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In today's ever-changing business and economic landscapes, risk is always present and risk has also changed. Risk can be an event, a condition, or practically anything that might affect entities from achieving their objectives: strategic, operational, reporting and compliance. But risk can be managed.
In 2004, the Committee of Sponsoring Organizations of the Treadway Commission (COSO) formulated the COSO Framework on Enterprise Risk Management (ERM). The framework defined enterprise risk management as a "process, effected by an entity's board of directors, management, and other personnel, applied in strategy setting and across the enterprise, designed to identify potential events that may affect the entity, and manage risk to be within its risk appetite to provide reasonable assurance regarding the achievement of entity objectives."
COSO ERM identifies eight (8) components for an integrated and complete risk management process, namely as follows: internal environment, objective setting, event identification, risk assessment, risk response, information and communication, and monitoring. Since then, many organizations across different industries and different countries adopted the COSO ERM Framework in managing their risks, making it the most widely used risk management framework globally.
The importance of ERM cannot be underestimated as without effective management of risks, it will be "game over" for any entity.
Accountants, in their whatever capacities they serve in organization (internal auditors, managers, controllers, members of audit committee, and the like) should have a clear grasp of what an integrated enterprise risk management system is, and how it functions in managing various risks, and how ERM aligns with the entity's strategy.
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₱2,000
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₱2,500
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Speakers
Jesse Rey
L. Meneses
Mr. Jesse Rey L. Meneses is a professional lecturer of the Philippine Institute of Certified Public Accountants handling internal control & risk, audit & assurance, governance and financial reporting topics (i.e. IFRS). He is a Certified Internal Controls Auditor and a Certified Forensic Accountant (CrFA).
He has also lectured for PSE-listed entities such as Ayala Land, Globe Telecom, STI Holdings, LBC Holdings, Central Azucarera de Tarlac, and for other entities such as Accenture, Singapore International Airlines Eng. Co., Innodata, Asian Institute of Taxation and Commission on Audit. Mr. Meneses assists clients in the areas of internal control and compliance.
On the academic side, he is a visiting reviewer of CRC-ACE CPA Review School and teaches corporate finance and financial accounting in the MBA Program.
He was a former member of the Committee on Integrated Reporting dubbed as the “reporting of the future.” Mr. Meneses once served as a volunteer in the review of the financial statements submitted to SEC during the early years of the adoption of the IFRS. He is a member of the Government Association of Internal Auditors.
Agenda
7
30AM
-
8
00AM
8
00AM
-
9
45AM
Session – Overview of Risk
Jesse Rey L. Meneses• Definition of risk
• Types of risks
• Entity objectives:
Strategic
Operational
Reporting
Compliance
• Discussion of corporate failure to manage risks because of the absence of ERM
9
45AM
-
10
15AM
10
15AM
-
12
00PM
Session 2 – COSO Enterprise Risk Management
Jesse Rey L. Meneses• Historical background on COSO
• What is the definition of ERM
• Updates in the COSO ERM Framework – Alignment with Strategy
• ERM Components Part 1
Internal environment
Objective setting
Event identification
• Illustrations on how the components function
12
00PM
-
1
00PM
1
00PM
-
3
00PM
Session 3 – COSO ERM Framework Continuation
Jesse Rey L. Meneses• ERM Components Part 2
Risk assessment
Risk response
Information and communication
Monitoring
• Illustrations on how the components function
3
00PM
-
3
45PM
3
45PM
-
5
00PM
Session 4 – Value and Benefits of ERM to Organizations
Jesse Rey L. Meneses• Its alignment with the entity’s corporate strategy
• Its link to corporate performance
• Benefits of ERM
Reducing negative surprises
Identifying opportunities (not just risks)
Reducing performance variability
Improving resource deployment
Comprehensive and holistic management of risks
• Assessing an entity’s ERM process
Session – Overview of Risk
• Definition of risk • Types of risks • Entity objectives: Strategic Operational Reporting Compliance • Discussion of corporate failure to manage risks because of the absence of ERM
Speakers
Jesse Rey L. Meneses
Mr. Jesse Rey L. Meneses is a professional lecturer of the Philippine Institute of Certified Public Accountants handling internal control & risk, audit & assurance, governance and financial reporting topics (i.e. IFRS). He is a Certified Internal Controls Auditor and a Certified Forensic Accountant (CrFA).
He has also lectured for PSE-listed entities such as Ayala Land, Globe Telecom, STI Holdings, LBC Holdings, Central Azucarera de Tarlac, and for other entities such as Accenture, Singapore International Airlines Eng. Co., Innodata, Asian Institute of Taxation and Commission on Audit. Mr. Meneses assists clients in the areas of internal control and compliance.
