Enterprise Risk Management (erm) Frameworks Training Course: Iso 31000, Coso Erm, And Other Leading Frameworks

Introduction:

In today's complex and volatile business environment, effective Enterprise Risk Management (ERM) is crucial for organizational success. This comprehensive training course on ERM Frameworks provides a deep dive into leading global standards, including ISO 31000 and COSO ERM, equipping participants with the knowledge and practical skills to design, implement, and enhance ERM programs. Participants will learn how to integrate risk management into strategic decision-making, improve risk identification and assessment, develop effective risk responses, and monitor risk performance. This course empowers individuals to champion ERM within their organizations and drive a risk-aware culture.

Target Audience:

This course is designed for professionals across various industries and roles who are involved in or will be involved in risk management, including:

• Risk Managers: Individuals specifically responsible for developing and implementing ERM programs.
• Executives and Senior Management: Leaders who make strategic decisions and are accountable for organizational performance.
• Department Heads and Managers: Individuals responsible for managing risks within their respective departments.
• Internal Auditors: Professionals who assess and evaluate risk management processes.
• Compliance Officers: Individuals responsible for ensuring compliance with regulations and standards.
• Project Managers: Professionals who manage risks within project lifecycles.
• Anyone seeking to enhance their understanding of ERM: Professionals from various backgrounds who are interested in contributing to effective risk management.

Course Objectives:

Upon completion of this Enterprise Risk Management (ERM) Frameworks training course, participants will be able to:

• Understand the core principles and concepts of ERM and its importance in achieving organizational objectives.
• Describe and compare leading ERM frameworks, including ISO 31000, COSO ERM, and other relevant standards.
• Apply the ERM process to identify, assess, respond to, and monitor risks effectively.
• Integrate risk management into strategic planning and decision-making processes.
• Develop and implement a robust ERM program tailored to their organization's specific needs and context.
• Establish a risk-aware culture within their organization to promote proactive risk management.
• Utilize risk management tools and techniques to enhance risk identification, assessment, and monitoring.
• Evaluate the effectiveness of ERM processes and identify areas for improvement.
• Communicate effectively about risk to various stakeholders, including the board of directors and senior management.
• Contribute to enhancing organizational resilience and achieving sustainable success through effective ERM.

DURATION

5 Days

COURSE CONTENT

This comprehensive course provides a deep dive into leading global ERM standards, equipping participants to design, implement, and enhance effective ERM programs.

Module 1: Introduction to Enterprise Risk Management (ERM)

• Defining ERM and its importance in modern organizations.
• The benefits of implementing a robust ERM program.
• Key concepts and terminology in risk management.
• The evolution of risk management practices.
• The role of ERM in achieving organizational objectives.

Module 2: Overview of Leading ERM Frameworks

• Introduction to key ERM frameworks: ISO 31000, COSO ERM, and others.
• Comparing and contrasting different frameworks.
• Understanding the strengths and weaknesses of each framework.
• Selecting the most appropriate framework for a specific organization.
• The importance of tailoring the framework to organizational context.

Module 3: The ISO 31000 Risk Management Standard

• In-depth exploration of the ISO 31000 principles and framework.
• Understanding the risk management process outlined in ISO 31000.
• Applying the ISO 31000 framework to real-world scenarios.
• Integrating ISO 31000 into existing management systems.
• Benefits and challenges of implementing ISO 31000.

Module 4: The COSO Enterprise Risk Management Framework

• Detailed examination of the COSO ERM framework components and principles.
• Understanding the interconnectedness of the COSO ERM components.
• Applying the COSO ERM framework to different organizational contexts.
• Integrating COSO ERM into internal control and governance processes.
• Advantages and limitations of the COSO ERM framework.

Module 5: Risk Identification and Assessment

• Various risk identification techniques: brainstorming, SWOT analysis, scenario analysis, HAZOP.
• Qualitative risk assessment methods: risk matrices, likelihood and impact assessment.
• Quantitative risk assessment methods: statistical analysis, Monte Carlo simulation.
• Identifying emerging risks and trends.
• Prioritizing risks based on their potential impact and likelihood.

Module 6: Risk Response Strategies

• Developing appropriate risk responses: mitigation, transfer, acceptance, avoidance.
• Evaluating the cost-effectiveness of different risk responses.
• Implementing risk treatment plans and controls.
• Contingency planning and disaster recovery.
• Integrating risk responses into business operations.

Module 7: Risk Monitoring and Reporting

• Establishing key risk indicators (KRIs) to track risk exposure.
• Developing risk dashboards and reports for management and stakeholders.
• Communicating risk information effectively.
• Monitoring the effectiveness of risk responses and controls.
• Regularly reviewing and updating the ERM program.

Module 8: Integrating ERM into Strategic Planning and Decision-Making

• Aligning ERM with organizational strategy and objectives.
• Incorporating risk considerations into strategic decision-making processes.
• Defining risk appetite and tolerance levels.
• Using risk information to inform resource allocation decisions.
• Building a risk-aware culture throughout the organization.

Module 9: Building a Risk-Aware Culture

• Understanding the importance of a strong risk culture.
• Identifying the characteristics of a risk-aware organization.
• Strategies for fostering a positive risk culture: communication, training, incentives.
• Overcoming barriers to effective risk management.
• Leading by example and promoting ethical risk-taking.

Module 10: Evaluating and Improving ERM Effectiveness

• Measuring the effectiveness of the ERM program.
• Conducting regular reviews and audits of ERM processes.
• Identifying areas for improvement and making necessary adjustments.
• Benchmarking against best practices and industry standards.
• The importance of continuous improvement in ERM.

Training Approach

This course will be delivered by our skilled trainers who have vast knowledge and experience as expert professionals in the fields. The course is taught in English and through a mix of theory, practical activities, group discussion and case studies. Course manuals and additional training materials will be provided to the participants upon completion of the training.

Tailor-Made Course

This course can also be tailor-made to meet organization requirement. For further inquiries, please contact us on: Email: info@skillsforafrica.org, training@skillsforafrica.org  Tel: +254 702 249 449

Training Venue

The training will be held at our Skills for Africa Training Institute Training Centre. We also offer training for a group at requested location all over the world. The course fee covers the course tuition, training materials, two break refreshments, and buffet lunch.

Visa application, travel expenses, airport transfers, dinners, accommodation, insurance, and other personal expenses are catered by the participant

Certification

Participants will be issued with Skills for Africa Training Institute certificate upon completion of this course.

Airport Pickup and Accommodation

Airport pickup and accommodation is arranged upon request. For booking contact our Training Coordinator through Email: info@skillsforafrica.org, training@skillsforafrica.org  Tel: +254 702 249 449

Terms of Payment: Unless otherwise agreed between the two parties’ payment of the course fee should be done 5 working days before commencement of the training.