Financial pressures, tough competition, regulatory reform, and organizational restructuring are requiring companies to move from technically inclined, risk-averse management approaches toward more commercial, business-oriented practices. Risk analysis strategies and techniques shall be applied for company’s asset management, assessing competition risks, and potential threats to the business. Managers have to consider these risks alongside one another, employ a range of techniques, and devise business plans that prioritize resources on the basis of risk.
This risk management (ERM) course emphasizes the importance of identifying and managing risks across the enterprise. The course consists of eight components: Internal control environment, Objective setting, Event identification, Risk assessment, Risk response, Control activities, Information & Communication and Monitoring. ERM is the new way of looking at all aspects of risk in today’s organization. Upon its implementation, it enables organizations of all types and sizes to understand and better manage their risk environments and make better decisions.
ERM Framework is put in place to keep the company on track toward profitability goals and achievement of its mission, and to minimize surprises along the way. It enables management to deal with rapidly changing economic and competitive environments, shifting customer demands and priorities, and restructuring for future growth. Internal controls within ERM framework promote efficiency, reduce risk of asset loss, and help ensure the reliability of financial statements and compliance with laws and regulations.
Compliance with well-recognized and mandated standards are important for every organization and allows a corporation to demonstrate that they are following best practices and are in conformity with regulatory rules. This course uniquely helps business professionals at all levels, from staff internal auditors to corporate board members, to understand risk management in general and make more effective use of the risk management framework. The course will show participants how to identify risks, avoid pitfalls within their company, and keep it moving ahead of the competition. Using the COSO ERM framework's model and terminology, this course discusses the importance of understanding the various risks facing many aspects of business operations and helps professionals develop and follow an effective risk culture for both business and operating decisions.
This course will provide an overview to the participants about Business Risks and the Management Processes. For the Managers, in addition, the course will provide detailed knowledge about business risks and associated management processes, so that upon the completion of this course they could apply the same for identifying business risks facing their respective department(s), and the risk mitigation methods and techniques they need to apply for managing risk in their respective departments.
This course aims to provide a comprehensive ERM training to the participants. The course, at minimum, will encompass introduction to risk and ERM, international better practices of ERM, ERM process (risk identification, analysis, assessment, management, measurement, monitoring and reporting), most accepted and utilized ERM tools and practices, governance structure, risk appetite, risk-based strategic business planning and case studies specially pertaining to utility sector.