  • Comprehend the core principles and practices of CG
  • Understand organizational risk, risk appetite, and risk tolerance
  • Acquire the ability to link internal audit planning to organizational risk considerations

Training Course Schedule

The course will cover the following topics:

Day 1: Corporate Governance - What is it Exactly?

  • Definition, concept, rules, principles of CG
  • OECD Principles of CG
  • Corporate Governance: Role of the Board of Directors and Management

Day 2: Risk Catalog & Risk Taxonomies

  • Introduction to different types of risks categories
  • Identifying credit risks, financial risks, operational risks, legal risks, political/sovereign risks, ethical risks/fraudulent risks, non-compliance risks, reputational risks

Day 3: The Risk, Compliance & Internal Audit Triangle

  • Fundamental differences and importance of convergence
  • Overlapping: Healthy or Wasteful?
  • Cooperation & Collaboration among these Functions

Day 4: Prepare Risk-Based Internal Audit Plan and Execute it

  • Determination of internal auditing universe
  • Risk mapping
  • Risk registration
  • Developing internal auditing plan

Day 5: Money Laundering

  • Definition, responsibilities, and goals
  • Money laundering threats and methods
  • International standards for anti-money laundering/combating terrorism finance

Endorsing Education Provider

GLOMACS is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors.

Partnered With

PetroKnowledge, Oxford Management Centre, and KC Academy to provide the best training services and benefits for valued clients.