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 as well as in different industries.
Managers, senior managers, directors, financial controllers, auditors and executives.
- Risk monitoring and control
- Risk analysis and assessment
- Risk mitigation
- Risk reporting
The course is based on explanations by the consultant instructor and presentations by instructor and participants. It also includes a lot of case studies in different industries and areas of the business.
By the end of the course, participants will be able to:
- Explain the essentials of Enterprise Risk Management (ERM)
- Identify the risks incurred by people, processes and systems and their impact on operations, and the financial position of the company
- Assess the situation and anticipate problems before they become a threat
- Evaluate and improve Risk-Based Decision Making (RBDM)
- Link risks and their potential costs with the business planning process
- Identify a range of techniques that can be used to support management in making appropriate decisions
- Emergency response planning for Enterprise.
LSBF won two Global Business Excellence Awards in 2014 for ‘Outstanding Educational Service’ and ‘Outstanding Executive’.