Enterprise Risk Management

Why is Enterprise Risk Management (ERM) Important?

riskmanagementDeveloping and deployinga single coherent and consistent approach to enterprise risk management (ERM) promotes good and effective risk management. The approach must include a framework, methodology and vocabulary for risk management to be used for all kinds of risk management activityacross the organisation. Adopting a consistent strategy for risk management provides many benefits:
− A consistent and defensible basis for decision making at all levels, particularly where decisions about capital spending are made;
− More confidence in the success of change activities, and an enhanced ability to pre-empt and capitalise on external changes such as those involving markets, customers and government;
− Management focus and priority on actions that aid and enhance the execution of business plans and objectives;
− Protection of the organisation from major incidents and losses (and lower insurance premiums);
− Enhanced tactical moves to identify and seize opportunities;
− Reinforced accountability for risks and, most importantly, for controls and the checking and assurance of controls;
− A sound basis for governance reporting.
All this can lead to a significant change in culture as the organisation and its employees engage on activities directly related to ensuring the achievement of goals and objectives and the successful completion of projects.

Benefits of Attending 

You will obtain expert advice from a leading ERM practitioner that will help you to:
– Understand the principles of ERM and control assurance;
– Highlight the key benefits of implementing ERM across your organisation, as well as some of the practical difficulties;
– Identify how risk management adds value;
– Assess the resource requirements and the benefits of different risk assessment techniques;
– Establish a process for identifying the risks to your organisation, setting priorities for addressing them and developing appropriate treatment actions that will add value;
– Track the effects of the risks identified and manage them to a successful conclusion;
– Develop a successful risk management strategy and ERM plan.

Course Details

This workshop will contain a blend of presentations, case studies, hands-on participant exercises and discussion. In each session we will:
– Review the concepts of the session and the relevant theory;
– Discuss the way in which the concepts are applied, using examples from client activities across a wide range of sectors;
– Engage in case study exercises to explore the concept in more detail, and discus the outcomes and the practical lessons.
A key feature of the three-day course is the inclusion of a half-day case study exercise, during which participants will work in teams to draw together the main topics discussed in the workshop.

Course Outline 

Foundations of Risk and Risk management

− Basic concepts of risk and risk management
− Definitions
− How risk comes about
− The risk management process (ISO 31000)
− Enterprise Risk Management and a framework for risk management

RM Process – Risk Evaluation and Treatment
− Criteria
− Prioritisation
− Cost benefit analysis
− Qualitative evaluation
− Control design process
− Bow tie analysis
− Risk sharing in contracts and insurance
− Risk treatment options and planning

RM Process – Communication and Consultation
− Stakeholder analysis
− Risk perception
− Communications planning

Project Risk Management
− Basic concepts
− Phases and criteria
− Integrating risk management into project management
− Risk focussed peer review for major projects

Group Case Study Exercise (1/2 day) followed by Feedback Session

RM Process – Establishing the Context
− External context
− Internal context
− Risk management context
− Developing risk criteria to reflect your risk appetite and risk attitude
− Key elements
− Workshop preparation and briefing notes

Implementing Effective Risk Management
− Framework elements
− RM Plans
− Integration into decision making
− Management of change
− RM performance management and reporting
− Maturity evaluation

RM Process – Risk Analysis
− Basic concepts
− Risk control effectiveness
− Risk rating
− Potential exposure
− Quantitative analysis – for projects

Personal Planning
− Communities of Practice
− Support
− Mentoring
− Personal planning



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