Certified Risk and Compliance Training

The International Association of Risk and Compliance Professionals (IARCP) develops and maintains four certification programs and many tailor-made training programs for directors, executive managers, professionals working for banks and financial organizations, consultants, vendors, service providers, auditors and legal counsels around the world. Subject matter experts review and update this body of knowledge.

For instructor-led training, you may contact Lyn Spooner at lyn@risk-compliance-association.com


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Certified Risk and Compliance Management Professional (CRMCP)

(Note: This is the Certified Risk and Compliance Management Professional (CRCMP) program. It is different from the Certified Regulatory and Compliance Professional (CRCP) program, provided by FINRA, which can be found at www.finra.org).

The CRCMP program has become one of the most recognized programs in risk management and compliance. There are CRCMPs in 32 countries. Companies and organizations like IBM, Accenture, American Express, USAA etc. consider the CRCMP a preferred certificate.

The CRCMP program has been designed to provide with the knowledge and skills needed to understand and support regulatory compliance and enterprise wide risk management. The course provides with the skills needed to pass the Certified Risk and Compliance Management Professional (CRCMP) exam. We have updated the program the 10th of January, 2018.

Target Audience

The CRCMP certification program is beneficial to:
- Risk managers, employees, auditors and consultants.
- Compliance managers, employees, auditors and consultants.
- Senior managers involved in risk and compliance management.
- Risk and compliance management vendors, suppliers and service providers.

Course Synopsis

Part A: Introduction, Compliance and Risk Management

What is corporate governance.
The OECD (Organization for Economic Cooperation and Development) principles of corporate governance.
FSB, Thematic Review on Risk Governance.
FSB 2017, Thematic Review on Corporate Governance.

What is risk.
Risk and uncertainty.
Risk acceptance, transfer, avoidance.
Definitions of risk - from the US Marine Corps (Marine Cops Training Command) to the corporate environment.
Risk - good or bad?
Case Study: Daimler Group, Risk and Opportunity Management system.
Risk Management and Issue Management.
Marine Corps and Banks – similar Records Management principles.
Threats and vulnerabilities.
Risk mitigation methodology flowchart.
Outsourcing and Risk Management.

What is compliance.
Enterprise wide risk and compliance program.
Case Study: Annual Report, Munich Re.
Policies, Procedures, Standards, Baselines, Guidelines, Ethics.
Case Study: Merck.
Conflicts of interest.
Roles and responsibilities.
The Chief Risk Officer.

Case Study: Annual Report, Bank of America Corporation.
Case Study: Annual Report, Credit Suisse Group AG.
Case Study: Annual Report, Munich Re.

Data Owners, Process Owners.
The role of the internal auditors.
Continuous Auditing.
The role of the external auditors.
The role of the Board of Directors.
Case Study: Annual Report, Credit Suisse Group AG
Case Study: Annual Report, GE.
Case Study: Annual Report, Lloyds Banking Group.
Case Study: Annual Report, Bank of America
Case Study: Annual Report, Amazon.
Case Study: Annual Report, Daimler Group.

Part B: Sarbanes-Oxley, an international standard.

The need.
Companies affected.
American Depository Receipt (ADR) program.
Employees affected.
Foreign Private Issuers (FPIs) and Sarbanes-Oxley compliance.
EDGAR - Electronic Data Gathering, Analysis, and Retrieval system.
Case Studies: Microsoft, Sony.

The Sarbanes-Oxley Act.
Key sections, what we need to know.
Board's new responsibilities.
Management’s testing and documentation.
Management’s responsibilities.
Committees and teams.
Sections 302, 404, 906: The three certifications.
Sections 302, 404, 906: Examples and case studies.

The Securities and Exchange Commission (SEC) and the Sarbanes-Oxley Act.
The PCAOB and the new Auditing Standards: What we need to know.
Auditing Standard No. 1, to Auditing Standard No. 16.
Reorganized PCAOB Auditing Standards.

Control Deficiency.
Deficiency in Design.
Deficiency in Operation.
Significant Deficiency.
Material Weakness.

The Scope of the Sarbanes-Oxley Act.
Software and Spreadsheets after the Sarbanes-Oxley Act.
Service providers.

