Traditional risk management and its methods no longer suit the needs of today’s companies. Modern risk management must be strategically linked, forward looking and relevant to the performance objectives and targets of a company’s business and operational executives. Nonetheless, even for CROs and other risk executives attempting to implement more strategic, risk management agendum, embedding risk culture is still a challenge. Business and operational heads are still often reluctant to accept risk management as more than policing function that “kills the business” through its ‘unnecessary’ or irrelevant, regulatory restrictions
on activity. In this course we tackle this issue. We outline how effective embedding of risk culture is as much a product of risk management’s design and scope as it is a function of the CRO’s and board’s efforts. Using exercises, case studies and interactive discussions, we demonstrate that changing the risk culture of an organization is much like any other change initiative: It requires an understanding of incentives, psychology and clear alignment with the strategic goals of the business.
Teaching style: Each participant will receive a large amount of materials related to risk culture, enterprise risk management and governance in the form of binders and softcopy material upon attendance. Softcopy materials will include both reading material and spreadsheet exercises used within the course. The course will initially involve lectures for the purpose of building the delegates’ knowledge base on risk governance, then quickly shift into interactive discussion surrounding class exercises and assignments. We end the course with a project in which participants develop a risk governance structure for their companies, outlining the key components that address the risk management hurdles. Participants must bring laptops equipped with Adobe Reader and Microsoft Office so that they can actively participate in the course exercises.
Who should attend?
This course is primarily targeted towards senior executives, board members and functional leaders. It is not a course on remedial, back office resolution of risk events. Discussions and exercises will require a deep understanding of the participant’s own strategic and organizational goals, business challenges, risk landscape and an appreciation of its board level apparati.
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