Objectives:
The objectives of this Risk Management workshop are:
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To appreciate the need for the management and review of risk
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To provide a framework & process for the management of risk
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To understand a variety of techniques to identify, assess, manage & monitor risks
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To enable the delegates to have experience in using some of these techniques
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To understand the importance of planning and implementing identified risk management actions
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To understand the overall management of risk process
Outline:
Understanding Risk Management
· The need for risk management and its benefits to the business
· Importance of the effective identification, assessment & management of risk
· Definition of what constitutes a risk
· Difference between risks, issues and assumptions
· Requirements for effective risk management
· Barriers to effective risk management and how to address them
The Five Elements Of Risk Management
· Scope and intensity of risk management: Degree of application of risk management based on level of risk in the business and environment
· Awareness of degree of risk tolerance considered acceptable by the organisation
· The risk management process: The stages of the risk management process
· Roles & responsibilities in risk management
· The documents and products that are used during risk management
Identifying All Credible Risks
· Different types & categories of risks that can be present in specific business areas
· Methods of capturing all types of relevant risks for the business area, and how to use them: Prompt Lists – Checklists – Questionnaires – Team Based Activity
· Describing each risk in a way that it enables the effective analysis of the risk: Risk statement to contain a condition and the consequence
· Identifying the causes of risks
· Classifying the identified risks in 3 classes to aid analysis
· Identifying the residual risk that remains in place for each identified risk after the existing controls in the business have been taken into account
Assessment Of All Identified Risks
· How analysis of each risk converts the statement of the risk into decision making information
· Process of analysing each risk
· Assessment of each risk
· Using a Risk Assessment Matrix
· Determining whether a risk is high, medium or low level
Action Planning For Risk Management
· Process of risk management action planning focusing on high level risks
· The five major types of actions for managing risks
Using A Risk Register
· What's included?
· Purpose
· Allocating an owner
· Responsibilities and support
· Monitoring and controlling risk
· Updating of the contents in the Risk Register
Risk Monitoring & Control
· Monitoring and controlling each risk
· Limit Testing Method
· The frequency of monitoring & controlling risks
· Communicating the results of monitoring the risks
· Managing stakeholders perceptions
· Tracking changes in risks
Closure Of Management Of Each Risk
· Closure or passing of risk
· Action taken to mitigate and manage the risk
· Learning for future use
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