This course covers the basic concepts of Enterprise Risk Management (ERM) and important elements executives and personnel need to be aware of when implementing ERM across their company.
In a world of doing more at a faster pace and ever-changing technology and businesses, organisations both large and small, are either taking on through changes outside of their control (e.g. legislation or regulation), or are absorbing increasing levels of risk.
Therefore, it’s important to align risk strategies with the overall risk management and internal control activities. The inability to do this may place the organisation at risk. With many organisations unable to employ ERM specialists or engage consultants, it falls to executives to try to fill this knowledge gap.
ERM is an initiative important to all aspects of the work undertaken by the executive and board. Mitigating risks, including those in the financial, operational and compliance operations of an organisation allows a range of benefits to be accrued including: increased competitive advantage, increased likelihood of achieving strategic objectives and ability to meet increased societal and stakeholder expectations, improved governance and increased likelihood of meeting regulatory and compliance expectations.
On the satisfactory completion of this course, you will come away with a fuller understanding of ERM, how it fits in most companies and how, and what you can do to make sure ERM works well and effectively protects your company without stifling growth.
What will you learn?
The aim of this subject is to develop an enhanced knowledge of ERM practices to assist the board, or other governing body, to determine its strategic responsibility for risk-taking; demonstrate an understanding of how different risks operate within the context of existing enterprise management frameworks; formulate the organisation’s attitude and policy to risk appetite; tolerance for key individual risks and ensure clear lines of accountability.
The key learning you will undertake includes how to:
Risk in context
Risk types and categories
Risk policy and leadership
Risk disciplines and perspectives
ERM, governance and reputation
ERM: Social and Organisational Context
The benefits of ERM
ERM documentation and reporting
ERM: Current issues