Conducting risk & opportunity identification and assessments

ERM policy; Framework and Methodology; Risk Appetite and Tolerance Framework; Culture; Maturity; Assurance; Disclosure

What you'll learn
Common challenges in risk identification and assessments and how to overcome them
How to set context and boundaries for a risk assessment initiative (Context: ERM Policy, Framework and Methodology)
Identification and assessment of strategic, tactical and operational risks
Risk identification and Assessments – applying Risk Appetite and Tolerance Framework and Key Risk Indicators (KRIs)
How to identify and assess Compliance Risks
How to identify and assess threats and risks in Business Continuity Management
A culture of risk management as an enable for risk identification and assessments
Impact of Risk Maturity to risk identification and assessments
assessments Risk Assurance in risk identification and assessment

Requirements
There are no specific prerequisites for taking this training course

Description
SUMMARYThis training course provides a comprehensive guide for organizations on conducting risk identification and assessments.The central theme of this training is an outline of the processes for identifying and assessing risks across strategic, tactical, and operational levels. It covers various topics, including the identification and assessment of strategic, compliance, and business continuity risks, along with the development of response strategiesIt covers various aspects of risk management, from defining a risk management framework and identifying strategic risks to assessing compliance risks and implementing business continuity management.The training course also explores the role of risk culture, governance, and maturity in fostering an effective ERM program, concluding with the importance of transparent risk disclosure to stakeholders.Main Themes:Comprehensive Risk Management: The training course advocates for an integrated Enterprise Risk Management (ERM) framework, encompassing strategic, operational, compliance, and business continuity risks. It stresses aligning risk management with organizational governance, strategy, and culture.Proactive Risk Identification: Early and continuous identification of existing and emerging risks across all levels of the organization is emphasized. Various tools and methods, including PESTLE analysis, SWOT analysis, scenario planning, and risk workshops, are recommended.Structured Risk Assessment: The training course provides detailed guidance on assessing risks based on likelihood and impact, using tools like heat maps and risk registers for prioritization. It also differentiates between inherent and residual risk.Effective Risk Response: Developing and implementing tailored response strategies, including risk mitigation, avoidance, transfer, and acceptance, is crucial. This involves clearly defined roles, responsibilities, resources, and communication plans.Importance of Culture and Maturity: Building a risk-aware culture and continually improving the maturity of risk management processes are essential for success. This involves open communication, shared understanding, and proactive risk identification.Transparency and Assurance: The training course highlights the importance of transparent risk disclosure to stakeholders and obtaining assurance on the effectiveness of risk management processes through internal audit and management reporting.Other key Ideas covered in the training course are:New and Emerging Risks: The course discusses the importance of identifying and assessing new and emerging risks.Opportunity identification: The course discusses the how to identify opportunities, thus covering the ‘up-side’ of risk.Standard Risk Libraries and Structured Reviews: Use of standard risk libraries and structured reviews for identifying and assessing operational risks is covered.Risk Rating tables and Risk Tolerance Levels: The course explains, with examples, the use of risk rating tables based on likelihood and impact descriptors. It also demonstrates of application of risk tolerance levels to determine acceptable risk thresholds.Application of KRIs: The course covers how tracking of performance of KRIs can be used in risk identification and assessment.

Who this course is for
Enterprise risk management professionals or students studying towards the profession
Executive management and board of directors when conducting or evaluating organisational risk profiles and plans
General managers, financial managers, IT risk managers, IT managers, operations managers, and project managers
Other professionals like Compliance Managers, Business Continuity Management professionals, Assurance providers, etc.
Entrepreneurs and small business owners who want to learn how to identify and manage risks in their business