Risk Management
In-Person/Online
3 Days
English/Arabic
Learning Objectives
Recognize the importance of implementing a risk management strategy. Explain framework & process for the management of risk. Explore methods used to plan and implement risk management actions. Practice the use of risk management tools and techniques. Identify how to use risk management to ensure compliance with corporate policies and governmental regulations.
In Person/Online 3 Days
English/Arabic
Learning Objectives
Recognize the importance of implementing a risk management strategy. Explain framework & process for the management of risk. Explore methods used to plan and implement risk management actions. Practice the use of risk management tools and techniques. Identify how to use risk management to ensure compliance with corporate policies and governmental regulations.
Modules
Module1: 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 a risk
- Difference between risks, issues and assumptions
- Requirements for effective risk management
- Barriers to effective risk management; and how to address them
Module 2: Five Elements of Risk Management
- Scope and intensity of risk management
- Degree of risk tolerance considered acceptable to the organization
- The risk management process
- Roles & responsibilities in risk management
- Documents and products used in risk management
Module 3: Identifying All Credible Risks
- Types & categories of risks present in specific business areas
- Methods of capturing the relevant risks, and how to use them
- Describing risks to enable effective risk analysis
- Identifying the causes of risks
- Classifying identified risks to aid analysis
- Identifying residual risk that remains after existing business controls have been taken into account
Module 4: Assessment of Identified Risks
- Three business reasons for analyzing risk
- Risk analysis to convert the risk statements into decision making information
- Risk analysis process
- Establishing criteria for determining probability & severity of impact, for risk assessment consistency
- The Risk Assessment Matrix
- Determining overall risk level; high, medium or low
Module 5: Action Planning
- Risk management action planning, focusing on high level risks
- The five major types of actions for managing risks
- Examples of the five major types of actions for managing risks
Module 6: Using a Risk Register
- Purpose of recording risk details in a Risk Register
- Details to include in the Risk Register
- Importance of allocating an owner for each risk
- Responsibilities of the risk owner, and the support they require
- Using the Risk Register for monitoring and controlling risks
Module 7: Updating The Risk Register Risk Monitoring & Control
- The steps and actions involved in monitoring and controlling risk
- Limit Testing Method to monitor and control medium and low level risks
- Frequency of monitoring & controlling risks
- Communicating risk monitoring results with key staff & stakeholders
- Managing stakeholders perceptions
- Tracking changes in risks
Module 8: 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
Module 9: Capturing lessons learned from risk management for use in future risk management
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