Certified Enterprise Risk Specialist
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Certified Enterprise Risk Specialist Course
Introduction:
By enrolling in this course, you will acquire a thorough comprehension of Enterprise Risk Management (ERM) and learn how to integrate a suitable risk management process within your organization. The course will explore various types of risks, encompassing people and process risks, as well as reputation risk. Additionally, you will gain the skills to effectively report on risk and establish a well-suited risk awareness training program.
Course Objectives:
At the end of this Certified Enterprise Risk Specialist Course, learners will be able to do:
- Learn the concepts and practical application of risk management with different techniques for identifying risks and implementing effective risk mitigation strategies
- Understand how you can embed an ERM approach, the benefits of an enterprise-wide approach to risk and how to link risk management with your business planning process
- Evaluate techniques for the assessment of people, process, and reputation risk as well as how to record the risk process effectively
Who Should Attend?
Risk managers and directors, senior internal auditors and audit managers, assurance professionals working in compliance and quality assurance functions who are being asked to review the risk process, and finance managers and insurance professionals who need to understand the wider approach to risk management.
Course Outlines:
What Is ERM?
- Explanation of ERM and why it is not fully understood
- The current economic crisis and how ERM can provide a lifeline
- The role and responsibilities of directors and senior management with respect to ERM
- ERM roles
- ERM tips
- ERM value statements
- Strategic, financial, and operational risk
- The key link between corporate governance and risk
- Selling the benefits to top management
Risk Measurement
- How to quantify and measure risk – and why the approach followed by most organizations, maybe misleading
- Establishing a business risk program – the steps to success
- High profile corporate failures and the lessons to learn
- 10 easy steps to implement ERM
Risk Standards
- Risk standards – choosing the right one
- Explanation of the new ISO 31000 international risk standard
- ISO 31000 and ERM paper will be shared AUS/NZ 4360 standard
- COSO standards
- COSO ERM paper will be shared
- IRM standards
- The regulatory regime and impact on ERM
The Link between ERM and Strategic Objectives
- The need to understand the organization’s strategic objectives
- Developing a program to reflect these objectives
- Risk appetite – the least understood aspect of risk
- External risk statements – principal risk factors
- Examples of risk appetite statements will be provided
- Categories of risk
- Establishing a risk management framework
- The results of a global RM study will be shared
Practical Identification and Evaluation
Establishing an Embedded Risk Management Process
- Risk management framework guide
- Surprises and risk
- Why financial risks are only the tip of the iceberg
- The widening of the risk portfolio Risk cultures
- IRM paper on risk culture assessment
- The challenges
- New and emerging risks – reputation, social, environmental
- Updating the risk strategy for your organization
- Establishing the business case
- Selling the benefits to management
- The need for risk champions
- Risk and competitive advantage
Risk Identification and Evaluation
- Approaches and techniques
- How to establish a risk workshop process
- Risk workshops – the dos and don’ts
- How to identify, sift and group the risks
- Measuring the consequences and the likelihood of occurrence of each risk
- The use of risk matrices to prioritize the risks
- The need for effective facilitation
- Facilitation skills
Dealing with Risks
Assessment of Risk Mitigation
- Controls or mitigation
- Ensuring risks are managed effectively
- How to assess risk mitigation
- The need for diligence and challenge
- Identification of risk exposures
- Dealing with the exposures (the 4 Ts – terminate, tolerate, treat or transfer)
- Recording the risks – risk registers or risk maps
- Risk registers – dos and don’ts
- The need to keep the process as simple as possible
- Establishment of action plans
- Allocation of risk owners
Linking the Output from Risk Workshops into The Business Planning Process
- Linking corporate risks with the strategic planning process
- Linking operational risks into service planning
- Risk owners – how to determine such personnel and enforce ownership