Risk Management

Enterprise risk management (ERM) is a plan-based business strategy that aims to identify, assess, and prepare for any dangers, hazards, and other potential for disaster—both physical and figurative—that may interfere with an organisation's operations and objectives. https://www.investopedia.com/terms/e/enterprise-risk-management.asp

Historically, most companies outsourced risk by taking out insurance to cover damage to property and equipment through fire or theft, and for loss of profits or public liability. Modern businesses are exposed to many more obstacles and dangers including financial and political uncertainty, legal and compliance liabilities, data loss, strategic management errors and IT systems attacks.

Today, it is irresponsible not to assess and manage risk in an organisation, irrespective of size. For this reason, Enterprise Risk Management positions are highly sort after and many large organisations have entire departments dedicated to integrating risk management into everyday operations.

Aviation-safety pioneer, Jerome Lederer’s analysis of risk in aviation is equally applicable to business –
"Risk management is a more realistic term than safety.
It implies that hazards are ever-present, that they must be identified, analysed, evaluated and controlled or rationally accepted.”

This course presents an in-depth introduction to a critical field of study and expertise.

WHO SHOULD ATTEND

• Senior managers
• Second level managers who have managers reporting to them
• Heads of department
• Section or divisional heads
• Business owners

HOW YOU WILL BENEFIT

• Demonstrate an understanding of business processes and potential risks to a business or business unit
• Systematically identify potential risks
• Assess and rate the impact to the business or business unit of each risk identified
• Develop contingency plans for managing risk
• Testing and revising contingency plans

WHAT WILL BE COVERED

• Risk Management and benefits of risk management
  • Concept of risk
  • Types and categories of risk
• Factors that could constitute risks
  • Financial risk
  • Asset risk
  • Acts and regulations related to risk management
• Role of organisational policies and procedures   
  • Risk management policy           
• Risk management process        
  • The risk management plan        
• Risk Description           
• Methods and Techniques for Conducting Risk Assessment         
  • Issue-based risk assessment    
  • Checklists risk assessment       
  • Qualitative methods of risk assessment 
  • Quantitative methods of risk assessment           
• Risk assessment tools  
  • What-if Analysis
  • Checklist of Known Hazards      
  • HAZOP
  • FMEA  
  • FTA     
  • ISHIKAWA       
  • PHA    
• Use of data
  • risk inspections
  • questionnaires and incident report forms
• Possible scenarios that could constitute a risk    
• Analysis to rate the impact of each scenario       
• Risk Estimation
  • Authenticating Sources of Information   
• Probability Theory        
  • A Priori
  • A Posteriori      
  • The Law of Large Numbers       
  • The Multiplication Rule (First Law of Probability) 
  • Additions Rule  
  • Probability Trees          
  • The Prouty Approach    
  • Practical Application of Probability Theory          
  • Probability vs Possibility
• Risk Profile      
• Risk Evaluation            
• Contingency strategies 
• Applying contingencies 
• Develop contingency plans
• Risk reporting and communication         
• Contingency plans        
  • Monitoring and reviewing          
  • Document recommendations on improvements to contingency plans

You can view all our courses HERE