About Course
LEARNING OUTCOMES:
- Define Risk and Risk Management
- Describe the COSO ERM Cube and ISO 31000
- Establish a Risk Management context
- Describe the 7 R’s and 4 T’s that form the framework of Risk Management activities
- Design and complete a basic Risk Assessment
- Determine the appropriate response to risks and create a plan for those responses
- Developing and implementing Risk Management Plans to mitigate or prevent negative impacts
- Describe the key components of reporting, monitoring, and evaluation of a Risk Management Program
- Analyzing and evaluating the effectiveness of Risk Management and Crisis Response Strategies
- Communicating Effectively with stakeholders during a crisis
- Compliance with laws, regulations and industry standards
- Understanding the importance of post-crisis review and learning from past crises to improve future Risk Management and Crisis Response
COURSE OVERVIEW & CONTENT:
“Risk comes from not knowing what you’re doing.” – Warren Buffett
Corporations have realized that Effective Risk Management can not only reduce the negative impact of crises; it can provide real benefits and cost savings.
Risk Management is the process of identifying, assessing, and prioritizing potential risks to an organization, and implementing strategies to mitigate or prevent negative impacts. It is a critical aspect of business and organizational operations, as it helps to protect an organization’s assets, reputation, and overall well-being. It is an ongoing process that should be integrated into an organization’s overall management strategy, by having a robust Risk Management Framework in place to identify, assess, and manage risks proactively, organizations are able to respond quickly and effectively to potential risks, minimizing the impact of any negative events and maximizing opportunities.
The Risk Management framework provided in this workshop is flexible enough for any organization. You can apply it to a single project, a department, or use it as a basis for an enterprise-wide risk management program.
Introduction to Risk Management
- Overview of the Importance of Risk Management
- The Risk Management Process
Understanding Risk
- Defining Risk and Risk Management
- Types of Risks
- Key Components of Establishing Risk Management Context
- Two Key Risk Management Models
- The COSO ERM Cube
- The ISO 31000 Risk Management Standard
Risk Management Activities
- The Seven R’s and Four T’s Of Risk Management
Identification of Risks
- Techniques for Identifying Potential Risks, Including Brainstorming, Checklists, and Interviews
- Discussion of Different Types of Risks Such as Operational, Financial, Reputational, and Strategic Risks
Assessing Risk
- A Risk Assessment Process
- How to Design a Basic Risk Assessment Process
- Case Study: General Motors (Part One)
Responding to Risks
- The Four T’s of Responding to Risks
- Tolerate, Treat, Transfer, and Terminate
- Case Study: General Motors (Part Two)
Resourcing Controls
- Identifying and Evaluating Controls
- Controls That Can Be Put Into Place To Mitigate Risks
- Case Study: General Motors (Part Three)
Reaction Planning
- The Worst-Case Scenario
- A Checklist of Items to Include in the Contingency Plan
- Case Study: General Motors (Part Four)
Reporting and Monitoring
- Reporting Hierarchies and Requirements
Reviewing and Evaluating the Framework
- A Review Checklist
- Back at Work