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Strategic Governance, Risk and Compliance
This course aims to help participants gather an understanding of how to integrate corporate governance, risk management and regulatory compliance (GRC) under one umbrella that improves strategic execution and enhances performance. Most organizations separate these three areas into distinct, “siloes” that are managed and resourced separately—often with significant overlap, confusion, inefficiency and with little relation to strategy-setting and execution. However, recent evidence suggests that comprehensive management of GRC could substantially improve a company’s profile and has become best-practice among the best-performing companies in the world. We try to outline the contours of each area of GRC and synthesize points of complementarity. We then consider how the comprehensive structure is superior to the more traditional approach.
Who should attend?
Board-level members of Corporate Governance, Risk Management or Asset-Liability Management Committees, CFOs, CROs, Heads of Compliance, Executive and Management Committee members, as well as management consultants in these areas:
- Role of Corporate Governance in increasing value by enhancing performance
- The context of shareholders, investors, owners and managers
- Context of the board as custodians of value between investors and managers
- Roles and responsibilities of boards of directors and committees
- Best practice in control frameworks
- Management of auditor and regulator expectations
Course prerequisitesAttendees should have some familiarity with the major issues (though not necessarily an in-depth knowledge of) the areas of at least one of the areas within risk management, corporate governance and compliance.
Introduction & Overview
What Governance, Risk and Compliance (GRC) is about
- Case Studies of breakdowns in governance, risk and compliance
Why we need governance
- Self-interested executives and agency problems
- Evidence of self-interested behavior in actual companies in the US, UK
Corporate Governance Standards
- UK Corporate Governance Code
- Global Comparisons
The Role of Strategic Risk Management
- Enterprise Risk Management (ERM) and Strategy
- Elements of ERM that can address risk governance lapses
- ERM as a process that involves everyone from the board downwards (addressing misperceptions of risk)
- ERM as a forward-looking, strategically-linked initiative (addressing misidentification)
- ERM as a mechanism for quantitatively vetting strategy (Addressing risk miscalculation)
- ERM as a RELEVANT framework for supporting the business (Addressing miscommunication of risks)
- ERM as a means for addressing risk exposure before events happen (Addressing mismanagement of risks)
Governance Challenges and Scenarios
- Lack of Consensus about mission, vision, ans the role of the board of directors (BoDs)
- Lack of understanding of duties of board members, financial statements, risk management
- High turnover of the BoDs and CEO
- Unresolved conflicts between board members or between the BoD and CEO
- Practice of the board not fitting by-laws or best-practice
- Confusion over conflicts of interest
- Decision paralysis
- Information improperly or inaccurately presented to directors
- Rubber-stamping by the BoDs
- Micro-management by BoD
- Interference by minority investors
- BoD that runs well but focuses on wrong issues
- Poorly Chaired meetings
- Poor relationships with stakeholders
- Superfluous number of committees
How Enterprise Risk Management Works
- The strategic, executive and board-level linkage
- Chief Risk Officers interacting with other executives
- The ERM Process Steps
- Establishing Context
- Identifying Strategic risks
- Analysing and quantifying risks
- Integration of risks
- (Re-) Assessment of risks
Developing a Risk Governance Framework using ERM
- Necessary ingredients
- The right structure, people, tools, etc.
- Developing a Risk Management Strategy (RMS) using the ERM Process
- Interacting with other executives at EXCO, Risk ManCo, ALCO, etc.
- Use of a “risk” SWOT
- Joint development of an RMS
- The Risk Strategy Report (the main Risk Governance “Deliverable”)
- Drafting a report that business people can use
- Contents of the report
Class Assignment: Draft a skeletal, risk governance framework for your company
Defining Risk Governance
Understanding Risk Exposure
- Why it is a board and executive-level concern
- Why managing risk requires the attention of CEOs and business heads
- Why risk and strategy are tied
- Why risk MUST be forward-looking and strategic
How misunderstandings of risk, call for the risk governance
- Misperceptions of risks
- Misidentification of risks
- Miscalculation of risks
- Miscommunication of risks
- Mishandling and mismanagement of risks
Risk governance as a solution
Evaluating the State of Risk Governance in Your Company
- What it means
- Biased views
- Cognitive biases and the psychology of bad thinking
- Major problems biases lead to
- Exercise: Where are the biases in your company?