E-SOX, the European Sarbanes-Oxley.
The 8th Company Law Directive of the European Union.
Ahold, Parmalat and the new rules.
Article 45 - Registration and oversight of third-country auditors and audit entities.
The “equivalence” of a third country.
Article 46 - Derogation in the case of equivalence.

J-SOX, the Japanese Sarbanes-Oxley.
From Enron to Livedoor, Kokudo, Kanebo.
The Financial Instruments and Exchange Law.
J-SOX requirements similar to the U.S. Sarbanes-Oxley Act.
“Corporate Responsibility for Financial Reports”
“Management Assessment of Internal Controls”
From the Financial Services Agency (FSA), to the Certified Public Accountants and Auditing Oversight Board (CPAAOB), to the Securities and Exchange Surveillance Commission (SESC).

Part C: Basel II, Basel III – the new international standards in governance, risk and compliance

The Bretton Woods Agreement.
Bankhaus Herstatt.
The Bank for International Settlements (BIS).
The Basel Committee on Banking Supervision (BCBS).
The purposes of the Basel framework.

Basel I, Basel II, Basel III.
Basel I - The First Basel Capital Accord.
Basel II - The major amendment.
Pillar 1: Minimum capital requirements.
Pillar 2: Supervisory review process.
Pillar 3: Market discipline.
Branch office vs. subsidiary.
Credit risk, market risk, operation risk.
Operating, Operations, Operational risks.
Seven Event Types (Loss Categories).
The 8 business lines.

Delphi method - exploring the future.
5 categories of control breakdowns.
Outsourcing and Basel compliance.

The Basel III amendment.
The objective of the reform.
Basel III, sound corporate governance principles.
A. Board practices.
B. Senior management.
C. Risk management and internal controls.
D. Compensation.
E. Complex or opaque corporate structures.
F. Disclosure and transparency.
The role of the supervisors.

Part D: The Frameworks

The Committee of Sponsoring Organizations (COSO).
1992, COSO Internal Control — Integrated Framework.
The COSO cube.

Control Environment.
Risk Assessment.
Control Activities.
Information and Communication.
Monitoring.

Effectiveness and Efficiency of Operations.
Reliability of Financial Reporting.
Compliance with applicable laws and regulations.

2013, COSO Internal Control — Integrated Framework.
The updated COSO cube.
Example: Cyber risk and COSO.

2004 - The COSO Enterprise Risk Management (ERM) Framework.
The differences between COSO and COSO ERM.
Components of Enterprise Risk Management.
The COSO ERM cube.

Is COSO ERM needed for compliance?
Internal Environment.
Objective Setting.
Event Identification.
Risk Assessment.
Risk Response.
Control Activities.
Information and Communication.
Monitoring.

Objectives: Strategic, Operations, Reporting, Compliance.
ERM – Application Techniques.
2017 - The updated COSO ERM.
Enterprise Risk Management and Strategy Selection.

Control Objectives for IT - COBIT.
COBIT 5.

Part E: Designing and implementing a risk and compliance program

Which is the best program?
Principles of Effective Compliance Programs, from the US Bureau of Industry and Security.
Comprehensive compliance programs.

The Rulemaking Process in the US and the EU.
International and national regulatory requirements.
Regulatory compliance in Europe.
Regulatory compliance in the USA.
Canada’s Sarbanes Oxley.
The GCC (Gulf Cooperation Council) Countries.
The Offshore Financial Centers (OFCs).
The Special Purpose Entities (SPEs).


Certified Information Systems Risk and Compliance Professional (CISRCP)

Note: The CISRCP program is updated. In July 2018 we will have a much better CISRCP program.

The program has been designed to provide with the knowledge and skills needed to understand international standards and best practices in IT risk management and information security. Also, to provide with the knowledge and skills needed to pass the CISRCP exam and become a Certified Information Systems Risk and Compliance Professional (CISRCP).

Target Audience:

The CISRCP certification program is beneficial to:

- IT managers, employees, auditors and consultants
- Information security managers, employees, auditors and consultants
- Risk and compliance managers, employees, auditors and consultants
- Network, systems and security administrators
- Incident handlers and incident response professionals
- Threat analysts
- Vulnerability assessment personnel
- IT and information security operations engineers and analysts
- IT and information security vendors, suppliers and service providers

This course is intended for employers demanding qualified IT and Information Security professionals that meet the fit and proper requirements in risk and compliance management.