ENTERPRISE RISK MANAGEMENT
Why Attend
Enterprise Risk Management known as (ERM) has evolved a lot since the seventies. From simply 'buying' insurance, it has now evolved and grown in importance to become a prime function in many organizations. It is now part of a bigger system known as Governance, Risk and Compliance (GRC) which starts with corporate governance and ends with compliance. ERM is the function of studying the risks that may hinder a corporation's ability to achieve its goals and then deciding how to overcome these risks. Studies regarding risk management were done by different organizations, including ISO which issued ISO 31000 on risk management. However, the most accepted ERM system is the one designed by 'COSO'. This system, which is the one covered in this course, teaches the steps needed to control risk. It starts with the evaluation of the internal environment and the setting of objectives which are, mainly, a result of the tone at the top of the organization, the directives from corporate governance as well as the vision, mission and corporate strategies. Then, the course goes through the steps management needs to consider in order to identify and assess risk and decide on proper risk responses and controls. The course ends with how to monitor, communicate and report risk. In addition, the course looks at risk in different organizational areas such as strategy, reporting, compliance, operations, financial or physical risk as well as risk in different industries.
Course Methodology
The course is based on detailed explanations by the instructor and presentations by both the participants and the instructor. It also includes many case studies related to different industries and areas of the business.
Course Objectives
By the end of the course, participants will be able to:
Identify internal and external changes that will create risks to the organization
Understand the relation with the board of directors through governance and improve Risk-Based Decision Making (RBDM)
Influence internal controls by choosing the response to the risks identified
Classify risk categories in the organization and identify right authorities to manage them Analyze, assess and improve risk management practices within the organization
Target Audience
Managers, senior managers, directors, executives, financial controllers, senior accounting and finance personnel, and auditors.
Target Competencies
Improve risk monitoring and control
Analyze and assess risks
Advise directors on risks
Control risks
Mitigate risks
Report risks
Introduction
Risk perception
Why should we care about risk
Internal environment changes
External environment changes
Risk management and corporate governance
Introduction to corporate governance
GRC concept: governance, risk and
compliance
GRC system: governance, risks and controls Risk management as part of corporate governance
Governance failures
Risk based decision making
Risk management and corporate control environment Risk management’s influence on designing internal controls
Risk-Based internal audit assessment of risk management performance
ERM and its evolution
ERM evolution
ERM benefits
ERM platform
Strategic approach
Operations and tactics
Business reporting
Compliance and process
Risk categories
Strategic risks
Reporting risks
Financial risks
Physical: life and safety risks
Compliance
Laws and regulations
Financial reporting standards
Operations
External environment: socioeconomic, regulations, technology and competition
Internal environment: structure, processes and culture
ERM components
Internal environment
Objectives setting
Event identification Risk assessment:
The black swan challenge
Quantitative versus qualitative analysis
Risk response
Control activities
Information and communicationRisk monitoring

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