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

Check out other risk management books

Fundamentals of Risk Management: Understanding, Evaluating and Implementing Effective Risk Management
Implementing Enterprise Risk Management: From Methods to Applications (Wiley Finance)
The Standard for Risk Management in Portfolios, Programs, and Projects
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

 

USEFUL VIDEOS

 

RISK-ACADEMY offers online courses

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Informed Risk Taking

Learn 15 practical steps on integrating risk management into decision making, business processes, organizational culture and other activities!

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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.

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Управление рисками

В этом коротком и очень увлекательном курсе, Алексей Сидоренко расскажет о причинах внедрения риск менеджмента, об особенностях принятия управленческих решений в ситуации неопределенности и изменениях в новом стандарте ИСО 31000:2018.

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