Course description
Enterprise risk management (ERM) is the systematic process of managing risks from the perspective of the entire firm or organization to protect and create value for the stakeholders. Enterprise risk management is an integrated approach to identifying, preparing and assessing risks that may adversely impact the organization’s operations and creating a response strategy and monitoring process.
Why is enterprise risk management so important for firms?
The importance of Enterprise Risk Management lies in developing strong structural frameworks, which help to effectively manage risks through identification, evaluation, resolution, control, and prevention.
Upcoming start dates
Suitability - Who should attend?
Who should attend?
Advanced Enterprise Risk Management Certification Training Course by Rcademy can be undertaken by people directly involved with assessing and mitigating internal and external risk that affects the company’s goals and earnings.
Hence this course is ideal for the following set of professionals:
- Chief risk officer assigned to execute ERM best practices
- Senior management officials that are involved in enterprise risk management of the organization
- Stakeholders who desire to understand the broad range of operational risks that can affect their organization to ensure they are completely managed
- Boards of directors who are in charge of reviewing and reporting on the adequacy of the ERM techniques in an organization
- Security professionals and specialists who desire to pursue a career in enterprise risk management
- Employees involved in the risk management of the company
- Consultants who provide advisory services related to enterprise risk management
- Legal and compliance officers are vested with the responsibility of ensuring that all the regulations, laws, and policies on enterprise risk management are adhered to
- Any other professional who is interested in pursuing a career in enterprise risk management
Outcome / Qualification etc.
Advanced Enterprise Risk Management Certification Training Course by Rcademy, upon its completion, would equip participants to:
- Comprehensively understand the theory and the practice of enterprise risk management
- Learn the skills to identify, assess and manage the operational risks and opportunities that can reduce the company’s goals and profit margin
- Apply the required knowledge and skills to oversee and monitor the enterprise risk management of an organization
- Discover the required expertise to make sound executive decisions regarding risk management that affect the company as a whole
- Demonstrate confidence in guiding and training other employees on ERM strategies
- Learn how to increase the company’s value to stakeholders by demonstrating confidence in executing ERM best practices
- Discover the confidence required to address the concerns of stakeholders about the wide spectrums of risks that are capable of affecting the organization’s goals and provide a unified picture of risk
- Gain increased competitive advantage by applying the right response strategy to specific enterprise risks that may affect the company
- Learn and create tactics for improving compliance with legal, regulatory and reporting requirements
Training Course Content
Module 1: Enterprise Risk Management
- Meaning
- Importance and benefits
- Components of enterprise risk management – Business and IT objectives – Culture and governance – Measurement and Reporting – Compliance and control requirements – Risk appetite
- Challenges – Accurate description of the entity’s risk appetite – Establishing the cost-benefit of the risk management strategy – Effective monitoring of the results of actions taken to mitigate risk – Difficulty in establishing a risk-ranking methodology to prioritize risks – Efficient risk coverage by internal auditors, evaluating entities, and consulting teams
Module 2: Forms of Enterprise Risk Management
- Hazard risk
- Financial risk
- Operational risk
- Compliance risk
Module 3: Hazard Risk
- Meaning
- Forms – Liability torts – Property damage – Natural catastrophe
Module 4: Financial Risk
- Meaning
- Forms – Pricing risk – Asset risk – Currency risk – Liquidity risk
Module 5: Operational Risk
- Meaning
- Forms – Customer satisfaction – Product failure – Integrity – Reputational risk – Internal Poaching
Module 6: Compliance Risk
- Meaning
- Form – Strategic risks – Competition – social trend – Capital availability
Module 7: Elements of Enterprise Risk Management Process
- Objective/strategy setting
- Event identification
- Risk assessment
- Risk response
- Information & Communication Training, Monitoring, and Reporting on risks
Module8: Types of ERM Framework
- COSO ERM Integrated Framework
- ISO 31000:2018: the new International Risk Management Standard
- RIMS Risk Maturity Model
Module9: COSO ERM Integrated Framework
- Component – Internal Environment – Objective Setting – Event Identification – Risk Assessment – Risk Response – Information, communication, and monitoring
- Objective Categories – Strategy – Compliance – Operations – Financial Reporting
Module 10: ISO 31000:2018: the New International Risk Management Standard
- Description
- Attributes – Identify opportunities and threats – Assign resources for risk treatment – Establish communication and consultation – Assign organization roles, accountability and responsibilities
Module 11: RIMS Risk Maturity Model
- Description
- Attributes – Root cause discipline – Uncovering risks – ERM process management – Risk appetite management – Business resiliency and sustainability
Module 12: ERM Implementation Best Practices
- Create a blueprint to determine the threats and risks that can jeopardize your enterprise objectives
- Develop a risk treatment plan
- Embrace AI and other advanced technologies to replace ineffective manual processes
- Establish risk profiles and key risk indicators
Module 13: Departments That Might Participate in an ERM Program
- Strategic planning
- Marketing
- Compliance & ethics
- Accounting / financial compliance
- Law Department
- Insurance
- Treasury
Module14: Difference Between Risk Management and Enterprise Risk Management
- Insurable vs non-insurable
- Standardized vs requires expertise and soft skills
- Manages risks one-by-one vs holistic analysisof material risks
- Risk-averse vs risk-taking
- Reactive and irregular vs proactive & continuous
- Disjointed vs embedded in culture and mindset
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Rcademy
Rcademy is a global training and consultation organisation set out to bridge the gap between you now and what you can be in the near future. We are facilitators of knowledge impartation. Our team of established and experienced training enthusiasts...