Objectives:

The objectives of this Risk Management workshop are:

• To appreciate the need for the management and review of risk
• To provide a framework & process for the management of risk
• To understand a variety of techniques to identify, assess, manage & monitor risks
• To enable the delegates to have experience in using some of these techniques
• To understand the importance of planning and implementing identified risk management actions
• To understand the overall management of risk process

Outline:

Understanding Risk Management

·         The need for risk management and its benefits to the business

·         Importance of the effective identification, assessment & management of risk

·         Definition of what constitutes a risk

·         Difference between risks, issues and assumptions

·         Requirements for effective risk management

·         Barriers to effective risk management and how to address them

The Five Elements Of Risk Management

·         Scope and intensity of risk management: Degree of application of risk management based on level of risk in the business and environment

·         Awareness of degree of risk tolerance considered acceptable by the organisation

·         The risk management process: The stages of the risk management process

·         Roles & responsibilities in risk management

·         The documents and products that are used during risk management

Identifying All Credible Risks

·         Different types & categories of risks that can be present in specific business areas

·         Methods of capturing all types of relevant risks for the business area, and how to use them: Prompt Lists – Checklists – Questionnaires – Team Based Activity

·         Describing each risk in a way that it enables the effective analysis of the risk: Risk statement to contain a condition and the consequence

·         Identifying the causes of risks

·         Classifying the identified risks in 3 classes to aid analysis

·         Identifying the residual risk that remains in place for each identified risk after the existing controls in the business have been taken into account

Assessment Of All Identified Risks

·         How analysis of each risk converts the statement of the risk into decision making information

·         Process of analysing each risk

·         Assessment of each risk

·         Using a Risk Assessment Matrix

·         Determining whether a risk is high, medium or low level

Action Planning For Risk Management

·         Process of risk management action planning focusing on high level risks

·         The five major types of actions for managing risks

Using A Risk Register

·         What's included?

·         Purpose

·         Allocating an owner

·         Responsibilities and support

·         Monitoring and controlling risk

·         Updating of the contents in the Risk Register

Risk Monitoring & Control

·         Monitoring and controlling each risk

·         Limit Testing Method

·         The frequency of monitoring & controlling risks

·         Communicating the results of monitoring the risks

·         Managing stakeholders perceptions

·         Tracking changes in risks

Closure Of Management Of Each Risk

·         Closure or passing of risk

·         Action taken to mitigate and manage the risk

·         Learning for future use