• 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
• Clarify Enterprise Risk Management (ERM) accountabilities of all employees from executives to the front line
• Implement Key Risk Indicators (KRI’s) for each line of business
• Enhance achievement of corporate objectives by linking performance targets, and risk management actions

CONTENT

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
• A dedicated risk executive in a senior level position to drive the process
• 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
• Integration of financial and operational risk information into decision making
• Use of sophisticated quantification methods to understand risk and demonstrate added value through risk management
• Identification of new and emerging risks using internal data as well as information from external providers
• A move from focusing on risk avoidance and mitigation to leveraging risk and risk management options that extract value
• Enterprise Risk Management (ERM) case studies (banking and FMCG)
• New paper on Enterprise Risk Management (ERM) and the role of Executive management will be shared

Enterprise Risk Management (ERM) Risk Measurement Techniques

• Risk Measurement Methods

• The need for quantitative risk analysis
• Structured Interviews
• Risk workshops
• 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

More Risk Assessment Techniques

• Systematic method of System Analysis
• Examines the system top down
• Used to investigate potential faults
• Quantify contribution to system unreliability
• Worked example

Advanced Enterprise Risk Management (ERM) Issues

• The Risk Register Challenges
• Why the Enterprise Risk Management (ERM) process often fails to engage management
• Risks recorded are much too general
• Causes and effects are confused with risks
• Only residual risk is concentrated on
• Various different methods are used for scoring risks
• Benefits are difficult to determine
• The register is spread sheet based
• The process is far too complex
• The Risk register solution

Wider Aspects of Enterprise Risk Management (ERM)

• Assurance and Enterprise Risk Management (ERM)
• Ensuring your assurance providers roles e.g. Internal Audit, Compliance, Risk Management, Insurance, Security etc are co-ordinated to avoid duplication of effort
• Why you should incorporate internal audit agreed actions in your risk register?
• Ensure environmental risk is taken seriously (even if you are in a sector such as Financial Services
• Ensure that your Business Continuity plan covers all eventualities and ensure it is fully tested
• Identify new ways to benefit the least able section of the wider community you serve
• New guidance on coordinating RM & assurance

FOR WHOM

Heads of Internal Audit

TRAINING METHODOLOGY

The training methodology combines lectures, discussions, group exercises and illustrations. Participants will gain both theoretical and practical knowledge of the topics. The emphasis is on the practical application of the topics and as a result participant will go back to the workplace with both the ability and the confidence to apply the techniques learned to their duties.

This course is available in the following locations:

Nigeria - $3000
Ghana - $6000
Rwanda - $7000
UK - $8000
USA - $8000