Cambridge
Academy
In London

Introduction

An enterprise-wide approach to risk management allows organizations to consider the potential impact of all types of risks upon processes, activities, stakeholders, products, services, to realize business objectives and seize new opportunities.

Enterprise Risk Management (ERM) is important because its success determines the health and life of the business enterprise. If an organization fails to identify risks to its existence, it will be ill prepared to face any risk events. 

This Enterprise Risk Management training course aims to provide you with the fundamental principles of risk management using an integrated approach. It will provide the relevant knowledge and skills required for you and your business to manage risk systematically to improve performance within all areas of your organization to maximize all opportunities and minimize all threats.

Course Objectives

By the end of this course, participants will be able to:

·        Understand the importance of ERM to organizations.

·        Determine and master the concepts, approaches, standards, methods and techniques for the effective implementation of ERM

·        Develop the necessary leadership skills enabling you to communicate your findings to all levels and all stakeholders

·        Determine your organization's appetite and tolerance for risk

·        Assess, report and monitor risks effectively.

·        Identify, analyze and manage business risk effectively.

·        Understand how ERM relates to crisis management, business continuity and business resilience

·        Apply your invaluable and highly relevant ERM knowledge to put into practice and benefit you and your organisation immediately on returning

·        Develop and implement a risk management strategy.

·        Develop mitigations and contingency plans.

Target Audience

This course is designed for:

·        Risk Managers

·        Managers and Directors responsible for the risk management function or process

·        Senior Internal Auditors and Audit Managers, other assurance professionals such as those in Compliance and QA functions who are being asked to review the risk process

·        Finance Managers and insurance professionals who need knowledge of the wider approach to risk management

Course Outlines

Day 1 : Principles of Risk and Enterprise Risk Management

·        Objectives & Governance, concepts & definitions

·        Mapping and assessing Your current governance arrangements

·        Commitment - Setting Your objectives for implementing the latest guidance

·        Who are the internal and external stakeholders?

·        The importance of culture, communication and behavior in seeking an effective ERM structure

·        An overview of the global post pandemic business environment

·        Enterprise Risk Management – The Resilient Organization

Day 2 :  ISO 31004 – Designing the Framework for Managing ERM

·        ERM framework and process

·        ERM responsibilities – who does what, who is on the team

·        ERM accountabilities and performance measures

·        Compare Your current ERM to ISO31000:2009 principles

·        Alignment between ERM policy and the organization

·        Risk attitude: pursue, retain or avoid with respect to risk appetite and tolerance

·        Options for risk criteria, assessment, identification, analysis and evaluation

 Day 3: Business Continuity Management Systems (BCMS) 

·        Fundamental principles of Business Continuity Management

·        Implementation of a BCMS in accordance with ISO 22301 & 27031

·        Business Impact Analysis (BIA) and Risk Assessment

·        To understand the relationship between BCMS and the compliance with the other ERM requirements, including supply chain strategies

·        Writing a business case and a project plan for the implementation of a BCMS

·        Incident and emergency response management (including mutual aid)

Day 4 :  Implementing Effective Enterprise Risk Management

·        Resources and methodologies to implement The Plan

·        Ensuring ERM becomes part of significant decision-making

·        What are the likely barriers to implementation (risk culture)?

·        Risk reporting & the limitations of various risk reporting tools & methodologies

·        Assess the merits of quantitative risk modelling & qualitative reporting

·        Align your risk reporting processes with other strategically important management activities, such as reputation management

Day 5 : Monitoring, Review and Continuous Improvement of the Framework

·        Key risk indicators (KRI´s)

·        Continuous improvements, running your own team-based risk workshops

·        Collate risk and control information from multiple sources into a central risk register or inventory of risk information system

·        Controls register or inventory of controls (The “Five Ws”)

·        Understand feedback provided to you by those you communicate with and take on board “lessons learnt”