COSO Enterprise Risk Management Training Course

Duration 10 days 16 modules · 65 contact hours
Level Intermediate Certificate on completion
Who attends Finance Directors, Financial Controllers and others
Fee from USD 2,200 KSh 190,000 for Kenyan organisations
Where 52 cities + online See dates by city
Next start 9 Nov 2026 Course code SD-FM-056

Before you join: Participants should understand core finance concepts including financial statements, budgeting, forecasting, cash flow, internal controls and management reporting.

Dates & prices

Two start dates a month in every city, and live online on weekdays or weekends. Fees are per participant; classroom fees include tuition, materials, lunch and refreshments, and the certificate.

Suggest a date or city

Showing the next six months. Later dates, other cities and private deliveries for your team are available on request.

Course overview

Finance leaders must make decisions amid uncertain cash flows, market movements, counterparty exposures, regulatory demands and operational disruption. Without a consistent enterprise risk management approach, risk information can remain scattered across treasury, financial planning and analysis, controllership, tax, procurement and business units. This weakens decisions on capital allocation, liquidity, forecasts, controls and reporting.

This course applies the COSO Enterprise Risk Management Framework to finance functions and finance-led risk processes. Participants learn to define risk governance, connect risk appetite with strategy and financial objectives, identify and assess risks, select responses, assign ownership, monitor indicators and report meaningful risk information to senior management and boards. The programme addresses financial, strategic, operational, compliance and reporting risks, with particular attention to liquidity, credit, market, fraud, forecasting and third-party exposures.

Instructor-led delivery combines short briefings, finance cases, structured group work, risk simulations and guided application to participants' own organisations. Participants work with risk statements, risk registers, assessment criteria, appetite measures, key risk indicators and reporting formats from the first week. They leave with a finance-focused ERM pack, including a risk profile, appetite framework, treatment plan and management reporting design. The course is delivered over 10 days, 08:30-16:30, in classrooms across 50+ cities or live online, and includes a certificate of completion.

The course suits finance professionals who contribute to risk decisions, risk reporting, assurance, planning or governance. It is particularly relevant where finance must provide reliable risk information for executive committees, audit committees, boards, regulators, lenders or major investment decisions.

What you will be able to do

  • Apply the COSO ERM Framework to finance governance, strategy and performance decisions
  • Draft clear risk statements using cause, event, consequence and ownership fields
  • Assess financial and enterprise risks using likelihood, impact, velocity and persistence criteria
  • Set risk appetite statements, tolerances and escalation thresholds for finance objectives
  • Design risk responses linking controls, contingency actions, funding and accountable owners
  • Build key risk indicators and early-warning measures from finance and operational data
  • Produce board-ready risk reports, heat maps and risk trend analysis
  • Present a complete finance ERM profile and action plan for management review

Benefits of attending

For you

  • Produce finance risk reports suitable for executive and board discussion
  • Connect budget, forecast and liquidity decisions to stated risk appetite
  • Identify control gaps and response actions before risks affect financial results
  • Use key risk indicators to explain emerging exposures with evidence
  • Lead structured risk discussions with treasury, planning, audit and business leaders

For your organisation

  • More consistent finance risk ownership, assessment criteria and escalation decisions
  • Earlier visibility of liquidity, covenant, forecast and counterparty pressures
  • Risk appetite translated into measurable finance limits and tolerances
  • Clearer evidence for audit committees, boards, lenders and regulators
  • Better linkage between strategy, planning, controls and risk reporting

Course modules

16 modules over 10 days

Participants can explain how enterprise risk management supports finance decisions, accountability and value protection.

  • Finance risk decisions linked to value protection, liquidity and stakeholder confidence
  • Roles of CFO, controller, treasury and risk owners clarified
  • ERM vocabulary defined: uncertainty, risk, opportunity, exposure and control
  • Risk management versus internal control distinguished through purpose and outputs
  • Financial materiality assessed through earnings, cash flow, capital and covenant effects
  • Risk statements written with cause, event, consequence and accountable owner

Participants can map COSO ERM principles to finance governance and decision-making arrangements.

  • COSO ERM 2017 principles mapped to finance accountability arrangements
  • Governance and culture component applied to finance leadership behaviours
  • Board, audit committee and management responsibilities differentiated clearly
  • Three Lines Model aligned with finance ownership and assurance
  • Risk policy architecture connected to delegated financial authorities
  • Escalation routes established for breaches, emerging risks and incidents

Participants can assess finance risk culture and specify actions that improve challenge and accountability.

  • Risk culture indicators drawn from incentives, decisions, reporting and challenge
  • Finance conduct risks identified in estimates, approvals and disclosures
  • Speaking-up channels assessed for confidentiality, retaliation and timely investigation
  • Segregation of duties tested against fraud and override exposures
  • Performance incentives reviewed for unintended risk-taking behaviours
  • Culture improvement actions assigned to named leaders and review dates

Participants can connect strategic finance objectives with risk appetite, tolerances and decision limits.