- How do we identify risks?
- Backward-looking versus forward-looking
- Risk exposure that we commonly ignore
- Emerging risks
- Reputation risks
- Social-media risks
- Customer-service-related risks
- Strategic risks
- Weaknesses in typical risk identification tools
Exercise: How do you identify risks in your company
Evaluating Risk Governance in Your Company (Contd.)
- Backward, data-driven tools
- Control self assessments
- Risk registers
- Forward-looking tools
- SWOT analyses
- Risk ratings
- Exercise: How do you quantify risks in your company?
- Famous cases of risk communication breakdown
- The consequence of miscommunication
- Why risk is miscommunicated
- Tools and frameworks to better communicate risk
Exercise: How good is risk communication in your company?
- Example Compliance measures that affect most companies
- ISO measures
- Example Compliance that affects mostly financial institutions
- Basel II & III compliance
- MiFID II
- Overnight Case Study Assignments
Discussion of Case Studies
Summary of Concepts
Our Tailored Learning Offering
Do you have five or more people interested in attending this course? Do you want to tailor it to meet your company’s exact requirements? If you’d like to do either of these, we can bring this course to your company’s office. You could even save up to 50% on the cost of sending delegates to a public course and dramatically increase your ROI.
If you want to run this course at a location convenient to you or if you want a completely customised learning solution, we can help.
We produce learning solutions that are completely unique to your business. We’ll guide you through the whole process, from the initial consultancy to evaluating the success of the full learning experience. Our learning specialists ensure you get the maximum return on your training investment.
We have a combined experience of over 60 years providing learning solutions to the world’s major organisations and are privileged to have contributed to their success. We view our clients as partners and focus on understanding the needs of each organisation we work with to tailor learning solutions to specific requirements.
We are proud of our record of customer satisfaction. Here is why you should choose us to help you achieve your goals and accelerate your career:
- Quality – our clients consistently rate our performance ‘excellent’ or ‘outstanding’. Our average overall score awarded to us by our clients is nine out of ten.
- Track record – we have delivered training solutions for 95% of worlds’ top 100 banks and have trained over 250,000 professionals.
- Knowledge – our 150 strong team of industry specialist trainers are world leading financial leaders and commentators, ensuring our knowledge base is second to none.
- Reliability – if we promise it, we deliver it. We have delivered over 20,000 events both in person and online, using simultaneous translation to delegates from over 180 countries.
- Recognition – we are accredited by the British Accreditation Council and the CPD Certification Service. In an independent review by Feefo we scored 96% on service and 95% on product
BiographyMaurice is a global management consultant, former banking executive and experienced, public company board member that has worked in over 60 countries. He has been an advisor and consultant to boards and executive teams with numerous, major banks, investment banks, central banks and investment funds, including notables such as Abu Dhabi Investment Authority, Morgan Stanley, Goldman Sachs, Wells Fargo, ING, HSBC, State Street, Sberbank, Bank of China, Construction Bank of China and The Monetary Authority of Singapore. He has also worked as an expert advisor and senior advisor for major consultancies, such as McKinsey, BCG, PwC and KPMG. Owing to his expertise in the underwriting of digital products, Maurice was previously the Chief Risk Officer (CRO) and executive board member of the bank which invented “mobile money,” and ultimately designed and executed the world’s first mobile lending product suite. He holds a PhD and MA in economics from Princeton, an MA certification from MIT and a double BA in mathematics and economics from Northwestern. Maurice is a former student of Nobel Prize winners John Nash and Daniel Kahneman and former Fed Chairman Ben Bernanke. In addition to his risk management related work, he currently employs cognitive science in advising startup integration at Fortune 100 companies. A widely sought after public speaker and columnist, Maurice lectures in the executive programme at Churchill College, Cambridge and has published numerous articles in the Harvard Business Review, Inc. Magazine and Business Insider.
Marriott London County Hall
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