Risk Management 2: Risk Implementation Certificate
Certificate Overview: The Risk Implementation Certificate builds on the first module to provide business and risk leaders with the capabilities to design or refine the key elements of their risk infrastructure. This module addresses the six essential elements of a risk infrastructure including: (i) strategy and policy; (ii) people and capabilities; (iii) processes and workflows; (iv) frameworks, methodologies and measurement tools; (v) data gathering and business reporting; and (vi) technology enablement. Each element will be reviewed with practical implementation guidance provided.
Practical Implementation… from Concept to Reality – Building Capabilities
Operationalize the key elements of a sustainable, repeatable risk management infrastructure as you develop a tailored implementation approach for your organization.
A Guide to Successful ERM Implementation
- Building a risk management infrastructure tailored to the needs of your organization
- The six elements of infrastructure – management overview
- Assessing your current state and envisioning the desired state
- How to translate your plans into effective action
Developing Strategy and Policy
- Your risk management vision – aligning to business strategy
- Developing an ERM policy and articulating risk appetite
- Corporate policy frameworks to govern major risks and activities
Managing Your People and Capabilities
- Awareness, training and communication
- Developing capable and competent personnel to champion enterprise risk management
- Establishing tone at the top support
- Accountability for risk management – roles and responsibilities
- Linkage to HR mechanisms – avoiding incentive for undue risk taking
Creating Effective Processes and Workflows
- Developing an implementation road map and plan
- Customizing a defined process to operationalize ERM
- Identifying, assessing and responding to critical risks
- Measuring and monitoring risk and performance
- Continuously improve risk capabilitiesCreating a process to address change and change initiatives
Frameworks and Measurement Tools
- Valuable frameworks to guide implementation
- Risk assessment methodologies and approaches
- Effective risk measurement tools and indicators
Data Gathering and Business Reporting
- Transforming data into information
- What information to report?
- Department vs. enterprise-wide reporting
- Reporting to senior management to support decision-making
- Reporting to the board to support effective risk oversight
- Reporting to the regulators and the public
Technology Enablement
- Range of technology to support risk management
- Continuous monitoring
Key Takeaway for Participants
Participants will learn to operationalize the six elements of infrastructure in implementing a successful risk management program, and develop the ability to customize an approach for their sponsoring organization to use.