On the academic side, he is a visiting reviewer of CRC-ACE CPA Review School and teaches corporate finance and financial accounting in the MBA Program.
He was a former member of the Committee on Integrated Reporting dubbed as the “reporting of the future.” Mr. Meneses once served as a volunteer in the review of the financial statements submitted to SEC during the early years of the adoption of the IFRS. He is a member of the Government Association of Internal Auditors.
Session 2 – COSO Enterprise Risk Management
• Historical background on COSO • What is the definition of ERM • Updates in the COSO ERM Framework – Alignment with Strategy • ERM Components Part 1 Internal environment Objective setting Event identification • Illustrations on how the components function
Speakers
Jesse Rey L. Meneses
Mr. Jesse Rey L. Meneses is a professional lecturer of the Philippine Institute of Certified Public Accountants handling internal control & risk, audit & assurance, governance and financial reporting topics (i.e. IFRS). He is a Certified Internal Controls Auditor and a Certified Forensic Accountant (CrFA).
He has also lectured for PSE-listed entities such as Ayala Land, Globe Telecom, STI Holdings, LBC Holdings, Central Azucarera de Tarlac, and for other entities such as Accenture, Singapore International Airlines Eng. Co., Innodata, Asian Institute of Taxation and Commission on Audit. Mr. Meneses assists clients in the areas of internal control and compliance.
On the academic side, he is a visiting reviewer of CRC-ACE CPA Review School and teaches corporate finance and financial accounting in the MBA Program.
He was a former member of the Committee on Integrated Reporting dubbed as the “reporting of the future.” Mr. Meneses once served as a volunteer in the review of the financial statements submitted to SEC during the early years of the adoption of the IFRS. He is a member of the Government Association of Internal Auditors.
Session 3 – COSO ERM Framework Continuation
• ERM Components Part 2 Risk assessment Risk response Information and communication Monitoring • Illustrations on how the components function
Speakers
Jesse Rey L. Meneses
Mr. Jesse Rey L. Meneses is a professional lecturer of the Philippine Institute of Certified Public Accountants handling internal control & risk, audit & assurance, governance and financial reporting topics (i.e. IFRS). He is a Certified Internal Controls Auditor and a Certified Forensic Accountant (CrFA).
He has also lectured for PSE-listed entities such as Ayala Land, Globe Telecom, STI Holdings, LBC Holdings, Central Azucarera de Tarlac, and for other entities such as Accenture, Singapore International Airlines Eng. Co., Innodata, Asian Institute of Taxation and Commission on Audit. Mr. Meneses assists clients in the areas of internal control and compliance.
On the academic side, he is a visiting reviewer of CRC-ACE CPA Review School and teaches corporate finance and financial accounting in the MBA Program.
He was a former member of the Committee on Integrated Reporting dubbed as the “reporting of the future.” Mr. Meneses once served as a volunteer in the review of the financial statements submitted to SEC during the early years of the adoption of the IFRS. He is a member of the Government Association of Internal Auditors.
Session 4 – Value and Benefits of ERM to Organizations
• Its alignment with the entity’s corporate strategy • Its link to corporate performance • Benefits of ERM Reducing negative surprises Identifying opportunities (not just risks) Reducing performance variability Improving resource deployment Comprehensive and holistic management of risks • Assessing an entity’s ERM process
Speakers
Jesse Rey L. Meneses
Mr. Jesse Rey L. Meneses is a professional lecturer of the Philippine Institute of Certified Public Accountants handling internal control & risk, audit & assurance, governance and financial reporting topics (i.e. IFRS). He is a Certified Internal Controls Auditor and a Certified Forensic Accountant (CrFA).
He has also lectured for PSE-listed entities such as Ayala Land, Globe Telecom, STI Holdings, LBC Holdings, Central Azucarera de Tarlac, and for other entities such as Accenture, Singapore International Airlines Eng. Co., Innodata, Asian Institute of Taxation and Commission on Audit. Mr. Meneses assists clients in the areas of internal control and compliance.
On the academic side, he is a visiting reviewer of CRC-ACE CPA Review School and teaches corporate finance and financial accounting in the MBA Program.
He was a former member of the Committee on Integrated Reporting dubbed as the “reporting of the future.” Mr. Meneses once served as a volunteer in the review of the financial statements submitted to SEC during the early years of the adoption of the IFRS. He is a member of the Government Association of Internal Auditors.
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SEMINAR FEES
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Contact: Ms. Bhe-bhe Agudo
PICPA WMMC Secretariat
Tel. Nos. 723-6313; 726-9453
Email: picpa.wmmc@picpammr.org; picpawmmc@gmail.com
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