Introduction

This Enterprise Risk Management Masterclass is a comprehensive training program designed to equip participants with the practical skills needed to identify, evaluate, address, and manage a portfolio of significant risks that could hinder an organization from achieving its strategic objectives, essentially providing a deep understanding of the full Enterprise Risk Management (ERM) process across various organizational aspects. 

The delegates will be empowered to shift their focus towards fostering strategic value creation. This transition will involve moving beyond a primary emphasis on risk avoidance and prioritizing innovative approaches that drive growth and opportunity. By embracing this new perspective, delegates will be better equipped to identify and leverage advantageous opportunities that align with their organizational goals.

Program Objectives

Participants will:

• Learn key concepts in risk management, including the relationship between uncertainty, risk, threat and opportunity, and distinctions between ERM and governance, internal audit, and specialized risk functions like BCM, information risk, and operational risk.
• Understand how to use risk-based information for planning and decision-making.
• Identify, assess, and proactively address risks and opportunities to optimize value for stakeholders.
• Gain a holistic view of the full spectrum of risks throughout the organization, and manage risks more effectively as an interrelated portfolio rather than as individual “silos”.
• Learn from various case studies on the impact of poor risk management practices.

Expected Output

• Comprehend the objectives and value additions of Enterprise Risk Management (ERM).
• Recognize risks and controls.
• Understand the primary ERM processes.
• Appreciate the ownership, roles, and responsibilities involved in risk management.
• Take ERM to a strategic level.

Target Delegates

• Risk Managers: Those responsible for managing enterprise-wide risks.
• Senior Executives and Managers: Decision-makers involved in strategic planning, governance, and corporate resilience.
• Compliance and Internal Audit Professionals: Those overseeing compliance and risk mitigation processes.
• Consultants and Advisors: Professionals advising organizations on risk management frameworks and strategies.

Planned Program

Day 1

Introduction to Enterprise Risk Management (ERM)

• What is ERM?: Overview of ERM, its importance, and how it differs from traditional risk management.
• Objectives of ERM: How ERM aims to help organizations achieve their objectives while managing potential risks.
• ERM Frameworks and Standards: Discussion of popular ERM frameworks like the COSO ERM Framework and ISO 31000, and how they guide risk management practices.
• Risk Culture: How to foster a risk-aware culture within the organization.

The Risk Management Process

• Risk Identification: Methods to identify different types of risks (strategic, financial, operational, reputational, compliance, etc.).
• Risk Assessment: Techniques for assessing and prioritizing risks, including qualitative and quantitative risk assessment models.
• • Risk Likelihood and Impact: Tools like risk matrices to evaluate the probability and impact of identified risks.
  • Risk Tolerance: How to define and assess acceptable levels of risk.
• Risk Evaluation and Prioritization: How to decide which risks to focus on based on their potential impact on organizational objectives.
• Risk Mapping and Reporting: Visualizing risks through risk maps and reports to communicate risk profiles effectively.

Day 2

Risk Response and Mitigation

• Response Strategies: Explore different strategies for handling risk:
• • Avoidance: Eliminating the risk.
  • Mitigation: Reducing the likelihood or impact.
  • Acceptance: Acknowledging the risk and taking no action.
  • Transfer: Shifting the risk to another party (e.g., insurance or outsourcing).
• Risk Controls and Action Plans: Implementing processes to monitor and control risks.
• Developing Contingency Plans: Creating actionable plans for unforeseen events.

Risk Monitoring and Reporting

• Ongoing Risk Monitoring: The importance of tracking risks continuously over time to assess new threats.
• Key Risk Indicators (KRIs): Identifying and using KRIs to predict potential risks.
• Risk Dashboards and Metrics: Creating dashboards and using key performance indicators (KPIs) to communicate risk levels across the organization.
• Internal and External Reporting: Best practices for reporting risk management activities to stakeholders, regulators, and the board.

Day 3

Integrating Risk Management into Strategic Decision-Making

• Aligning Risk with Business Strategy: Ensuring risk management is integrated into the strategic planning process to drive value.
• Enterprise-wide Risk Assessment: How to conduct risk assessments at the enterprise level rather than at the departmental or silo level..
• Business Continuity and Crisis Management: How ERM contributes to crisis response, business continuity planning, and disaster recovery.

ERM in Different Contexts

• Financial Risk Management: Identifying and managing risks related to financial markets, liquidity, credit, and capital.
• Operational Risk Management: Assessing risks that arise from day-to-day business operations, including supply chain risks, human resource issues, and technology risks.
• Regulatory and Compliance Risk: Understanding how ERM supports compliance with regulations and avoids legal consequences.
• Cybersecurity and Technological Risks: Managing risks related to data breaches, IT systems, and digital transformation.
• Reputational Risk: Protecting and managing risks that could harm the organization's public image and brand.

Day 4

Risk Governance and Oversight

• Risk Management Governance Structures: Roles and responsibilities in risk governance, including risk committees, risk owners, and the board of directors.
• Risk Appetite and Tolerance: Defining the level of risk the organization is willing to accept and how it impacts decision-making.
• Risk and Internal Audits: The role of internal audit in risk management and ensuring compliance with risk management policies.
• Enterprise Risk Management Maturity: How to assess and improve the maturity of your organization’s ERM practices.

Emerging Risks and Trends in ERM

• Global Risks: How to deal with geopolitical risks, climate change, pandemics, and global economic shifts.
• Technology and Innovation Risks: Evaluating risks associated with adopting new technologies such as AI, blockchain, and automation.
• Sustainability and ESG (Environmental, Social, Governance) Risks: Managing risks related to environmental and social responsibility initiatives.

Day 5

Case Studies and Best Practices

• Industry Case Studies: Real-world examples of companies effectively managing enterprise risks, including both successes and failures.
• Lessons Learned: Key takeaways from how organizations have managed crises, prevented risks, or mitigated major threats.
• Best Practices in ERM: Insights into what works and what doesn’t when implementing enterprise risk management.

Practical Tools and Techniques

• Workshops and Group Activities: Hands-on sessions to apply ERM concepts to hypothetical or real-world scenarios.

Training Approach

This training is delivered by our experienced trainers who are experts in their respective fields. The instruction includes a combination of practical activities, presentations, group work, and case studies. Participants will also receive training notes and additional reference materials.