  • Strategic objectives translated into measurable finance risk assumptions
  • Risk appetite statements drafted for liquidity, earnings, capital and compliance
  • Tolerance ranges defined using limits, triggers and escalation thresholds
  • Capacity assessed through available capital, cash reserves and borrowing headroom
  • Scenario assumptions tested against approved appetite and financial targets
  • Decision rights specified for accepting, transferring or escalating exposures

Participants can identify and document material finance risks using structured sources and risk taxonomy.

  • Risk taxonomy structured across strategic, financial, operational and compliance categories
  • PESTLE analysis identifies external drivers affecting finance objectives
  • Process mapping exposes handoffs, dependencies, delays and control failures
  • Risk workshops use prompt questions, evidence sources and challenge techniques
  • Emerging risks captured from forecasts, incidents, audits and market signals
  • Interdependencies documented between finance risks, business risks and assumptions

Participants can assess finance risks consistently using qualitative and quantitative assessment criteria.

  • Inherent and residual risk ratings calculated using defined criteria
  • Likelihood scales calibrated with frequency data and expert judgement
  • Impact dimensions cover profit, cash, capital, compliance and reputation
  • Velocity and persistence assessed for rapidly developing financial exposures
  • Risk heat maps prepared without obscuring material uncertainty
  • Assessment rationale documented with assumptions, evidence and confidence levels

Participants can evaluate liquidity and funding exposures within an enterprise risk profile.

  • Thirteen-week cash forecasts identify timing gaps and funding requirements
  • Liquidity risk indicators include cash headroom, concentration and maturity gaps
  • Funding sources assessed for availability, pricing, terms and refinancing risk
  • Covenant headroom modelled under base, downside and severe scenarios
  • Contingency funding plans define triggers, actions and decision authorities
  • Cash concentration risks examined across banks, entities and jurisdictions

Participants can assess market, credit and counterparty risks and select suitable response actions.

  • Foreign exchange exposures mapped from forecast transactions and balance sheets
  • Interest rate sensitivity measured against debt profiles and repricing dates
  • Counterparty credit assessment uses limits, ratings, ageing and concentration
  • Expected credit loss assumptions challenged using forward-looking evidence
  • Hedging decisions linked to policy limits, effectiveness and accounting treatment
  • Wrong-way risk identified where counterparty stress amplifies market losses

Participants can identify financial reporting and fraud risks and evaluate related control responses.

  • Financial statement assertions linked to material misstatement risk assessment
  • COSO Internal Control Framework compared with COSO ERM responsibilities
  • Management override risks assessed through journals, estimates and approvals
  • Fraud risk factors analysed using pressure, opportunity and rationalisation
  • Control design evaluated for preventive, detective and corrective coverage
  • Residual exposure documented where controls cannot eliminate uncertainty

Participants can select proportionate risk responses and create accountable treatment plans.

  • Avoid, accept, reduce, share and pursue responses selected systematically
  • Cost-benefit analysis compares treatment cost against expected risk reduction
  • Control improvements linked to root causes, owners and target dates
  • Risk transfer assessed through insurance, contracts, hedging and outsourcing
  • Contingency plans specify decision triggers, resources and communications
  • Treatment plans prioritised by residual exposure and implementation dependency

Participants can design risk indicators and monitoring routines using finance and operational data.

  • Key risk indicators distinguished from performance indicators and control indicators
  • Indicator thresholds calibrated against appetite, tolerance and capacity measures
  • Data lineage documented from source systems through management reporting
  • Trend analysis identifies deteriorating exposures before tolerance breaches
  • Exception reports separate routine variance from material risk signals
  • Monitoring cadence aligned with daily, monthly, quarterly and event-driven decisions

Participants can use scenarios and stress tests to assess resilience under adverse conditions.

  • Scenario narratives combine risk drivers, assumptions and management actions
  • Sensitivity analysis tests single-variable impacts on financial outcomes
  • Reverse stress testing identifies conditions that breach critical limits
  • Cash flow stress tests model delayed receipts and accelerated outflows
  • Correlation assumptions challenged where multiple risks occur simultaneously
  • Management actions assessed for feasibility, timing and secondary effects

Participants can prepare concise risk reports that support management and board decisions.

  • Risk dashboards combine exposure, trend, appetite status and action progress
  • Board reports distinguish decision requests from information-only updates
  • Heat maps supplemented with narrative, movement analysis and concentration views
  • Top-risk reporting explains drivers, controls, treatments and residual exposure
  • Risk appetite breaches reported with escalation actions and recovery plans
  • Management commentary avoids unsupported assurance and ambiguous risk ratings

Participants can embed risk information in finance planning, forecasting and performance management cycles.

  • Annual planning incorporates risk assumptions, scenarios and funding constraints
  • Rolling forecasts update exposure assessments when assumptions change materially
  • Capital allocation proposals include downside cases and risk-adjusted returns
  • Business cases test dependencies, implementation risks and benefit sensitivity
  • Performance reviews connect target variance with risk events and responses
  • Risk ownership embedded within budgeting, forecast and close calendars

Participants can review ERM effectiveness and plan improvements supported by assurance evidence.

