Internal Control and Risk Management (5 cr)

Evaluation scale

0-5

Objective

The purpose of the course
After completing the course, you will understand the definition and objectives of internal control. You know the responsibilities of senior management, supervisors, and the individual employee in internal control in developing and as an executor. You recognise the role of supervision in preventing and detecting fraud. You understand what risks are and detect ways in which risks are identified, analysed and how a company can hedge against risks.

Course competences
Internationality and multiculturalism
Business competence
Sustainable development

Course competence
You understand the definition and objectives of internal control. You know the responsibilities of senior management, supervisors, and the individual employee in internal control in developing and as an executor. You recognise the role of supervision in preventing and detecting fraud. You understand what risks are and detect ways in which risks are identified, analysed and how a company can hedge against risks. You take responsibility for your own work and follow the given schedules.

Content

The contents of the course cover the definition of the difference between and the objectives of internal control and internal audit, as well as internal control as part of a good management system. The course covers various control environments, the assessment and development of controls and the role of internal control as part of the organisation's various functions and processes. The course deals with the identification, analysis and protection of risks, types of risks, regulatory requirements for risk management and general risk management tools.

Assessment criteria, satisfactory (1)

Adequate 1
You understand the definition and objectives of internal control. You know the responsibilities of senior management, supervisors, and the individual employee in internal control in development and as an executor. You recognise the role of supervision in preventing and detecting fraud. You understand what risks are and identify ways in which risks are identified, analysed and how a company can hedge against risks. You take responsibility for your own work and follow the given schedules.

Satisfactory 2
You know the definition and objectives of internal control. You will be able to go through the responsibilities of senior management, supervisors and individual employee in internal control in development and as an executive in a variety of control environments. You will recognise and be able to describe the role of supervision in preventing and detecting fraud. You know what risks are and you recognise them and are able to tell you the ways in which risks are identified, analysed and how a company can hedge against risks. You act responsibly for your own work, ensuring that the joint output is completed on time.

Assessment criteria, good (3)

Good 3
You know the definition and objectives of internal control. You will be able to go through the responsibilities of senior management, supervisors and individual employee in internal control in development and as an executive in a variety of control environments. You will distinguish and be able to describe the role of supervision in preventing and detecting fraud. You know what the risks are. You identify, compare, communicate solutions, analyse how a company can hedge against risks. You will be able to analyse the risks of the control environment and identify process control measures. You will be able to direct and organise the activities of the group and take responsibility for meeting assignments and schedules.

Very good 4
You will be able to define the concept and objectives of internal control in a reflective manner. You will be able to assess the responsibilities of senior management, supervisors and an individual employee in internal control in development and as an executor in a variety of control environments. You will be able to design and build processes to reduce and detect the risks of fraud. You identify, compare, describe different solutions, analyse how a company can hedge against risks. You will be able to analyse the risks of the control environment and identify process control measures. You take the initiative and organise the goal-oriented activities of the group by taking responsibility.

Assessment criteria, excellent (5)

Excellent 5
The presentation of the key themes and concepts in the topic area is reflective and structured. You can critically assess industry-specific key risks and master key risk management tools. You manage the definition of internal control, objectives and are able to form an assessment of the company's control culture and environment. You will be able to build and make development proposals to improve internal control and risk management based on the theory of the topic. You work in good cooperation and actively guiding the group in its goal-oriented activities.

Qualifications

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Further information

Avoin amk 5