Herrick, Feinstein LLP: Learning Center: Events: Best Practices in Assessing Your Company’s Enterprise Risk Management Initiative: The Role of Internal Audit and Fiduciary Responsibilities of Audit Committees and Audit Directors

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Bank Regulatory
Corporate
Records Retention
Risk Management Services
White Collar Defense

Banking
Business Services

Steven D. Feldman
Richard M. Morris

Best Practices in Assessing Your Company’s Enterprise Risk Management Initiative: The Role of Internal Audit and Fiduciary Responsibilities of Audit Committees and Audit Directors
March 4, 2010 -- Herrick, Feinstein LLP and Institute of Internal Auditors
Location: 2 Park Avenue, New York, New York

Herrick, in conjunction with the Business and Industry Committee of the New York Chapter of the Institute of Internal Auditors, hosted two interactive panel discussions and a networking reception.

Panel 1: The Role of Internal Audit
1 CPE Credit was offered for this panel.

The board and audit committee of organizations have an oversight role to determine that appropriate risk management processes are in place and that these processes are adequate and effective. Internal Audit can assist both management and the audit committee by examining, evaluating, reporting, and recommending improvements on the adequacy and effectiveness of their organization's risk management processes. Our panel discussion featured senior Internal Audit executives from leading corporations who focused on the ERM initiatives at their organizations. Panelists provided their perspectives on the evolving role of Internal Audit during times of significant change.

This interactive discussion included the following:
How Internal Audit departments assess the effectiveness of the organization's ERM program
Internal Audit's relationship with the board and audit committee regarding their ERM program
How Internal Audit departments are acting as agents of change or catalysts within their companies to foster an effective ERM program

Panelists:
Errol Labosky, VP Internal Audit, Vornado Realty Trust
Shahid Khwaja, VP Internal Audit, Crane Co.
Donald Browne, Director, Adams Harris

A Q&A session followed the panel.

Panel 2: Fiduciary Liability and Obligations of Audit Committees and Audit Directors
1 CPE Credit and 1 CLE Credit were offered for this panel.

This interactive discussion included the following:
Difficult regulatory environment for corporations
Need for vigilance
Persons with fiduciary obligations or other liabilities
Theories of liability

Panelists:
Richard Morris, Partner, Herrick, Feinstein LLP
Steven Feldman, Partner, Herrick, Feinstein LLP

A Q&A session followed the panel.