Enterprise Risk Management (ERM)
Today’s business world is constantly changing — its unpredictable, volatile, and seems to become more complex every day. By its very nature, it is fraught with risk. Enterprise risk management is a comprehensive, systematic approach for helping the organisation to identify, measure, prioritise and respond to the risks challenging its most critical objectives and related projects, initiatives and day-to-day operating practices.
What is Enterprise Risk Management (ERM)?
ERM is a systematic process in which organisations:
- Maintain a portfolio view of key risks at group and business unit level
- Manage both the upside potential and downside impact based on the organisation’s risk appetite & risk tolerance
- Measure and address both stand-alone event risks and how the individual risks interrelate
How does ERM benefit your organisation?
- Improved profitability and performance
- A comprehensive view of risks and controls throughout the organisation
- Risk-based management of resources and capital
- Enhanced dialogue with rating agencies and regulators
- Greater integration of governance, risk and compliance
Typical issues and challenges
- What are my company’s risks?
- Does my company have a risk appetite statement?
- How do I link group risk appetite with operational decisions?
- Are there existing policies that reflect my risk profile?
- How effective is my risk governance framework?
Session 1: ERM Overview
- Understanding ERM
- Understanding the role of ERM in an increasingly complex and uncertain environment
- Defining ERM drivers and characteristics
- Getting to know the different ERM standards and frameworks
- Understanding the 2017 updated COSO ERM framework
- Understanding the ERM framework architecture and its importance in the organisation
Session 2: Business Strategy
- Understanding the importance of risk in setting strategy, formulating business plans and managing performance and rewards
- Defining risk appetite and its importance in the risk strategy of the organisation
- Differentiating risk appetite and risk tolerance
- Analysing how risk appetite can be articulated for a range of risk types
Defining risk profile
- Articulating the steps to establishing your corporate risk profile: Risk identification
- Risk analysis, including risk modelling and the various risk
- Analysis techniques
- Risk evaluation
- Risk mitigation
Session 3: Business Management
- Describing the components of Governance, Risk and
- Evaluating the various types of governance structure
- Defining the roles and responsibilities of key GRC personnel:
- Creating an accountability structure
- Defining GRC oversight roles
- Defining risk culture
- Assessing the risk culture maturity in your organisation
- Establishing the desired level of risk culture maturity – factors influencing the desired level of maturity:
- Type of organization
Risk monitoring and reporting
- Defining risk monitoring and reporting framework in your organisation
- Understanding and designing Key Risk Indicators (KRIs)
- Understanding the role of risk policies in the GRC function
- Understanding the different risk policy components
- Risk management practitioners
- Finance managers
- Finance officers
- IT staff
- Internal auditors
- Operations staff at all levels
Timings: 9:30 am – 5:00 pm , Registration begins at 9:00 am
- Fees: Rs. 8,650/- +18 % GST per person.
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