Training on Risk Management
Risk is the possibility of something bad happening. The possibility that the occurrence of an event will adversely affect the achievement of the organization’s objectives. Risk is the main cause of uncertainty in any organization. Thus, companies increasingly focus more on identifying risks and managing them before they even affect the business. The ability to manage risk will help companies act more confidently on future business decisions.
Risk management is important in an organization because without it, a firm cannot possibly define its objectives for the future. If a company defines objectives without taking the risks into consideration, chances are that they will lose direction once any of these risks hit home. The risks that modern organizations face have grown more complex, fueled by the rapid pace of globalization. New risks are constantly emerging, often related to and generated by the now-pervasive use of digital technology.
Training on Risk Management is designed to equip participants with essential knowledge and practical skills to identify, assess, mitigate and monitor risks in organizations and in various contexts. The course will cover fundamental principles, best practices and tools used in risk management, preparing participants to effectively manage risks in their professional roles.
Target Participants
This training on risk management course is beneficial to all individuals who need to understand and improve their proactive business risk management and risk communication skills. It is designed for professionals responsible for developing organizational strategy and defining organizational objectives. The course aims to enhance the skills and knowledge of these professionals in identifying, assessing, responding to and monitoring risks in their work places/ organizations.
What You Will Learn
By the end of this course the participants will be able to:
- Display knowledge and understanding of the main principles pertaining to Risk Management
- Examine and use the main approaches to risk identification, analysis and evaluation
- Make more informed and hence better decisions
- Improve your performance through higher efficiency and greater worker productivity by being aware of risk management principles
- Implement risk monitoring and control processes
- Effectively communicate risks and mitigation strategies to stakeholders
- Be better placed to liaise effectively with other departments and colleagues regarding current practices and issues affecting their business.
Course Duration
Online: 7 Days
Classroom: 5 Days
Introduction to Risk Management
- Types of Risks
- Fundamentals of Risk Management
- Importance of Risk Management in organizations
- Benefits of Risk Management
- Key Stakeholders in Risk Management
Risk Management Process
- Identifying the risks faced by your organization
- Analyze the likelihood and possible impact of each one
- Evaluate and prioritize the risks based on business objectives through qualitative and quantitative assessment
- Treatment, or response to -- the risk conditions
- Monitor the results of risk controls and establish a risk monitoring plan
Risk Assessment and Mitigation
- Importance of Risk Assessment and the five types of it
- Evaluation of Risk Management Policy and Plan
- Strategies in Risk Response Planning (avoidance, reduction, sharing, bearing)
- Anticipating and Mitigating Organizational Risks in the Digital Age
Operational and Enterprise Risk Management
- Distinguishing Between ERM and ORM Approaches
- How ERM and operational risk management work together to drive performance
- Operational Risk Tools – Risk and Control Self-Assessment
- The Regulatory Treatment of Operational Risk
- Evolution From Operational Risk To Enterprise Risk
Regulatory Compliance and Communication
- Types of Compliance Risk
- Differences between Compliance and risk management
- Ethical Considerations in Risk Management
- Effective Communication of Risks to Stakeholders
- Building a Risk-Aware culture within an organization
- Review of best practices and real- world examples
