A visionary strategy formulation can make the difference between a profitable business and one that stagnates. Managing business risk is about the application of planning and good governance to maximize success and proactively manage uncertainty that may affect operational performance, achievement of business objectives or meeting stakeholder expectations.
This course is designed to combine proven-by-practice methods with new insights and ideas from a wide range of current strategic thinking. Participants will learn the techniques of strategy formulation and systematic approach towards goals achievement.
Duration: 10 Days
This course is designed for:
- All professionals and leaders from any industry who desire an in-depth knowledge of best practices in strategic planning, development, and implementing a plan
- Anyone who is interested in developing their capacity as a strategic thinker
- Anyone who has the responsibility for translating a vision into a plan, into being understood by the workforce, and seeing the vision be transformed into reality
- Senior executives and management level employees involved in the formation and implementation of business strategy.
- All employees who need to improve their proactive business risk management and risk communication skills.
- Risk management professionals
- Senior Management Team responsible for the business risk management function or process
- Senior Internal Auditors and assurance professionals such as those in Compliance and QA functions who are being asked to review the business risk process
- Finance and insurance professionals who need knowledge of the wider approach to business risk management.
By the end of the course, participants will be able to:
- Understand and Develop a strategic direction
- Identify the Company strengths and weaknesses
- Identify markets and competitions
- Formulate possible strategies
- Do a strategic plan for your organization or department
- Draw up and implement an action plan
- Achieve objectives by linking KPIs, business goals and vision
- Avoid the common pitfalls and risks of management
- Identify the steps for managing departmental/business risk
- Lower costs and confusion
- Prioritize stakeholder input and support
- Set departmental expectations and establish risk ‘recovery’ plans
- Communicate with and control of/influence over stakeholders to minimize the risk
- Develop a personal business risk plan
What is Strategic Thinking?
- What is our business? Why do we choose this business?
- Leadership roles in supporting this: Styles and case
- Example of Strategic Thinking & Planning: The Value Curve
- Culturalize The Strategic Thinking & Planning: Concept and application of Lean Management
Ideas Toward Achieving Business Vision
- Business idea generation: focus on problem solving
- What is our vision?
- How do we achieve the vision?
What are Necessary to have Effective Strategic Thinking
- SWOT Analysis: looking at our strengths and weaknesses
- Market Analysis
- Market Options Matrix – definition, case, commentary, what can we do
- Growth-Share Matrix – definition, case, commentary, what can we do
- Competitive Environment: the 5 Forces – definition, case, commentary, what can we do
Goal setting and Implementation
- Workshop on Strategies and Plans: WHAT do we need to do to achieve the vision?
- Tools to help KPIs:
- SMART goals
- Parkinson Principle in goal setting
Final results and measurement
- Departmental KPIs and Target setting: HOW do we ensure they become realized?
- Practical department by department KPI workshop
- Converting Vision to Reality: achieving company’s vision
- How to do it in a way that is easy to be understood and implemented
Introduction to Risk Culture
- Introduction to managing risk and effective risk management techniques
- Definitions and key approaches to implementing a risk culture
- Learn from real cases of risk culture ‘failure’
- Develop practical techniques for risk culture management
- Appreciate the limitations of risk assessment tools
- Discover the latest developments in risk practice and standards
Planning to Mitigate Risk
- The three primary business risks in order of frequency of occurrence
- The different types of risk assessment tools
- Implement a risk departmental culture
- The role of external pressures, including regulations
- The barriers to risk culture control
Integrating Business Risk into Day-to-Day Activities
- Analyze the root causes of risk
- Integrate business risk and opportunities for innovation into your role
- Overcome barriers to embedding risk management and potential solutions
- General management techniques to add value to the risk-based decision-making
- Assessing and prioritizing risks is determining its probability and impact
Embedding Risk Management
- Identify behaviors that support risk management
- How to encourage and draw maximum benefit from positive behaviors needed to embed risk management Analyze the problems that currently frustrate you, reinvigorating yourself with the fresh focus
- Break risks down into their component parts and explore how each element relates to risk
- Communicate and implement the action plan you develop on the course
Risk Reporting for Maximum Business Benefit
- Articulate and report to management/team risks that could have an impact on your department
- Conduct (quick) quality and typical management risk assessments
- Assist risk owners to resolve problems
- Communicate the benefits of risk management and win the support of stakeholders
- Advise senior managers/team members on improving systems
- Intervene to address instances where risk management efforts are being hampered
- Action planning: 10 reminders for the risk champion
This course is delivered by our seasoned trainers who have vast experience as expert professionals in the respective fields of practice. The course is taught through a mix of theory, group works, discussions and case studies.
Training manuals and additional reference materials are provided to the participants
Training Venue, Logistics and Payment
- Training is residential and will be held at Afriex Training Centre.
- The course fee covers the course tuition, training materials, two break refreshments, lunch, and study visits.
- Accommodation and airport transfer are arranged upon request by the participant.
- This training can also be tailor made for your institution upon request. You can have it delivered in our training Centre or at a convenient location.
- Upon successful completion of this training, participants will be issued with an Afriex Training Ltd certificate.