Risk Management Workshop

Risk Management - Approach and Methodology for Effective Business Operations

Objective /Benefits


WORKSHOP OVERVIEW

Managing risks is a key element of the effective organization. To remain competitive, the management cannot afford to set up contingencies or control measures for every conceivable risk.

Rather, they must assess each risk and develop a response proportionate to the risk. This course introduces learners to widely accepted risk assessment, management, and control practices using effective tools and techniques. This course also gives an insight into the legal implications if risks are not managed effectively. This programme caters for any business operations that wishes to engage effective risk management practices.

WORKSHOP OBJECTIVE

  • In-depth understanding of the types of risks that threaten organization at any given time. 
  • Knowledge of strategies used by highly successful management team to recognize risks, assess probabilities and potential impacts and take steps to respond to risks 
  • Skills in using proven risk identification and analysis tools to identify, analyze, rank, and quantify risk.
  • Insight into the statistical theory and analytical tools which are the foundation for probability estimations used to analyze and plan for managing risk.


WORKSHOP OUTCOME

Plan Risk Management — Who is responsible for risk management, who should perform the risk analysis, when should it be done, and when should it be reviewed and updated? 
Identify Risk — What are the most critical risks facing an organization, and how can they be determined? 
Analyzing Potential Risk Probability & Impact — What tools are available to determine risk factors, to determine which risks should be focused on, and to determine what can be done to remove risk or reduce the potential impact on organizational activities? 
Building a Risk Response Plan — How should the management team address each recognized risk, assign it to team members, build in contingencies, develop a mitigation or avoidance strategy, and accept the risk? 
Selecting Project Control Tools Using Proportionate Expenditure — What are the appropriate control tools that can help to mitigate and manage identified risks in various situations?

 


Program Outline

WORKSHOP OUTLINE

DAY 1
Introduction and Overview of ISO 31000: Risk Management

  • Principles and Guidelines


Risk and Uncertainty

  • Risk & Uncertainty Analysis
  • Degree of Risk
  • Risk Measurement
  • Peril & Hazard
  • How do we classify risks
  • Risk affecting human and the Business Environment
  • Risk & Human Behaviour
  • Managing Risks


Overview of the Risk Management Process & Administration

  • How did Risk Management evolve?
  • Definition of Risk Management (Enterprise Risk Management and Integrated Risk Management)
  • The Risk Management Process
  • Risk Management Plan
  • Duties and Roles of a Risk Manager
  • Existing and Potential Risk – Identification
  • Evaluating and Analysing Risk
  • Selection and Implementation of appropriate Loss Prevention / Reduction Techniques
  • Monitoring and Reviewing the Risk Management Process
  • Risk Management Tools
  • Cost and Benefits of Risk Management


Setting the Risk Management Objectives

  • Identifying and establishing the objectives of Risk Management Programme
  • Organising the Risk Management Programme
  • Controlling the Risk Management Function
  • Drafting a Risk Management Policy
  • Devising a Risk Management Plan (Framework)


Risk Identification and Analysis

  • Perception and treatment of risks
  • Attitudes/reaction towards risks.
  • Identifying risk – Identification practice and techniques
  • Identifying tools
  • Risk Analysis of Potential Frequency and Gravity (severity) of losses.
  • Selection & Implementation of the most appropriate Risk Management Technique
  • Monitoring and reviewing suitability of management technique


Risk Evaluation and Assessment Techniques

  • Risk Assessment Plan
  • Risk Measurement
  • Hazard and Loss Analysis
  • Cause of Accidents and related theories
  • Threat & Risk Analysis Risk Matrix (Basic Introduction and Understanding)
  • Impact of Risk
  • Management of threat and risk – Damage Control and Mitigation Plan
  • Case Study


Short Video Presentation

Property Risks

  • Identification and Analysis of Loss Exposure
  • Types of Property and Values Exposed to Loss
  • Risk Factors Causing Property Loss
  • Financial Impact of property loss
  • Techniques to identify Property Loss Exposure
  • Risk Mitigation Plan    


Liability Resulting from Risk Factor Materialisation 

  • Legal liability
  • Legal liability risk
  • Factors influencing legal liability risks
  • Nature of legal liability in business
  • Torts and legal liability
  • Contract and legal liability
  • Employers liability for injuries to employees
  • Product Liability
  • Risk Mitigation Plan                       


Personnel Loss Exposure Analysis

  • Physical and human assets
  • Employee Exposure Evaluation & Analysis
  • Analysing Accidents at the Workplace
  • Managing Employee Risk


 Risk In Various Elements of the Organisation – Operational Risks

  • Human Resources
  • Procurement
  • Security and Safety 
  • Concept of Risk – Brand Protection


Case Study & Classroom discussion on various Risk Management Strategies adopted by various organisations and government bodies.


DAY 2
Corporate Risk Control

  • Risk Management Techniques
  • Introduction to risk control
  • Importance of  risk control
  • Role of government/authorities in risk control
  • Theory of Accidental Causation and Control
  • Risk control measures for specific risks
  • Risk Control Methodology
  • Damage Control Plan / Measures


Risk Management vs Crisis Management

  • What does Risk Management do
  • What happens when risk management fails or when risks are ignored
  • Crisis Management and its related ingredients
  • Preference?
  • Implementation of both Risk Management and Crisis Management


Video presentation of Failed Risk Management Plan / Where Risks were ignored

Corporate Risk Financing

  • Risk Financing
  • Risk Transfer: Commercial Insurance
  • Impact of underlying risks on premium
  • Utilisation of insurance in risk management strategy
  • Common errors in insurance purchase
  • Risk retention


Managing Specialised Risks

  • Property Risk
  • Crime Risk 
  • E-Risk
  • Technical Risk
  • International Risk


Classification of Risks

  • Gravity of risk
  • Impact vs Likelihood
  • Framework
  • Severity Rate


Business Continuity Plan (BCP)

  • A model that supports a Risk Management Plan / Programme
  • Devising a BCP Model


Classroom Activity
Role Play 

  •  Preparing a Risk Management Programme
  • Conducting a Risk Assessment
  • Identifying existing and potential risks
  • Classifying risks with severity rate and likelihood  of occurrence
  • Suggest Corrective Actions