Cambridge
Academy
In London

Introduction

Organizations today operate in environments characterized by uncertainty, complexity, and continuous change. Effective risk management is essential to support decision-making, protect organizational value, and enhance resilience. The ISO 31000:2018 standard provides globally recognized guidelines for establishing and improving risk management frameworks and practices.

This course is designed to develop the competencies required to plan, conduct, and lead risk management audits based on ISO 31000:2018 principles. It focuses on equipping participants with the knowledge and practical skills needed to assess risk management systems, identify gaps, and provide value-added recommendations that strengthen organizational performance.

Course Objectives

By the end of this course, participants will be able to:

· Understand the principles and framework of ISO 31000:2018.

· Interpret and apply risk management processes within organizations.

· Plan and conduct risk management audits effectively.

· Evaluate the effectiveness of risk management systems.

· Identify nonconformities and recommend corrective actions.

· Apply risk-based auditing techniques in practical scenarios.

· Lead audit teams and communicate findings professionally.

Target Audience

This course is designed for:

· Risk management professionals and consultants.

· Internal and external auditors.

· Governance, risk, and compliance (GRC) specialists.

· Quality assurance and assurance professionals.

· Managers responsible for enterprise risk management (ERM).

Course Content

Unit 1: Fundamentals of Risk Management and ISO 31000:2018

· Overview of risk management concepts, definitions, and importance.

· Principles of ISO 31000:2018 and their application in organizations.

· Structure and components of the ISO 31000 framework.

· Integration of risk management into governance and decision-making.

· Relationship between risk management, strategy, and organizational performance.

Unit 2: Risk Management Framework and Process

· Establishing organizational context and risk criteria.

· Risk identification techniques across business functions.

· Risk analysis and evaluation using qualitative and quantitative methods.

· Risk treatment strategies and implementation planning.

· Monitoring, review, and continuous improvement of risk processes.

Unit 3: Audit Principles and Risk-Based Auditing

· Core auditing principles and concepts.

· Types of audits (internal, external, compliance, and risk-based).

· Risk-based auditing approaches and methodologies.

· Audit evidence collection, documentation, and sampling techniques.

· Auditor roles, responsibilities, and professional ethics.

Unit 4: Planning and Conducting Risk Management Audits

· Developing audit programs and detailed audit plans.

· Preparing audit checklists aligned with ISO 31000 guidelines.

· Conducting audit activities, interviews, and observations.

· Identifying nonconformities and areas for improvement.

· Managing audit teams and ensuring effective execution.

Unit 5: Reporting, Follow-Up, and Continuous Improvement

· Preparing clear, structured, and professional audit reports.

· Communicating audit findings to stakeholders effectively.

· Managing corrective actions and follow-up activities.

· Evaluating audit effectiveness and organizational improvements.

· Driving continuous improvement in risk management systems.