Advanced Enterprise Risk Management Certification Training Course

Why select this training course?

Enterprise risk management (ERM) is the systematic process of managing risks from the perspective of the entire firm or organization to protect and create value for the stakeholders. Enterprise risk management is an integrated approach to identifying, preparing and assessing risks that may adversely impact the organization’s operations and creating a response strategy and monitoring process.

Why is enterprise risk management so important for firms?

The importance of Enterprise Risk Management lies in developing strong structural frameworks, which help to effectively manage risks through identification, evaluation, resolution, control, and prevention.

Does enterprise risk management increase firm value?

Using recent risk management ratings, while evidence supports the belief that firm value is positively related to Traditional Risk Management magnifying capability, there is none to suggest firms with increasing ERM rating translates to increasing value.

The benefits of completing the Advanced Enterprise Risk Management Certification Training Course by Rcademy include increased knowledge and skills in risk management, the ability to effectively identify and mitigate risks across an organization, the ability to develop and implement risk management strategies, and enhanced credibility and reputation in the eyes of stakeholders. It can also lead to new career opportunities and higher earnings for those seeking to advance their careers in risk management roles. Ultimately, a strong ERM program can help organizations make informed decisions, improve their overall performance, and increase the confidence of stakeholders.

Who should attend?

Advanced Enterprise Risk Management Certification Training Course by Rcademy can be undertaken by people directly involved with assessing and mitigating internal and external risk that affects the company’s goals and earnings.

Hence this course is ideal for the following set of professionals:

• Chief risk officer assigned to execute ERM best practices
• Senior management officials that are involved in enterprise risk management of the organization
• Stakeholders who desire to understand the broad range of operational risks that can affect their organization to ensure they are completely managed
• Boards of directors who are in charge of reviewing and reporting on the adequacy of the ERM techniques in an organization
• Security professionals and specialists who desire to pursue a career in enterprise risk management
• Employees involved in the risk management of the company
• Consultants who provide advisory services related to enterprise risk management
• Legal and compliance officers are vested with the responsibility of ensuring that all the regulations, laws, and policies on enterprise risk management are adhered to
• Any other professional who is interested in pursuing a career in enterprise risk management

What are the course objectives?

Advanced Enterprise Risk Management Certification Training Course by Rcademy, upon its completion, would equip participants to:

• Comprehensively understand the theory and the practice of enterprise risk management
• Learn the skills to identify, assess and manage the operational risks and opportunities that can reduce the company’s goals and profit margin
• Apply the required knowledge and skills to oversee and monitor the enterprise risk management of an organization
• Discover the required expertise to make sound executive decisions regarding risk management that affect the company as a whole
• Demonstrate confidence in guiding and training other employees on ERM strategies
• Learn how to increase the company’s value to stakeholders by demonstrating confidence in executing ERM best practices
• Discover the confidence required to address the concerns of stakeholders about the wide spectrums of risks that are capable of affecting the organization’s goals and provide a unified picture of risk
• Gain increased competitive advantage by applying the right response strategy to specific enterprise risks that may affect the company
• Learn and create tactics for improving compliance with legal, regulatory and reporting requirements

How will this course be presented?

The content of this Rcademy course is customized to be participatory and interactive. This course is also designed to cover enterprise risk management’s theoretical and practical aspects. The course is delivered through video presentations, quizzes, case studies, scenarios, and forum activities.

The modules of this course are designed to expansively cover the key issues and concepts in enterprise risk management. Experienced professionals in enterprise risk management facilitate this training course. Moreover, it remains constantly improved upon to conform to enterprise risk management’s evolving standards and practices.

What are the topics covered in this course?

Module 1: Enterprise Risk Management

• Meaning
• Importance and benefits
• Components of enterprise risk management
  – Business and IT objectives
  – Culture and governance
  – Measurement and Reporting
  – Compliance and control requirements
  – Risk appetite
• Challenges
  – Accurate description of the entity’s risk appetite
  – Establishing the cost-benefit of the risk management strategy
  – Effective monitoring of the results of actions taken to mitigate risk
  – Difficulty in establishing a risk-ranking methodology to prioritize risks
  – Efficient risk coverage by internal auditors, evaluating entities, and consulting teams

Module 2: Forms of Enterprise Risk Management

• Hazard risk
• Financial risk
• Operational risk
• Compliance risk

Module 3: Hazard Risk

• Meaning
• Forms
  – Liability torts
  – Property damage
  – Natural catastrophe

Module 4: Financial Risk

• Meaning
• Forms
  – Pricing risk
  – Asset risk
  – Currency risk
  – Liquidity risk

Module 5: Operational Risk

• Meaning
• Forms
  – Customer satisfaction
  – Product failure
  – Integrity
  – Reputational risk
  – Internal Poaching

Module 6: Compliance Risk

• Meaning
• Form
  – Strategic risks
  – Competition
  – social trend
  – Capital availability

Module 7: Elements of  Enterprise Risk Management Process

• Objective/strategy setting
• Event identification
• Risk assessment
• Risk response
• Information & Communication Training, Monitoring, and Reporting on risks

Module 8: Types of ERM Framework

• COSO ERM Integrated Framework
• ISO 31000:2018: the new International Risk Management Standard
• RIMS Risk Maturity Model

Module 9:  COSO ERM Integrated Framework

• Component
  – Internal Environment
  – Objective Setting
  – Event Identification
  – Risk Assessment
  – Risk Response
  – Information, communication, and monitoring
• Objective Categories
  – Strategy
  – Compliance
  – Operations
  – Financial Reporting

Module 10:  ISO 31000:2018: the New International Risk Management Standard

• Description
• Attributes
  – Identify opportunities and threats
  – Assign resources for risk treatment
  – Establish communication and consultation
  – Assign organization roles, accountability and responsibilities

Module 11: RIMS Risk Maturity Model

• Description
• Attributes
  – Root cause discipline
  – Uncovering risks
  – ERM process management
  – Risk appetite management
  – Business resiliency and sustainability

Module 12: ERM Implementation Best Practices

• Create a blueprint to determine the threats and risks that can jeopardize your enterprise objectives
• Develop a risk treatment plan
• Embrace AI and other advanced technologies to replace ineffective manual processes
• Establish risk profiles and key risk indicators

Module 13: Departments That Might Participate in an ERM Program

• Strategic planning
• Marketing
• Compliance & ethics
• Accounting / financial compliance
• Law Department
• Insurance
• Treasury

Module 14: Difference Between Risk Management and Enterprise Risk Management

• Insurable vs non-insurable
• Standardized vs requires expertise and soft skills
• Manages risks one-by-one vs holistic analysis of material risks
• Risk-averse vs risk-taking
• Reactive and irregular vs proactive & continuous
• Disjointed vs embedded in culture and mindset