Two-day virtual course on Enterprise Risk Management (ERM): Strategies, Methods and Processes – April 11-12, 2022

DUBLIN, March 04, 2022–(BUSINESS WIRE)–The “Enterprise Risk Management (ERM)” training has been added to from ResearchAndMarkets.com offer.

The course will provide participants with the insight, knowledge and skills to understand the risks and benefits of enterprise risk management and learn how COSO –

Enterprise risk management (ERM) includes the strategies, methods, and processes used by business organizations to manage risk.

ERM defines a risk management framework. This typically involves identifying specific events or circumstances related to the business organization’s objectives (in terms of risks and opportunities), evaluating them based on their likelihood of occurrence and magnitude of impact. company, determine a response strategy and monitor progress. of the event, the response and the result.

By being proactive in identifying and managing these risks and opportunities, business organizations protect shareholder value and create additional value for their stakeholders, including owners, employees, customers, regulators, and ultimately, society as a whole.

ERM can also be viewed as a risk-based approach to managing a business, incorporating internal control concepts, regulatory requirements (such as Sarbanes-Oxley) and strategic planning.

ERM continues to evolve and aims to meet the needs of diverse stakeholders, who want to understand the broad continuum of risks faced by complex organizations to ensure they are managed appropriately. Regulators and rating agencies have also increased their oversight of corporate and corporate risk management processes. This heightened scrutiny is now an important part of how the outside world perceives business organizations.

This 2-day hands-on training course provides you with an understanding of the requirements needed to design and implement an appropriate enterprise risk management system i.e. policies, procedures, practices and responsibilities necessary to establish the right levels of risk management in accordance with the standards in force and the other requirements of their organizations. It will compare their ERM practices to the COSO – ERM framework and learn how to implement an effective ERM system.

The course offers delegates the opportunity to benchmark their ERM practices against the COSO – ERM framework and learn how to implement an effective ERM system.

Organizations are increasingly concerned and focused on risk management. The challenge for management in private and public organizations today is to determine how much uncertainty to accept as it strives to achieve the organization’s goals and deliver value to its stakeholders. .

The solution to this challenge is the establishment of an enterprise risk management (ERM) system and processes that effectively identify, assess and manage risks to acceptable levels.

The COSO Enterprise Risk Management – Integrated Framework is designed to provide best practice guidance for managing businesses and other entities to improve how they deal with these challenges.

COSO – ERM integrates various risk management concepts into a solid framework in which a common definition is established, components are identified and key concepts are described. This allows COSO to provide a starting point for organizations to assess and improve their enterprise risk management.

Course objectives:

The ERM framework enables organizations and management to:

  • Comply with corporate governance requirements (such as various international standards such as Sarbanes-Oxley and the Cadbury report),

  • Align risk appetite and strategy,

  • Improve risk response decisions,

  • Reduce surprises and operational losses,

  • Identify and manage multiple and cross-cutting risks,

  • Provide integrated responses to multiple risks,

  • Improve capital deployment,

  • Introduces the concept of unpredictability and the steps that can be taken to mitigate its impact.

Main topics covered:

Day 01 (9:00 a.m. – 3:00 p.m. PDT

  • What is the risk about?

  • What is risk?

  • Governance issues

  • Risk issues

  • Legislative issues

  • Security

  • Internal threats

  • External threats

  • Physical security

International Standards for ERM

ERM in practice

  • Key ERM Implementation Factors

  • Organizational design

  • Connections

  • Implementation of ERM

  • ERM organization

  • Risk assessment

  • Risk models

  • Risk analysis

  • Determine risk appetite

  • Identify risk responses

  • Impact and Likelihood

  • Communication of results

  • Management control and periodic review

  • Generic risk management frameworks

Case Study – Allied Irish Bank

  • Our opening case study is a story about currency trading, accounting practices, organizational dynamics and human psychology or how John Rusnak lost $691 million for Allied Irish Bank.

The ERM funnel

  • Strategic targets

  • Risk assessment

  • Risk Tolerance Matrix

  • Risk analysis

  • Risk strategy

  • Risk infrastructure

CSO

ERM and corporate governance

Auditors in GRE

  • What does ERM look like in various industries including,

  • Internal audit assignments

  • ERM activities

  • Evolution of audit approaches

  • Impact of COSO on ERM

  • COSO ERM Components

  • ERM information flow

  • Driving forces of ERM

  • Questions to the Board of Directors

  • Internal audit issues

  • Maintaining independence

  • How internal auditors add value

Business process and GRE

Day 02 (9:00 a.m. – 3:00 p.m. PDT)

Practical implementation of ERM

  • ERM and its related risk management processes

  • ERM drivers

  • Recent Survey Results

  • Key objectives

  • Definition of “risk”

  • Public enterprise view of ERM

  • Private enterprise view of ERM

  • Balancing diverse viewpoints – consistent framework

A value-driven approach to ERM

  • Use the value-based approach

  • Assess the risk process

  • Current state assessment

  • Comparative analysis of risk maturity

  • Maturity: building risk management capabilities

  • Identification and prioritization of risks

  • Calibrate definitions and criteria

  • Map of prioritized risks

  • Risk Quantification

  • Quantification / valuation of risks

  • Set value

  • Value Focused – ERM Framework

  • Risk Response Solution

  • Risk Appetite – Two Views

  • Solution evaluation

  • Implementation of risk management

  • ERM Enabling Technologies

  • Governance, culture and disclosure

Implementation challenges

  • Frequently Cited Challenges

  • Critical success factors

  • Potential benefits

  • Gap analysis

  • Risk management vision

  • Main risk/performance indicators

  • Minimum control requirements

  • What do we measure during the risk assessment?

  • Risk identification tools

  • Focus on value

Case Study – Enterprise Risk Management at STATOIL

  • Statoil is an international energy company present in more than 30 countries around the world. We look at how ERM has been implemented in business and the key risk issues facing an international energy company today. We end the case study by looking at the worst case scenario – the BP “Deepwater Horizon” incident.

ERM in banking

  • Financial Risk Context – Basel II

  • Evolution of industry practices

  • A siled approach to risk management

  • Interdependence of risks

  • Integrated ERM framework

  • The “dashboard” approach

  • Value integration and business creation

  • Integration of ERM into business processes and value drivers

  • Balancing the hard and soft side of risk management

  • Key action points

The Black Swan – Outlier Event Challenges for Contingency Planners

A black swan is a highly improbable event with three main characteristics: unpredictability; massive impact; and, after the fact, we create an explanation that makes it appear less random and more predictable than it was.

  • We examine the nature of a Black Swan event

  • Can two recent outlier events, the recent eruption of the Icelandic volcano Eyjafjallajokull and the tsunami disaster in Japan, be considered black swan events?

  • Challenges for planners, strategists and CEOs

  • How can you mitigate a Black Swan event?

  • Blind spots in our planning

Final Case Study – Siemens

For more information on this training, visit https://www.researchandmarkets.com/r/5e1l9j

See the source version on businesswire.com: https://www.businesswire.com/news/home/20220304005225/en/

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