  • ERM maturity criteria assess governance, process, data and reporting quality
  • Control self-assessments gather owner evidence and challenge ratings
  • Internal audit findings translated into risk treatment and governance actions
  • Incident reviews identify root causes, lessons and control implications
  • Risk register quality checked for duplication, stale ratings and unclear ownership
  • Periodic framework reviews consider strategy changes, acquisitions and regulations

Participants can build, review and present a complete finance ERM profile, treatment plan and executive report.

  • Finance objectives and material risks assembled into a coherent profile
  • Risk appetite measures linked to tolerances, indicators and escalation routes
  • Assessment evidence supports inherent, residual and target risk ratings
  • Treatment plan assigns actions, resources, dependencies and accountable owners
  • Executive dashboard presents exposures, trends, decisions and required interventions
  • Peer review challenges assumptions, clarity, consistency and reporting priorities

Exercises and examples are adapted to each cohort's sectors and roles.

What you take back to work

  1. Finance ERM risk register template
  2. Risk appetite statement and tolerance matrix
  3. Financial risk assessment criteria
  4. Key risk indicator dashboard template
  5. Risk treatment and contingency action plan
  6. Board risk report template

Who should attend

  • Finance Directors — need risk information for capital, liquidity and performance decisions
  • Financial Controllers — strengthen financial reporting, control and risk ownership arrangements
  • Treasury Managers — manage liquidity, funding, market and counterparty exposures
  • FP&A Managers — incorporate uncertainty and risk scenarios into plans and forecasts
  • Risk Managers — align enterprise risk processes with finance data and decision cycles
  • Internal Audit Managers — assess ERM design and finance risk reporting evidence

Skills and tools covered

Risk appetite settingFinancial risk assessmentERM reportingRisk response designKey risk indicatorsBoard risk communication

Tools and standards

COSO Enterprise Risk Management Framework, COSO Internal Control—Integrated Framework, ISO 31000, Three Lines Model

How the course runs

Training methodology

The programme uses short instructor briefings to establish COSO concepts, followed by finance-based cases, facilitated group analysis and structured simulations. Participants assess risk events, define appetite measures, challenge controls, select treatments and prepare management reports. Cases reflect treasury, financial reporting, planning, procurement and investment decisions. Application planning throughout the course helps participants adapt templates to their own governance arrangements, data sources and reporting calendar. Trainers provide feedback on risk statements, assessment logic, indicators and executive-level communication.

Requirements and prerequisites

Participants should understand core finance concepts including financial statements, budgeting, forecasting, cash flow, internal controls and management reporting. Experience in a finance, treasury, risk, audit, compliance, planning or controllership role is expected. Familiarity with a risk register or corporate risk process is useful but not essential. Participants do not need prior COSO certification, advanced quantitative risk modelling skills, specialist derivatives knowledge or internal audit qualifications. The course explains COSO terminology before applying it to finance cases and workplace materials.

A typical training day

08:30 – 10:30First session
10:30 – 10:45Refreshment break
10:45 – 12:30Second session
12:30 – 13:30Lunch and networking
13:30 – 15:00Third session
15:00 – 15:15Refreshment break
15:15 – 16:30Workshop and daily review

Live online deliveries follow the same structure in East Africa Time, with shorter screen blocks and longer breaks.

What the fee includes

  • Instruction by a practitioner facilitator
  • Full course workbook and materials
  • Exercise files, templates and case studies
  • Refreshments and lunch on classroom deliveries
  • Certificate of completion
  • Post-course application plan

Frequently asked questions

Participants should understand basic finance, budgeting, cash flow, financial reporting and internal controls. Prior experience with COSO or formal risk management is helpful but not required.

Participants should bring a laptop for working with templates and case materials. If permitted by their employer, they may also bring an anonymised risk register, risk policy, forecast pack or board report for application planning.

The course is designed for finance directors, controllers, treasury professionals, FP&A managers, risk managers, internal auditors and compliance professionals. It is most useful for people who prepare, challenge or use risk information in financial decisions.

Internal controls courses focus primarily on control design, operation and testing. This course addresses the wider COSO ERM process: governance, strategy, appetite, risk assessment, treatment, monitoring and reporting, while showing how controls fit within that process.

Participants can use the templates to improve a finance risk register, define appetite measures, strengthen key risk indicators or redesign risk reporting. The capstone approach also provides a practical structure for a priority risk review or finance ERM improvement plan.

Each day runs from 08:30 to 16:30 and provides about 6.5 contact hours. The first week establishes COSO principles and builds finance risk analysis, while the second week develops response planning, indicators, stress testing, reporting, assurance and the final capstone.

Questions about this course?

Ask about dates, fees, group bookings or running it for your team. Our training team replies by email.

Ask on WhatsApp info@skillsetdevelopment.com

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