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Risk Management Training

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The importance of risk management can hardly be overstated. Awareness of risk has increased as we currently live in a less stable economic and political environment. The purpose of this risk management training course is to provide managers with a solid understanding of business risk and how to manage it.

This risk management course looks at risk from different perspectives and analyses the possibilities for managing it in each situation. It focuses primarily on operational, project, and reputation risk management.

Risk Management Training Course Objectives

The objectives of this Risk Management workshop are:

To appreciate the need for the management and review of risk
To provide a framework & process for the management of risk
To understand a variety of techniques to identify, assess, manage & monitor risks
To enable the delegates to have experience in using some of these techniques
To understand the importance of planning and implementing identified risk management actions
To understand the overall management of risk process

Risk Management Training Course Content

Understanding Risk Management

The need for risk management and its benefits to the business
Importance of the effective identification, assessment & management of risk
Definition of what constitutes a risk
Difference between risks, issues and assumptions
Requirements for effective risk management
Barriers to effective risk management and how to address them

The Five Elements Of Risk Management

Scope and intensity of risk management:
- Degree of application of risk management based on level of risk in the business and environment

Awareness of degree of risk tolerance considered acceptable by the organisation
The risk management process:
- The stages of the risk management process
Roles & responsibilities in risk management
The documents and products that are used during risk management

Identifying All Credible Risks

Different types & categories of risks that can be present in specific business areas
Methods of capturing all types of relevant risks for the business area, and how to use them:
- Prompt Lists – Checklists – Questionnaires – Team Based Activity
Describing each risk in a way that it enables the effective analysis of the risk:
- Risk statement to contain a condition and the consequence
Identifying the causes of risks
Classifying the identified risks in 3 classes to aid analysis
Identifying the residual risk that remains in place for each identified risk after the existing controls in the business have been taken into account

Assessment Of All Identified Risks

The three business reasons for analysing risk
How analysis of each risk converts the statement of the risk into decision making information
Process of analysing each risk:
- Classifying risks – merging of similar risks – assessing value of each risk – prioritising of risks
Assessment of each risk in terms of:
- Probability of it occurring
- Severity of impact
- Proximity of risk occurring from the present moment in time

Need for having established criteria for determining probability & severity of impact, so that each risk is assessed in a consistent way
Using a Risk Assessment Matrix
Determining whether a risk is high level, medium level or low level overall

Action Planning For Risk Management

Process of risk management action planning focusing on high level risks:
- Identification of approach to managing each high level risk – selecting risks for action – developing actions – creating a fall back plan

The five major types of actions for managing risks:
- Reduction of probability of occurrence – reduction of severity of impact – avoidance of risk – transference of risk – acceptance of risk

Examples of each of the five major types of actions for managing risks

Using A Risk Register

The details for each risk that need to be included in a Risk Register
The purpose of recording these details for each risk
Importance of allocating an owner for each risk
The responsibilities of the owner of each risk, and the support required by each risk owner
How a Risk Register is used in the monitoring and control of each risk
Updating of the contents in the Risk Register

Risk Monitoring & Control

The steps and actions involved in monitoring and controlling each risk
The use of the Limit Testing Method to monitor and control the medium and low level risks
The frequency of monitoring & controlling risks
Communicating the results of monitoring the risks with key staff & stakeholders
Managing stakeholders perceptions
Tracking changes in risks

Closure Of Management Of Each Risk

Recording of closure or passing of risk on the Risk Register
Recording of action taken to mitigate and manage the risk
Capturing of learning from the management of risks for future use in managing other risks