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CIMA Management level Management control and risk

CIMA Management level Management control and risk

Who should attend?
CEOs, CFOs, managing directors, general managers, finance managers, management accountants and other finance professionals, business development managers, business planning managers, sales and marketing managers, business unit managers, audit and risk managers, engineering and HR managers.

CIMA Management level Management control and risk: What you will gain

  • A thorough understanding of the concepts of risks – good and bad!
  • Strategic management tools and techniques for analysing and evaluating organisational risks.
  • Methods for quantifying financial risks: regression analysis; value at risk; scenario analysis.
  • Tools and techniques to mitigate risks: market risk tools; credit risk tools; tools for managing financing, cash flow and liquidity.
  • The details of investment and capital expenditure risks.
  • Appreciation of how to develop an enterprise risk management (ERM) framework.
  • An understanding of the roles and responsibilities across the organisation for managing risks.

CIMA Management level Management control and risk: Programme outline
What is risk? And what is risk management?

  • Identifying and defining what is meant by risk.
  • Identifying the internal and external risks – SWOT.
  • Sophisticated risk identification using PESTEL.
  • Classification of risks.
  • Categorising and ranking organisational risks.
  • Analytics – the next generation of risk management.
  • Discussion and learning experience.

Strategic risks – the biggest challenge to organisations!

  • What are strategic risks and how to identify them.
  • Risks in identifying markets.
  • Supply chain risks.
  • Investment risks.
  • Strategic planning in the context of risk.
  • Budgeting in a risk environment.
  • Discussion of case studies of strategic failure.

Financial risks

  • The extent of financial risks in organisations – risk / return consequences.
  • Risks in costing and cost allocations.
  • P&L risk exposures – identifying operating risks.
  • Balance sheet risks – assets, liabilities and working capital.
  • Ratio analysis – understanding the reasons and how to mitigate them.
  • Relationship of risk and return.
  • Risks in capital investment decisions.
  • Identifying financial risks and tools for different categories of financial risk.
  • Quantifying financial risks – some tools and techniques.
  • Discussion – a glossary of financial risks.

Risk management frameworks

  • The risk management cycle.
  • Enterprise risk management frameworks and processes.
  • Identifying risks for improved performance.
  • Risk management payoff models.
  • Performance management of risks to operations.
  • Calculating the costs of risks.
  • Internal and external risk reporting.
  • Discussion and learning experience.

 

CIMA Management level Management control and risk

Details on CIMA Operational level Marketing: The Chartered Institute of Management Accountants (CIMA) is a UK based professional body offering training and qualification in management accountancy and related subjects. It is focused on accountants working in industry, and provides ongoing support and training for members.

CIMA is one of the professional associations for accountants in the UK and Ireland. Its particular emphasis is on developing the management accounting profession. CIMA is the largest management accounting body in the world with more than 227,000 members and students in 179 countries. CIMA is also a member of the International Federation of Accountants.

CIMA operates a standard scheme of qualifying examinations for prospective members. It promotes local education, training and management development operations, and new techniques through its research foundation and the dissemination of management accounting practices through publications and other media related activities. CIMA has been active in recent educational and vocational initiatives in former Eastern bloc countries. It publishes a monthly journal, supplied free to members and registered students, called ‘Financial Management’.

CIMA is recognised as a professional accounting body for various statutory purposes by UK and various overseas governments. The institute regulates the activities of its members by a code of practice, a discipline committee and (a recent innovation) a continuing education scheme. Its governing body is its council, comprising members elected from regional branches. Each of the branches has a committee and is responsible for much of the ‘grass roots’ activity. Activity such as qualification development is undertaken from the London head office.

The CIMA Global Business Challenge, an annual international business and strategic management competition for undergraduates around the world, is designed to bring out the best in the young business leaders of tomorrow.

In July 2009, CIMA added an online community – CIMAsphere – to its website. The community consisted of a range of blogs, discussion boards, groups, community answers, expert Q&A sessions and some social networking features for members, students and the general public. This has since been shut down. Members are instead encouraged to join the CIMA LinkedIn group, and students are directed to CIMAconnect, an online study support portal.

In 2011, CIMA entered into a joint venture with the American Institute of Certified Public Accountants (AICPA) to launch a global management accounting designation called the Chartered Global Management Accountant (CGMA).In the Americas outside the U.S., non-U.S. CPAs can obtain the new designation as an AICPA International Associate, after a rigorous assessment process. In the rest of the world, new designation holders are able to become members of CIMA after the same assessment process.

CIMA is proactive to tie up with American CPA because of the current convergence trend between US-GAAP and IFRS, reinforced following the merger of the iconic New York Stock Exchange with Germany’s Deutsche Boerse AG. “It remains to be seen whether companies listed in a combined exchange would be required to report under IFRS, US GAAP or both, but as the US appears to be moving towards IFRS adoption it is more likely the international standards would be the accounting rules of choice”.

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CIMA Management level Management control and risk

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