Provide additional risk management training to the in-house risk management team and business units responsible for internal control, audit, finance, strategy and others. Risk managers may conduct it personally or outsource to third party providers. In-depth risk management training should include (this example is based on the actual risk management training provided by Institute for Strategic Risk Analysis and RISK-ACADEMY to some of the largest non-financial companies in Russia):
RISK MANAGEMENT FOUNDATIONS
- Definition of risk
- History of risk management
- International and national risk management standards
- Introduction to finance, project management and process management
- Introduction to statistics
- Insurance basics
RISK MANAGEMENT IN DECISION MAKING
- Identification of risks associated with decision making or goals/KPIs achievement
- Risk analysis in decision making (sensitivity analysis, scenario analysis, Monte-Carlo simulations, decision trees, scoring models)
- Risk mitigation and risk-based decision making
- Disclosure, reporting, monitoring and review
PSYCHOLOGY AND RISK MANAGEMENT CULTURE
- Risk psychology and cognitive biases in decision making
- Risk management culture
- Principles of risk management ethics
INTEGRATING RISK MANAGEMENT INTO THE BUSINESS
- Understanding the organisational appetite for risk
- A roadmap for risk management integration:
- Developing new and updating existing policies and procedures
- Integration into decision making, planning, budgeting, purchasing, auditing etc.
- Risk management roles and responsibilities, risk management KPIs
- Integrating risk information into management reporting
- Resources required for the implementation of risk management
- Auditing risk management effectiveness
- Risk management continuous improvement
- Risk management software
HERE IS A QUICK CHECKLIST TO TURN THIS SECTION INTO ACTIONS
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Identify key stakeholders within the organisation who may benefit from advanced risk management training |
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Provide in-depth risk management training for risk champions that covers the key principles of ISO31000:2018, decision quality and cognitive biases, risk quantification, risk culture and integration of risk analysis into decision making and core processes |
USEFUL VIDEOS
| https://www.youtube.com/watch?v=DHx1Al0ffo0 | |
| https://www.youtube.com/watch?v=vLvz3SE8AI0 |
Check out other risk management books
RISK-ACADEMY offers online courses
Informed Risk Taking
Learn 15 practical steps on integrating risk management into decision making, business processes, organizational culture and other activities!
ISO31000 Integrating Risk Management
Alex Sidorenko, known for his risk management blog http://www.riskacademy.blog, has created a 25-step program to integrate risk management into decision making, core business processes and the overall culture of the organization.
Advanced Risk Governance
This course gives guidance, motivation, critical information, and practical case studies to move beyond traditional risk governance, helping ensure risk management is not a stand-alone process but a change driver for business.
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