Introduction:

 The Risk Governance and Enterprise Risk Management (ERM) training course provides professionals with the knowledge and skills necessary to establish and maintain effective risk governance frameworks and ERM programs. As organizations face increasingly complex risks, strong risk governance and ERM practices are essential for safeguarding assets, ensuring resilience, and supporting strategic objectives. This course covers the foundations of ERM, risk governance principles, risk assessment techniques, risk appetite, and reporting, equipping participants to integrate ERM into organizational strategy and decision-making.

Objectives:

• Understand the principles of risk governance and the key components of an effective ERM framework.
• Develop skills for conducting risk assessments, identifying, prioritizing, and mitigating risks.
• Gain proficiency in establishing risk appetite, setting risk tolerance, and embedding ERM within organizational culture.
• Learn techniques for monitoring and reporting on risk management activities to boards and stakeholders.
• Strengthen communication skills for engaging stakeholders in risk discussions and decision-making.

Who Should Attend? This course is ideal for:

• Risk managers, compliance officers, and internal auditors responsible for risk management oversight.
• Board members, senior executives, and corporate directors involved in governance and risk management.
• Business leaders, financial controllers, and operational managers interested in risk governance.
• Professionals in governance, strategy, or compliance roles seeking to enhance risk management knowledge.
• Any professional aiming to strengthen their organization’s risk governance and ERM practices.

Day 1: Foundations of Risk Governance and Enterprise Risk Management

• Introduction to Risk Governance: Objectives, principles, and importance of risk governance in organizations.
• ERM Frameworks and Standards: Overview of COSO ERM, ISO 31000, and other relevant frameworks.
• Roles and Responsibilities in Risk Governance: Defining roles of boards, executives, risk committees, and business units.
• Integrating ERM into Corporate Strategy: Ensuring that risk management supports strategic goals and organizational resilience.
• Workshop: Case study on establishing a risk governance framework for a hypothetical organization.

Day 2: Risk Assessment, Identification, and Prioritization

• Risk Assessment Techniques: Tools and methods for identifying, analyzing, and evaluating risks.
• Risk Identification Methods: Using risk registers, brainstorming, and scenario analysis to uncover potential risks.
• Risk Prioritization and Heat Mapping: Techniques for scoring, ranking, and visualizing risks.
• Emerging Risks and Black Swan Events: Identifying and preparing for unexpected, high-impact risks.
• Practical Exercise: Conducting a risk assessment and prioritization exercise for a sample organization, including creating a risk heat map.

Day 3: Defining Risk Appetite, Tolerance, and Mitigation Strategies

• Setting Risk Appetite and Tolerance: Establishing risk thresholds aligned with organizational objectives and stakeholder expectations.
• Developing Risk Mitigation Plans: Designing and implementing strategies to manage, transfer, avoid, or accept risks.
• Internal Controls and Safeguards: Best practices for implementing controls to minimize risk exposure.
• Building a Risk-Aware Culture: Encouraging a proactive, informed approach to risk at all organizational levels.
• Hands-on Lab: Defining risk appetite and creating risk mitigation plans for key risks in a simulated organization.

Day 4: Risk Monitoring, Reporting, and Communication

• Risk Monitoring and Key Risk Indicators (KRIs): Identifying and tracking KRIs to monitor changes in risk exposure.
• Reporting to the Board and Stakeholders: Structuring risk reports and dashboards for clarity and impact.
• Effective Communication of Risk: Techniques for presenting risk information to non-technical stakeholders.
• Crisis Management and Incident Response: Developing response plans for high-risk scenarios and potential crises.
• Practical Exercise: Developing a risk report with KRIs, dashboards, and key risk messages for a hypothetical board presentation.

Day 5: Continuous Improvement and Emerging Trends in ERM

• Continuous Improvement in ERM: Techniques for assessing and refining risk management practices over time.
• Emerging Trends in Risk Management: Exploring trends such as digital transformation, cyber risk, ESG, and climate-related risks.
• Integrating ERM with ESG and Compliance: Aligning ERM practices with environmental, social, and governance standards.
• Building Resilience through Risk Management: Strategies for enhancing organizational resilience and adaptability.
• Final Workshop: Preparing and presenting an ERM strategy and implementation plan for a simulated organization, including key risk governance components.

Conclusion and Assessment: Participants will complete a final assessment to demonstrate their understanding of risk governance and ERM principles. A feedback session will provide an opportunity to discuss key takeaways, share best practices, and identify actionable steps to strengthen ERM and governance practices within their organizations.