Risk Assessment & Management – Approach and Methodology for Effective Business Operations

Course Description

Managing risks is a key element of 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.

Course 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.

What you will learn

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 and 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 a 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?

Who Should Attend

Top Management Team, Middle Management Team, HODs, Managers

Training Methodology will be based on the following

Think differently to alter direction.

The experience of learning to read and write for the first time is likely to remain vivid in your memory. The skill is ingrained and it stays.  The primary objective of our training and workshop is to make your new knowledge and abilities as durable as the ones you've already accumulated.  They foster fresh ideas. They enable great feats. Individual behaviour and attitude contribute to your organization's success is what we prioritise.

Combining experiential, instructional, and discovery learning with current coaching technology promotes profound transformations in attitudes and behaviour that enable sustainable change in your business. These adjustments improve results.

Our programmes involve with 12 unique learning methodology as below:

Duration: 2 days (9am – 5pm)

Course Outline

Introduction and Overview of ISO 31000: Risk Management & ISO 9001:2015
  • Principles and Guidelines
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 of Failed Risk Management Plan / Where Risks were ignored
Compliance Framework
  • Legal
  • Standard
Asset Management
  • People (Internal and External)
  • Property (Tangible and Intangible)
Risk and Uncertainty (Brief Overview)
  • 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
Overview of the Risk Management Process & Administration
  • 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
  • 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
  • Organizing the Risk Management Programme & Plan
  • Drafting a Risk Management Policy
Risk Identification and Analysis
  • Key Risk Indicators
  • 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
  • Converting threats into Opportunities
  • Case Study
Classification of Risks
  • Classification of Risks
  • Hazard Identifications
  • Gravity of risk
  • Impact of risk on organization with rating
    • From Very Low Impact Very High Impact
    • Severity Rate
    • Impact on Human Capital , Finance, Business Interruption, Environment and Reputation
  • Likelihood
    • Probability of Occurrence – Historic Lens and Future Lens
    • 6 Levels of Ratings
  • Corrective Actions and Risk Mitigation Planning
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 Materialization
  • 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
Personnel Loss Exposure Analysis
  • Physical and human assets
  • Employee Exposure Evaluation & Analysis
  • Analysing Accidents at the Workplace
  • Managing Employee Risk
Case Study and Classroom discussion on various Risk Management Strategies adopted at various organization and government bodies
Corporate Risk Elements (Elements to be included in the Analysis)
  • Supply Chain Risk
  • Human Resources
  • Warehouse & Logistics (Centralized and Work In Progress Storage)
  • Inventory Management
  • Public Relations / Corporate Communication
  • IT
  • Legal
  • Procurement
  • Security and Safety
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
Business Continuity Plan (BCP)
  • A model that supports a Risk Management Plan / Programme
  • Devising a BCP Model

Related Courses