Risk and internal controls, protecting the business.
Learn how businesses identify risks and design internal controls, from types of risk and control principles to risk assessment, control procedures, and ongoing monitoring.
Course overview
Every business faces risks, such as errors, fraud, and losses. Internal controls are the policies and procedures that reduce those risks and protect assets and records. This course explains how risks are assessed and how controls are designed and monitored.
- Understand what risk and internal controls mean in a business
- Identify the types of business risks, such as financial, operational, and compliance risk
- Learn the principles that make internal controls effective
- Assess and manage risks step by step
- Apply control procedures such as approvals, segregation of duties, and reconciliations
- Understand how controls help prevent errors and fraud
- Monitor and evaluate controls, and fix weaknesses
- See how risk and controls support reliable accounting records
Risk and Internal Controls lessons
Follow the lessons in order, or search and filter to jump to a subject.
Introduction to Risk and Internal Controls
Learn what risk and internal controls mean for a business.
Types of Business Risks
Explore financial, operational, compliance, and other business risks.
Internal Control Principles
Understand the core principles that make controls effective.
Risk Assessment and Management
Learn how risks are identified, rated, and managed.
Internal Control Procedures
See common procedures such as approvals, segregation of duties, and checks.
Monitoring and Evaluation
Review how controls are tested and improved over time.
Know the risks, then build the controls.
The lessons start with risk basics and types of risk, then cover control principles, risk assessment, control procedures, and monitoring and evaluation.