April 2021, Chapter Meeting
Topic: Internal Controls for Project Management
Project management is an iterative process; projects evolve, start, stop, and budget, scope, and time can all be fluid. By using the COSO internal control process risks can be evaluated, mitigated, transferred, avoided, or accepted without facing unnecessary issues caused by not monitoring and controlling your project.
We will start with what is the COSO internal control process? COSO is a collaboration of financial professional organizations, such as the Institute of Internal Auditors, Certified Fraud Examiners, American Accounting Association, Financial Executives International, and American Institute of Certified Public Accountants, to improve organizational performance and governance. This is done through an integrated framework and enterprise risk management to reduce risk and fraud in operations. The final publishing of the Integrated Framework was in done in 2013, effective 2014, with continued revision and addition of the Enterprise Risk Management piece in 2017. The framework is scalable and is designed around the objectives of the unit, department, or organization. The focus of the framework is to ensure the entity will meet its objective in three areas - operations, reporting, and compliance. As this is scalable, it can be used to monitor, address, and employ corrective actions (as necessary) to any project, as well, as on an organizational level.
Internal controls are designed around the objectives and policies of the project and can be used to communicate those goals to all stakeholders. The design, implementation, and monitoring of the control system is flexible and allows for judgment in administering the control system. Through this process, project managers can define and communicate their risk tolerance throughout their stakeholder community. We will walk through designing of internal controls for multiple project monitoring to ensure reasonable assurance that the portfolio of projects meet the overall objectives of the organization. Then we will walk through how to design controls to ensure project objectives can be monitored by project managers to ensure the project goals across the stakeholders are properly monitored.
Finally, we will summarize the process and provide examples of controls employed and documentation used to support the continued monitoring of objectives.
Meet Our Speaker: Nancy Zikmanis, CHMM, PMP
6:00pm - Virtual Meeting Opens
6:15-6:30pm - Welcome and Announcements
6:30-7:45pm - Presentation
8:00pm - Virtual Meeting Ends
Guests are welcome at any meeting. You need not be a member of PMI to attend our monthly meetings. However, please be sure to register in advance.
Virtual (login information to be provided to all registrants prior to the event)
This session will provide you 1.5 PDUs towards Strategic and Business Management
More Information on Continuing Certification Requirements:
Technical project management: Knowledge, skills and behaviors related to specific domains of Project, Program and Portfolio Management.
Leadership: Knowledge, skills and behaviors specific to leadership-oriented, cross-cutting activities that help an organization achieve its business goals.
Strategic and Business Management: Knowledge of and expertise in the industry or organization that enhances performance and better delivers business outcomes.Register Now
$10.00 Member Virtual Meeting Registration
$15.00 Guest Virtual Meeting Registration