09:00 Introduction and scoping
10.40 Enhancing existing risk management processes (Part I)
13:30 Mastering decision focused risk management
15:40 How to implement strategic risk management within your organisation (Part II)
- Understanding the rationale for enhancing current risk management practices. External vs internal drivers.
- Building on the principles of the ISO 31000 standard
- The need for and benefits of intelligent risk-taking vs managing the risks of decisions already taken.
- How to achieve holistic and effective risk identification.
- Introducing a business system approach to risk with a value chain, supporting functions, and external influencers
- How to leverage company specialists to minimise the effect of human biases
10.40 Enhancing existing risk management processes (Part I)
- How to achieve consistent risk analysis and assessment and why it’s critical
- Developing an approach to ensure that risk handling is effective and that ownership is assigned
- Building effective risk reporting using risk tolerance
- Group discussion: Risk mitigation as a competitive advantage
- Group exercise: Developing plausible risk tolerance statements
- Understanding the mechanics of Monte Carlo simulation
- How to practically apply Monte Carlo simulations to enhance the effectiveness of your risk analysis
- Using the output of simulations in risk decision-making
13:30 Mastering decision focused risk management
- Understanding the difference between “execution” and “decision” focused risk management
- Understand the steps you need to take to effective roll out
- Group exercise: Applying decision focused risk management in your organisation and obstacles to be aware of
- Differences from decision and traditional risk management – dealing with ambiguity
- Understanding how strategic decisions are made and implemented. The need to address an uncertain future – and choose in the light of uncertainty
- Understanding and applying the concept of “stepwise” adjustments
- Developing effective scenario workshops
- Group discussion: Understanding strategic decision process
- Group exercise: Hands-on developing scenarios based on case study
15:40 How to implement strategic risk management within your organisation (Part II)
- Understanding the concept of “issues” and how to identify and prioritize these using the PAPA (Park, Adapt, Prepare, Act) model
- How to embed the findings and agreements into the management and planning cycles of your company
- Group discussion: Identify and prioritize issues based on case study
- Setting your own targets and defining an implementation plan for managerial approval
- Understanding what steps, you can take tomorrow to move risk from operations to strategy
- Where to get further help
