Learning Objectives
- Recognize the importance of implementing a risk management strategy.
- Explain framework & process for the management of risk.
- Explore methods used to plan and implement risk management actions.
- Practice the use of risk management tools and techniques.
- Identify how to use risk management to ensure compliance with corporate policies and governmental regulations.
Modules
- The need for risk management and its benefits to the business
- Importance of the effective identification, assessment & management of risk
- Definition of a risk
- Difference between risks, issues and assumptions
- Requirements for effective risk management
- Barriers to effective risk management; and how to address them
- Scope and intensity of risk management
- Degree of risk tolerance considered acceptable to the organization
- The risk management process
- Roles & responsibilities in risk management
- Documents and products used in risk management
- Types & categories of risks present in specific business areas
- Methods of capturing the relevant risks, and how to use them
- Describing risks to enable effective risk analysis
- Identifying the causes of risks
- Classifying identified risks to aid analysis
- Identifying residual risk that remains after existing business controls have been taken into account
- Three business reasons for analyzing risk
- Risk analysis to convert the risk statements into decision making information
- Risk analysis process
- Establishing criteria for determining probability & severity of impact, for risk assessment consistency
- The Risk Assessment Matrix
- Determining overall risk level; high, medium or low
- Risk management action planning, focusing on high level risks
- The five major types of actions for managing risks
- Examples of the five major types of actions for managing risks
- Purpose of recording risk details in a Risk Register
- Details to include in the Risk Register
- Importance of allocating an owner for each risk
- Responsibilities of the risk owner, and the support they require
- Using the Risk Register for monitoring and controlling risks
- The steps and actions involved in monitoring and controlling risk
- Limit Testing Method to monitor and control medium and low level risks
- Frequency of monitoring & controlling risks
- Communicating risk monitoring results with key staff & stakeholders
- Managing stakeholders perceptions
- Tracking changes in risks
- Recording of closure or passing of risk on the Risk Register
- Recording of action taken to mitigate and manage the risk
Our Partners
