Risk management has long been a key part of project management and it has also become an increasingly important part of organizational best practices. Corporations have realized that effective risk management can not only reduce the negative impact of crises; it can provide real benefits and cost savings.
The risk management framework provided in this workshop is flexible enough for any organization. You can apply it to a single project, a department, or use it as a basis for an enterprise-wide risk management program.
WHAT STUDENTS LEARN
- Define risk and risk management
- Describe the COSO ERM cube and ISO 31000
- Establish a risk management context
- Describe the 7 R’s and 4 T’s that form the framework of risk management activities
- Design and complete a basic risk assessment
- Determine the appropriate response to risks and create a plan for those responses
- Describe the key components of reporting, monitoring, and evaluation of a risk management program
WHAT TOPICS ARE INCLUDED
- Understanding risk
- Risk management activities
- Assessing risk
- Responding to risks
- Resourcing controls
- Reaction planning
- Reporting and monitoring
- Reviewing and evaluating the framework
In this session, you will discuss the definitions of risk and risk management, types of risks, and the key components of establishing your risk management context. To wrap up the session, you will review two key risk management models: the COSO ERM cube and the ISO 31000 risk management standard.
Risk Management Activities
This session will provide the framework for the remainder of the day: the seven R’s and four T’s of risk management.
Next, participants will learn how to design a basic risk assessment process. They will also start working on a case study that will be used throughout the day.
Responding to Risks
In this session, participants will learn about the four T’s of responding to risks: Tolerate, Treat, Transfer, and Terminate.
Next, participants will explore controls that can be put into place to mitigate risks.
This session will give participants a checklist of items to include in their contingency plan.
Reporting and Monitoring
In this session, participants will discuss reporting hierarchies and requirements.
Reviewing and Evaluating the Framework
The final session will give participants a checklist for reviewing their risk management program.
At the end of the course, students will have an opportunity to ask questions and fill out an action plan.