Practical ideas: Make risk training competency based

Just like any other business expense, a risk management training budget needs to be justified. And just like any investment decision, risk management training needs to show adequate return on investment. Training costs money: the development process, hiring trainers and getting employees to dedicate time away from their workplace to participate in training.

One useful way, suggested by risk managers we interviewed, was to make all risk management training competency based and setting KPIs to check for noticeable improvement in the quality of risk based decision making. Each training session should start and end with competency tests. Surveys should also be conducted one month and six months after the training to test for knowledge retention.

 

HERE IS A QUICK CHECKLIST TO TURN THIS SECTION INTO ACTIONS

Develop a short risk management questionnaire to distribute to employees before training to test current level of knowledge

Develop a set of questions to test risk management knowledge directly after the training or throughout the training

Develop short tests to validate risk management knowledge 3 or 6 months after the training

Make tests gradable and reward participants who show best in class performance

 

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