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Enterprise Risk Management

Why Attend

Enterprise Risk Management known as (ERM) has evolved considerably since the seventies. From simply 'buying' insurance, it has now grown in importance to become a prime function in many organizations as part of a bigger system known as Governance, Risk and Compliance (GRC) which starts with corporate governance and ends with compliance. ERM is the function of studying the risks that may hinder a corporation's ability to achieve its goals and then deciding how to overcome those risks. Studies regarding risk management were done by different organizations, including ISO which issued ISO 31000 on risk management. However, the most accepted ERM system is the one designed by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). This system, which is the one covered in this course, teaches the steps needed to control risk. It starts with the evaluation of the internal environment and the setting of objectives which are, mainly, a result of the tone at the top of the organization, the directives from corporate governance as well as the vision, mission and corporate strategies. Then, the course goes through the steps management needs to consider in order to identify and assess risk and decide on proper risk responses and controls. The course ends with how to monitor, communicate and report risk. In addition, the course looks at risk in different organizational areas such as strategy, reporting, compliance, operations, financial and physical risk as well as risk in different industries.

Overview

Course Outline

Schedule & Fees

Course Methodology

The course is based on detailed explanations by the instructor and presentations by both the participants and the instructor. It also includes several case studies related to different industries and areas of the business.

Course Objectives

By the end of the course, participants will be able to:

  • Identify internal and external changes that will create risks to the organization
  • Understand the relation with the board of directors through governance and improve Risk-Based Decision Making (RBDM)
  • Influence internal controls by choosing the response to the risks identified
  • Classify risk categories in the organization and identify the right authorities to manage them
  • Analyze, assess and improve risk management practices within the organization


Target Audience

Managers, senior managers, directors, executives, financial controllers, senior accounting and finance personnel, and auditors.

Target Competencies

  •  Improving risk monitoring and control
  •  Analyzing and assessing risks
  •  Advising directors on risks
  •  Controlling risks
  •  Mitigating risks
  •  Reporting risks


Introduction

        Risk perception
        Why should we care about risk
        Internal environment changes
        External environment changes

Risk management and corporate governance

        Introduction to corporate governance
        GRC concept: governance, risk and compliance
        GRC system: governance, risks and controls
        Risk management as part of corporate governance
        Governance failures
        Risk based decision making

Risk management and corporate control environment

        Risk management’s influence on designing internal controls
        Risk-based internal audit assessment of risk management performance

ERM and its evolution

        ERM evolution
        ERM benefits
        ERM platform
            Strategic approach
            Operations and tactics
            Business reporting
            Compliance and process

Risk categories

        Strategic risks
        Reporting risks
        Financial risks
        Physical: life and safety risks

Compliance

            Laws and regulations
            Financial reporting standards

Operations

  External environment: socioeconomic, regulations, technology and competition
  Internal environment: structure, processes and culture
    ERM components
        Internal environment
        Objectives setting
        Event identification
        Risk assessment
            The black swan challenge
            Quantitative versus qualitative analysis
        Risk response
        Control activities
        Information and communication
        Risk monitoring


$2100

Mombasa

Country: Kenya

Duration: One week

Date: 22–26 Sep 2025

Register

$1995

Arusha

Country: Tanzania

Duration: One week

Date: 23–27 Mar 2026

Register