Enterprise Risk Management (ERM) is a complex area that challenges organizations and Boards of Directors in deciding how to effectively implement this critical process. There are pitfalls to avoid when implementing your ERM process such as lack of understanding or clarification of the definition of the risk terms i.e. risk appetite, inherent risk, and residual risk.
This highly interactive two day seminar on Enterprise Risk Management will:
- Explore a practical approach to implement ERM and which risk framework to adopt for your organization.
- Explain how to develop a common risk language; identify key risks and establish an organization’s risk portfolio.
- Discuss how to establish management’s risk tolerance; decide who has responsibility and authority to address risk or take on risk on behalf of the organization.
- Address how to assess risk that influences value and develop risk responses and how to develop risk monitoring and reporting processes.
- Discuss how to avoid other pitfalls such as not including all stakeholders, allowing technology to drive the process, failing to clarify roles and responsibilities, and others.
Upon completing this course on ERM, participants will learn:
- How to determine the risks for your organization – how to get started on the ERM journey.
- How to weight risk to determine the key risks – not all risks are created equal.
- How to develop a common risk language – ERM has a language that needs to be customized for your organization.
- How to determine risk appetite – learn the steps for establishing your organization’s risk appetite.
- Which is the appropriate risk framework for your organization – evaluate the different risk frameworks.
- How to develop and prioritize a risk portfolio – develop an ERM heat map.
- How to develop your management’s risk tolerance – a tactical consideration for your ERM journey.
- Who is responsible for the risk – what are the roles of the Board of Directors, Executive Management, Chief Risk Officer and Internal Audit
- How to decide to avoid, accept, reduce or control a risk – how do you respond to the risks identified.
- The appropriate risk monitoring and reporting processes – how do you prepare a presentation to the Board of Directors and Executive Management?
- How to perform risk assessments effectively – risk assessments are a critical part of ERM, and are part art, and part science.
Who Will Benefit:
All industries and businesses of all sizes are at risk of having misstatements from errors and/or fraud in their financial statements. Anyone working in an accounting department or who is responsible for accounting transactions within an organization would learn about assessing the risk of errors and fraud and determining the effectiveness of the internal controls. Following personnel will benefit from this seminar:
- Chief Risk Officers
- Risk Management Professionals
- Internal Audit Professionals
- Compliance Professionals
- Finance Professionals
- Chief Actuaries
- Anyone interested in learning more about ERM