Risk Management – Approach and Methodology for Effective Business Operations

DAY 1
Introduction and Overview of ISO 31000: Risk Management

• Principles and Guidelines

Risk and Uncertainty

• 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
• Managing Risks

Overview of the Risk Management Process & Administration

• How did Risk Management evolve?
• 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
• Existing and Potential Risk – Identification
• Evaluating and Analysing Risk
• Selection and Implementation of appropriate Loss Prevention / Reduction Techniques
• 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
• Organising the Risk Management Programme
• Controlling the Risk Management Function
• Drafting a Risk Management Policy
• Devising a Risk Management Plan (Framework)

Risk Identification and Analysis

• 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
• Case Study

Short Video Presentation

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 Materialisation 

• 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
• Risk Mitigation Plan

Personnel Loss Exposure Analysis

• Physical and human assets
• Employee Exposure Evaluation & Analysis
• Analysing Accidents at the Workplace
• Managing Employee Risk

Risk In Various Elements of the Organisation – Operational Risks

• Human Resources
• Procurement
• Security and Safety
• Concept of Risk – Brand Protection

Case Study & Classroom discussion on various Risk Management Strategies adopted by various organisations and government bodies.

DAY 2
Corporate Risk Control

• Risk Management Techniques
• Introduction to risk control
• Importance of  risk control
• Role of government/authorities in risk control
• Theory of Accidental Causation and Control
• Risk control measures for specific risks
• Risk Control Methodology
• Damage Control Plan / Measures

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 presentation of Failed Risk Management Plan / Where Risks were ignored

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

Classification of Risks

• Gravity of risk
• Impact vs Likelihood
• Framework
• Severity Rate

Business Continuity Plan (BCP)

• A model that supports a Risk Management Plan / Programme
• Devising a BCP Model

Classroom Activity
Role Play

•  Preparing a Risk Management Programme
• Conducting a Risk Assessment
• Identifying existing and potential risks
• Classifying risks with severity rate and likelihood  of occurrence
• Suggest Corrective Actions