ERM Enterprise Risk Management
In-house
You may be interested in our public courses in Operational Risk, Corporate Governance or Basel III in London, Dubai, New York and Singapore.
The objective of this 2 day course is to provide participants with the necessary knowledge and skill set to understand the risk management processes and explore the benefits of Enterprise Risk Management and COSO – ERM framework.
You will have a chance to learn how to design and implement an appropriate Enterprise Risk Management system including policies, procedures and practices in order to:
- Comply with the requirements for corporate governance
- Align risk appetite with strategy
- Enhance risk response decisions
- Reduce operational risk and losses
- Identify and manage multiple and cross-organizational risks
- Provide integrated responses to multiple risks
- Improve the deployment of capital
Main topics covered include:
- Exploring International Risk Management Frameworks
- Defining the role of ERM and Corporate Governance
- Setting objectives for ERM
- Establishing the ERM processes and systems
- The COSO ERM Framework
- Risk assessment and management
- ERM and the role of Internal Audit
- Operational auditing of ERM
- Practical implementation of ERM
- ERM in corporates, banking sector and insurance companies
Description
The challenge for management of both private and public companies is to determine how much uncertainty to accept when they strive towards achieving the organization’s objectives and delivering value to its stakeholders.
The solution to this challenge is the establishment of an Enterprise Risk Management (ERM) system and processes that effectively identify, assess, and manage risk within acceptable levels.
The COSO Enterprise Risk Management – Integrated Framework is designed to provide best practice guidance for management of businesses and other entities to improve the way they are dealing with these challenges.
COSO – ERM integrates various risk management concepts into a solid framework in which a common definition is established, components are identified and key concepts described. This enables COSO to provide a starting point for organizations to assess and enhance their Enterprise Risk Management.
Who Should Attend
From banks, financial institutions and corporates:
- CEOs, CFOs
- Chief Risk Officers
- Internal and External Auditors
- Risk Managers
- Operational Risk Managers
- Risk Analysts
- Accountants
- IT Personnel
- Consultancies
- Senior Managers
Teaching Method
This is a highly practical course with many real life case studies and exercises. Tutor will be focused on teaching practical strategies that can be taken back to your business and put into immediate effect.
In order to help us establish your individual and business concerns, you will be asked to fill pre-course questionnaire.
Because of the nature of the course the number of places is limited and will be filled on first come, first accepted basis. We advise to book in advance in order to avoid disappointment.
ERM - Enterprise Risk Management - A 2 Day Programme
Day 1
An introduction to ERM
- What is Risk?
- International Risk Management Frameworks
- COSO – A high level view
- The ERM Funnel
- ERM and Corporate Governance
- Auditors in ERM
COSO ERM
- The COSO ERM framework in detail
- The internal organizational environment
- Setting objectives for ERM
- Event identification
- Risk assessment
- Risk response
- Control activities
- Information & communication
- Monitoring
- Internal control & its relationship to ERM
- ERM roles & responsibilities
- Standards, Implementation factors
- Designing the organization
- Establishing and ERM process/system
- Assessing risk and risk analysis
- Determining the risk appetite
- Identifying the risk response
- Impact versus probability
- Communicating the results
- Management oversight
ERM and the role of Internal Audit
- Evolving audit approaches
- The ERM information flow and forces driving the ERM process
- Internal audit options
- Question from the Board of Directors
- Maintaining independence
Operational Auditing for ERM
- A practical approach to implementing ERM within the organization.
- Process documentation
- Flowcharting
- Storyboard flowcharting techniques
- Mapping risks to processes
- Operational audit and governance
- Control objectives and environment
Day 2
Practical Implementation of ERM
- ERM and its related risk management processes
- Key risk fears
- Level of preparedness
- Business activity priorities
- Public & private companies – different views of ERM
- Balancing diverse interests
- Using the value driven approach
- Evaluating the risk process
- Current state assessment
- Risk maturity benchmarking
- Building risk capabilities
- Risk identification and prioritization
- Calibrating definitions and criteria
- The Prioritized risk map
- Risk quantification and valuation
- Defining value (two views)
- Analysis out puts
- Risk response solutions
- Risk appetite – two different views
- Evaluating solutions
ERM Solution implementation
- Risk management implementation
- Choosing the right ERM technology
- Governance culture and disclosure
- Project and implementation planning
- Annual 10-K disclosures
- Critical success factors
- Benefits
- Gap analysis
- Key risk/ performance indicators
ERM Implementation Examples
- A Fast Growing Company
- Manufacturing Company
- Consumer Product Company
- Hospital
ERM in the Banking Industry
- Background to financial risk – Basel II
- Evolution of industry practices
- A silo approach to risk management
- Interdependence of risks
- Integrated ERM framework
- The “dashboard” approach
- Value integration and Business creation
- Integrating ERM into Business Processes and Value Drivers
- Balancing the hard and soft side of risk management
- Key action points
Case Studies
- Royal Mail Group plc - .A detailed case study concerning ERM implementation at the United Kingdom
- Nationwide Insurance - ERM in the Insurance Industry
Stanley holds a Masters degree in Economics and a BCom degree in Accounting from a major South African University. He has 44 years of banking and IT experience, 33 of which were with a major South African Bank. He has extensive exposure to banking practice and banking operations in South Africa, Israel, the USA, Europe and Australia which includes the role of advisor to a number of central banks on payment system, payments policy and payments risk issues and as a payment systems consultant to a global payments software developer.
His experience includes an industry level role in South Africa during the 1990s where he held several key positions which included that of Chairman: Risk Committee – Payments Association of South Africa and the Vice Chairman – ERAG (Electronic Risk Assessment) Group – Clearing Bankers Association. He has also served as a Board Member of the Bankserv Electronic Funds Clearing Services (Johannesburg, South Africa) and a Member of Strategy Team of the South African Reserve Bank’s “National Payments System Steering Group” that led to the development of the South African RTGS system.
More recently as an Advisor to a central bank on RTGS, Payment Systems Reform and Continuous Linked Settlement Projects he was involved in setting up the original project as well as providing inputs into various specialized aspects such as payment & settlement systems, securities settlements, risk issues, legal and regulatory issues and operational risk management procedures.
IN-HOUSE TRAINING
If you have a team of 4 or more this course can be customised and organised in-house at your convenience. Contact one of our advisors to find out more.
Call us now on +44 (0) 207 993 8597
or send an e-mail to enquiry@eurekafinancial.com
