Description
Program Overview:
The turmoil in the world is continuing – with increasing public unrest, fluctuating oil prices, natural disasters of a scale thought unimaginable, volatile stock markets, conflicts, a pandemic and climate change
In this time of global uncertainty how do you steer a course through these difficult times as a financial institution or a service-oriented organization?
Many organizations have realized that an Enterprise Risk Management (ERM) approach designed around the organizations business portfolio, strategies and plans are needed to predict, evaluate, manage and measure its performances.
This has ensured that risks that were previously managed in isolation can be aggregated and prioritized across the entire business as a single dashboard that aligns to the business goals and strategies.
In this session, we are no longer just focusing on the ERM framework and its program implementation but more on the effectiveness and its alignment to the organizations Vision, Mission, Values and Objectives and key results.
It goes one step further. Risks are evaluated based on business materiality. A new understanding of the risks then emerges, and efficient controls can be implemented to tackle what really matters to the business. In short, the focus becomes strategic value creation instead of risk management & avoidance.
Duration: 2 day (16 hours)
Learning Objectives of the Program:
• Implement appropriate and varied techniques for the identification and assessment of risks
• Generate measurable value by aligning the Enterprise Risk Management (ERM) framework with corporate performance expectations
• Engage the Board in the analysis of enterprise risk scenarios
• Foster a culture that reinforces appropriate risk-taking to balance value creation and value protection
• Implement Key Risk Indicators (KRI’s) for each line of business
• Enhance achievement of corporate objectives by linking performance targets, and risk management actions
Who should attend?
Chief Financial Officers, Compliance Directors, Chief Risk Officers, Board of Directors, CEO’s, COO’s, Chief Audit Officers
Program Structure and Outline
DAY 1
8:30am – 12:00pm
Taking Enterprise Risk Management (ERM) to the Next Level
• Characteristics of an Advanced Enterprise Risk Management (ERM) Process
• Board-level commitment to ERM as a critical decision framework
• An Enterprise Risk Management (ERM) culture that encourages full engagement and accountability at all levels of the organization
• Engagement of stakeholders in risk management strategy development and policy setting
• Transparency of risk communication at all levels
• Integration of financial and operational risk information into decision making
• A move from focusing on risk avoidance and mitigation to leveraging risk and risk management options that extract value Keeping Your Eye on the Big Prize
• What and how to paint the Big Picture of your organization’s enterprise risks
• Identifying principal risk factors (review of case study)
• Providing transparent, risk-adjusted business performance management
• How to focus on risk events that impair the enterprise from fully achieving objectives
1:15pm – 5:00pm
Exploring Global Enterprise Risk Management (ERM) Scenarios
• Risk Attitude
• The need to define risk as the need to get things right – not what can go wrong
• ‘Ring fencing’ risk exposure – never allow one part of the business to impact the whole organization
• Determining and communicating your attitude to risk and your required risk culture to managers and stakeholders
Day 2
8:30am – 12:00pm
The Enterprise Risk Management (ERM) Roadmap
• How to review the current ERM Environment
• Conducting Gap Analysis
• Conduct management workshops and agree priorities
• Develop ERM roadmap of priorities for implementation
Enterprise Risk Management (ERM) Risk Measurement Techniques
• Risk Measurement Methods
• Understanding the need for quantitative risk analysis
• Structured Interviews
• Delphi (expert analysis)
• Ishikawa diagrams (fishbone analysis)
• Failure mode and effect analysis (FMEA)
• Scenario planning
• Root cause analysis
• Monte Carlo analysis
• Bayesian networks
• The pros and cons of the various methods
1:15pm – 5:00pm
Key Risk Indicators (KRI’s)
• How to see the banana skins ahead of time
• Examples of KRI’s
• How to develop effective KRI’s
• Workshop of review existing KRI’s to best practices
Risk Appetite and Risk Tolerance
• What is risk appetite?
• The difference between risk appetite and risk tolerance
• Defining risk limits
• Risk profiling
• Developing risk appetite statements
• Workshop of creating Risk appetite statements
Wider Aspects of Enterprise Risk Management (ERM)
• Ensuring your assurance providers roles e.g. Internal Audit, Compliance, Risk Management, Insurance, Security alignment to avoid duplication of effort
• How to incorporate internal audit agreed actions in your risk register?
• Ensure environmental risk is taken seriously thru ESG (even if you are in a sector such as Financial Services
• Ensuring Business Continuity plan covers all eventualities thru testing
Resource Speaker: Mr. Kama Neson Ganeson
Schedule: 22-23 November 2022 (Tuesday-Wednesday, 8:30 AM – 5:00 PM)
Training Fee per Participant:
From Member Institution – P 4,480.00
From Non-Member Institution – P 6,720.00
(The old rates will still be applied to this webinar)
**VAT inclusive