Ultimquest Knowledge

Are you curious about why risk management is important for your organization and how to establish an effective risk management system? This course will provide you with the context and practical guidance you need to begin understanding and addressing risk management in your entity. The course examines methods and techniques commonly used that will help board members and senior managers in corporate, public sector and not for profit organizations fulfill their risk management duties. A case study is also used to illustrate how risk management is related to an organization’s mission, vision and strategy.

Learning Objectives

• Describe how risk management is related to other aspects of an organization, including corporate culture, ethics, and good governance.
• Explain what risk management is and why it is important for every organization.
• Identify the objectives of a successful risk management strategy.
• Identify the benefits of having a risk management strategy.
• Describe the key principles of risk management strategies.
• Examine the steps involved in establishing risk management strategies, including risk identification, measurement, mitigation, reporting, monitoring and risk governance.
• Describe the Risk Appetite Framework and identify ways in which it is different from traditional methods.
• Illustrate the risk management process through a case study.
• Examine risk management trends and statistics in Canada. 

Topics Covered

• Definition and objectives of enterprise risk management
• Whose responsibility is enterprise risk management? 
• Benefits of having risk management strategies in place
• ISO risk management principles
• COSO risk management principles
• 6-step ERM process
• Risk categories 
• Risk analysis frameworks
• Risk appetite approach 
• Heat map
• Case study of the Department of Finance and Bank of Canada
• National ERM trends and statistics