Two Day Virtual Enterprise Risk Management (ERM) Course: Strategies, Methods and Processes – April 11-12, 2022 – ResearchAndMarkets.com

DUBLIN–(BUSINESS WIRE)–The “Enterprise Risk Management (ERM)” training has been added to ResearchAndMarkets.com’s offering.

The course will provide participants with the necessary perception, knowledge and skill set to understand the risks and benefits of Enterprise Risk Management and learn how the COSO –

Enterprise risk management (ERM) includes the strategies, methods and processes used by business organizations to manage risks.

ERM sets out a framework for risk management. Typically this involves identifying specific events or circumstances relating to the business organization’s objectives (in terms of risks and opportunities), assessing them on the basis of their likelihood of occurrence & their magnitude of impact on the firm, determining a response strategy, and monitoring progress of the event, the response and the outcome.

By being proactive in the identification and addressing such risks and opportunities, business organizations protect shareholder value as well as create additional value for their stakeholders, including the owners, employees, customers, regulators, and ultimately society overall.

ERM can also be seen as a risk-based approach to managing a business, integrating the concepts of internal control, regulatory requirements (such as the Sarbanes-Oxley Act), and strategic planning.

ERM continues to evolve and aims to address the needs of various stakeholders, who want to understand the broad continuum of risks that face complex organizations to make certain they are managed appropriately. Regulators and rating agencies have also increased their scrutiny on the risk management processes of companies and firms. This increased scrutiny today makes up an important component of how the outside world views business organizations.

This practical 2-day hands-on training course provides you with an understanding of the requirements needed to design and implement an appropriate Enterprise Risk Management system, i.e. policies, procedures, practices, and accountability required to establish the right levels of Risk Management in compliance with current standards and other requirements for their organizations. It will benchmark their ERM practices against the COSO – ERM framework, and learn how to implement an effective ERM system.

The course provides an opportunity for delegates to benchmark their ERM practices against the COSO – ERM framework, and learn how to implement an effective ERM system.

Organizations are experiencing an increased concern and focus on risk management. The challenge for management of both private and public organizations today is to determine how much uncertainty to accept as it strives towards achieving the organization’s objectives and delivering value to its stakeholders.

The solution to this challenge is the establishment of an Enterprise Risk Management (ERM) system and processes that effectively identify, assess, and manage risk within acceptable levels.

The COSO Enterprise Risk Management – Integrated Framework is designed to provide best practice guidance for management of businesses and other entities to improve the way they are dealing with these challenges.

COSO – ERM integrates various risk management concepts into a solid framework in which a common definition is established, components are identified, and key concepts described. This enables COSO to provide a starting point for organizations to assess and enhance their Enterprise Risk Management.

Course Objectives:

ERM framework enables organizations and management to:

• Comply with the requirements for corporate governance (such as the various international standards like Sarbanes-Oxley and the Cadbury Report),
• Align risk appetite and strategy,
• Enhance risk response decisions,
• Reduce operational surprises and losses,
• Identify and manage multiple and cross-organizational risks,
• Provide integrated responses to multiple risks,
• Improve the deployment of capital,
• Introduces the concept of unpredictability and the steps that can be taken to lessen its impact.

Key Topics Covered:

Day 01(9:00 AM – 3:00 PM PDT

• What risk is about
• What is Risk?
• Governance issues
• Risk issues
• Legislative issues
• Security
• Internal threats
• External threats
• Physical security

International standards for ERM

• International risk management frameworks
• What is ERM?
• Standards

ERM in practical terms

• Key ERM implementation factors
• Organizational design
• Linkages
• Establishing ERM
• ERM organization
• Assessing Risk
• Risk models
• Risk analysis
• Determining the risk appetite
• Identifying risk responses
• Impact and probability
• Communicating results
• Management oversight & periodic review
• Generic risk management frameworks

Case Study – Allied Irish Bank

• Our opening case study is a story about currency trading, accounting practices, organizational dynamics and human psychology or how John Rusnak lost $691 million for Allied Irish Bank.

The ERM Funnel

• Strategic objectives
• Risk assessment
• Risk tolerance matrix
• Risk analysis
• Risk strategy
• Risk infrastructure

COSO

• The COSO ERM framework is examined in detai

ERM & Corporate Governance

• Defining corporate governance within the ERM framework

Auditors in ERM

• What ERM looks like across various industries including,
• Internal audit roles
• ERM activities
• Evolving audit approaches
• Impact of COSO on ERM
• COSO ERM components
• ERM information flow
• Forces driving ERM
• Questions for the company board
• Internal audit issues
• Maintaining independence
• How internal auditors add value

Business Processes and ERM

• Why mastering business processing is so important for ERM
• Mapping risks to processes

Day 02 (9:00 AM – 3:00 PM PDT)

Practical Implementation of ERM

• ERM and its related risk management processes
• ERM drivers
• Recent survey results
• Key objectives
• Defining “Risk”
• Public company view of ERM
• Private company view of ERM
• Balancing diverse views – consistent framework

A value-driven approach to ERM

• Using the value driven approach
• Evaluate risk process
• Current state assessment
• Risk maturity benchmarking
• Maturity: Building risk capabilities
• Risk identification & prioritization
• Calibrate definitions and criteria
• Prioritized risk map
• Risk quantification
• Risk quantification / valuation
• Defining value
• Value Centric – ERM framework
• Risk response solution
• Risk appetite – Two views
• Evaluating solutions
• Risk management implementation
• ERM enabling technologies
• Governance, Culture and Disclosure

Implementation Challenges

• Commonly cited challenges
• Critical success factors
• Potential benefits
• Gap analysis
• Risk management vision
• Key risk/ performance indicators
• Minimum control requirements
• What is measured when assessing risks?
• Risk identification tools
• Focus on value

Case Study – Enterprise Risk Management at STATOIL

• Statoil is an international energy company present in more than 30 countries around the world. We examine how ERM has been implemented at the company and the key risk issues that an international energy company faces today. We end the case study be examining a worst case event – the BP “Deepwater Horizon” incident.

ERM in the Banking Industry

• Background to financial risk – Basle II
• Evolution of industry practices
• A silo approach to risk management
• Interdependence of risks
• Integrated ERM framework
• The “dashboard” approach
• Value integration and business creation
• Integrating ERM into Business Processes and value drivers
• Balancing the hard and soft side of risk management
• Key action points

The Black Swan – The challenges of outlier events for contingency planners

A black swan is a highly improbable event with three principal characteristics: unpredictability; massive impact; and, after the fact, we create an explanation that makes it appear less random, and more predictable, than it was.

• We examine the nature of a Black Swan event
• Can two recent outlier events, the recent eruption of Iceland’s Eyjafjallajokull volcano and the Japanese Tsunami catastrophe be seen as black swan events?
• Challenges for Planners, Strategists and CEOs
• How can you mitigate a Black Swan event?
• Blind Spots in our planning

Concluding Case Study – Siemens

For more information about this training visit https://www.researchandmarkets.com/r/5e1l9j

Contacts

ResearchAndMarkets.com

Laura Wood, Senior Press Manager

[email protected]
For E.S.T Office Hours Call 1-917-300-0470

For U.S./CAN Toll Free Call 1-800-526-8630

For GMT Office Hours Call +353-1-416-8900