How to Conduct High Quality Risk Assessment
Sound risk assessment is the cornerstone of enterprise risk management – yet recent studies have found there is a veritable crisis in risk identification and assessment processes. Risk management discourse often forgets the importance of practitioners’ ability to conduct a single risk assessment that delivers useful results on a given topic.
Many starting out to lead risk ID sessions quickly meet pitfalls. The scope of this discussion, the validity of the method, and the appropriate use of quantitative financial models are all called into question. The results are often not reliable as the basis for decision-making, and the credibility of the ERM program itself is at stake.
What risk managers need is a consistent approach, based on sound principles, that is adaptable to all content areas within their organization, whether public or private sector.
This course addresses those concerns by following the classic risk management steps, using a methodology refined over years with a diverse array of clients and organizational contexts.
Who Should Attend?
- Chief risk officers and risk managers in public and private sector institutions
- Analysts and program leads responsible for new research and development
- Strategic and program planners who want to inject fresh thinking
- Those charged with establishing or improving the ERM program
- Experts in all content areas; all industry sectors (principles are transferable)
What You Will Cover
The program is presented in 5 modules; the course takes 10-15 hours to complete. Each Learning Module consists of an introductory video, a narrated slide presentation, case studies, exercises, answer keys, a wrap-up audio discussion, and templates and resources for you to apply the concepts. Materials are made available in pdf, mp3 and Word formats for downloading. Network with course participants in the online Forum.
- Establish the Context—structure of the context and why this is the single most undervalued part of risk assessment process; benefits of properly documenting the context
- Identify Risk—the features of effective risk ID methods and how to be comprehensive; how to avoid conceptual sloppiness in formulating risks; facilitating a risk round table
- Assess Risk—four filters that determine your response to risk; balancing quantitative and qualitative assessment; what controls and tolerance signify when not measurable
- Mitigate Risk— the importance of creativity and innovation in mitigation ; examples of breakthrough mitigation;
- Monitor and Manage Risk-how to integrate risk methods into regular management; how high quality risk methods can support major decision-making in the organization.
How You Will Benefit
- Turn around your ERM program; make it directly relevant to corporate goals
- Make risk assessment credible as basis for corporate decision-making
- Substantiate your planning and budget proposals
- Instil confidence among stakeholders by showing your risk process has rigor
- Show due diligence and support good governance
- Understand where and how financial models fit into the picture
- Facilitate solutions in complex and controversial multi-stakeholder issues