Professional financial director (FD1pro)

Key topics

1. Goals, content, conceptual and methodological basis of financial reporting with IFRS.
2. Types of assessments. Discounted value.
3. Formation of the accounting policy of the company.
4. Assets. Reserves, contingent liabilities.
5. Financial instruments. Rent.
6. Recognition of income and expenses. Statement of Cash Flows.
7. Forms of investments in other companies. Mergers and consolidated financial statements.
8. Special topics of financial reporting.
9. Industry standards of financial reporting.

Skills

• Understanding the structure, key definitions, and concepts of IFRS. Content and components of financial reporting.
• Possession of theoretical data, which are used while preparing financial statements by IFRS.
• Solving practical problems. Ability to make calculations for the purpose of IFRS and show them in financial statements.
• Submission of financial statements and disclosure of additional information.

Key topics

1. The nature of management accounting. Classification of costs for decision-making.
2. Cost management concept. Cost calculation methods. Break-even point.
3. Managerial format of the profit and loss statement.
4. Cost-based pricing.
5. Budgeting. Responsibility centers.
6. Financial control and its tools.
7. Segment reporting. Management control.
8. Development of the management control system: a balanced system of activity indicators.

Skills

• Setting up a management accounting and budgeting system.
• Management of financial resources and costs.
• Application of cost accounting methods, cost calculation, and pricing for management decision-making.
• Understanding the goals and tasks of budgeting in the company.
• Development of the company's financial structure and budget model.
• Formation, optimization, and control of the company's financial results.

Key topics

1. Concept of an internal control system.
2. Regulation of internal audit.
3. Toolkit of the internal auditor.
4. Audit evidence.
5. Identification and management of risks in the internal audit system.
6. Stages of internal audit.
7. Fraud.

Skills

• Understanding the basics of internal audit.
• Application of internal audit standards and tools.
• Implementation of an effective system of internal control of the company.
• Creating an internal audit plan and program.
• Conducting inspections. Formation of the audit report.

Module 1. Introduction to Risk Management and Its Role in Modern Business

• Concept of risk: definition, classification, and components
• Importance of risk management culture in an organisation
• The role of risk management in strategic management
• International risk management standards (ISO 31000, COSO) and their application

Module 2. Identification and Classification of Risks

• Types of risks: external and internal (operational, financial, legal, cyber, reputational, etc.)
• Risk identification methods: environmental analysis, expert evaluations, SWOT, checklists
• Risk documentation: risk register

Module 3. Risk Assessment and Prioritisation

• Qualitative risk analysis: probability and impact scales
• Quantitative risk analysis: expected monetary value (EMV) method, sensitivity analysis, bow-tie method, Ishikawa diagram
• Decision tree analysis and scenario approach
• Developing a risk map and ranking by criticality
• Practical task: creation of a risk map and case study analysis

Module 4. Development of Risk Response Strategies

• Risk Response Planning: risk management strategies — avoidance, reduction (mitigation), transfer, acceptance
• Development of response plans for key risks
• Assigning responsibilities and resources using the RACI matrix
• Practical task: creation of a risk response plan for a selected case, modelling possible scenarios

Module 5. Implementation of a Risk Management System in a Company

• Architecture of the risk management system in business processes
• Integration of risk management into the company’s strategy
• KPI and Risk Tracking Methodology (RTM)
• Organisation of risk monitoring and control processes
• Practical task: development of a structure for implementing risk management

Module 6. Risk Management Technologies and Tools

• Overview of modern IT solutions for risk management
• Use of automation and AI in risk detection and control
• Detection of anomalies and fraud using antifraud systems
• Practical task: analysis of market tools

Module 7. Developing a Risk Management Culture in a Company

• Organising seminars and workshops on risk issues
• Communicating risk management results to colleagues and top management
• Critical analysis of the effectiveness of implemented measures
• Methods for assessing effectiveness: After Action Review, Root Cause Analysis, Gap Analysis, Lessons Learned Review
• Audit & Evaluation: KPI-based assessment, Post-Mortem analysis, Self-Assessment, feedback
• Strategies for improving the maturity of the risk management system
• Practical task: conducting an internal training (simulation) and preparing a risk management status report for the organisation

Module 8. Final Test