A Framework to Build Resilient Risk Management Systems to Foster Effective Risk Mitigation & Monitoring

Synopsis

In today's global and volatile environment, risks are everywhere, so are opportunities: for example, a change of regulation, a major fire/explosion in your plant, a chemical spillage, the entry of a new competitor, a new technology or a fraud committed by a senior manager. Hence Organizations should be prepared to minimise the adverse impacts of risks while when possible, leverage on the opportunities they create. Whether you are working for a commercial corporation or not-for-profit organisation, all entities have a business, legal and often moral responsibilities to deal with risks in an effective and appropriate manner. Besides protecting physical assets and human lives, organisations are becoming more concerned about protecting intangible assets as well. Intangible assets include intellectual property, product brands and corporate reputation and are source of tremendous competitive advantage.

This workshop provides an understanding of the types of ERM models that can be designed to deal effectively with the risk issues an organisation is exposed to while keeping an eye on the opportunity side. Participants will learn the Key Risk Controls to Protect & Leverage Your Tangible and Intangible Assets. This module will guide you through a wide range of risk management strategies/interventions, explains how they work, and suggests when they are most appropriate.

Learning Objectives

After attending this session, you should be able to:

• Identify what are the key tangible and intangible assets of your Organization
• Understand the Major causes of losses affecting property, people, reputation, etc
• Learn about the concept of acceptable risk / risk tolerance and how it applies to your organization.
• Learn how to organize the systematic management of the triggers/factors that give rise to risks/opportunities
• Learn what are the techniques to prevent and/or reduce the impact of losses and when to use them effectively?
• Understand the typical mistakes and selecting and implementing less effective control measures.
• Learn how to increase performance by designing and implementing organizational solutions

Workshop Outline

• Understand how an organization risk profile influences the risk treatment decision-making process
• Understand how the risk appetite and risk tolerance position of the business “sets the tone” for risk retention/risk treatment decision-making
• Develop risk treatment options for risk/opportunity management
• Implement risk treatment plans
• Understanding & Optimizing Risk Controls
• Risk/Opportunity Factors Management
• Loss Prediction and Risk/Return Optimization
• Keys Risk Prevention Techniques
• Keys Risk Reduction Techniques

Tool Box: A Case Study

• Catalogue of Risk Prevention & Reduction Techniques
• The Risk/Opportunity Factors Management Model
• Develop Checklists, how-to procedures/reminders and templates

Testimonials

“Now I understand what holistic risk management really means. Also great overview of the tools and techniques available”. BCM Manager, Manufacturing firm