Enterprise Risk Management

Enterprise Risk Management

This programme will acquire knowledge of the evolutionary and fluid process of developing, implementing, and evaluating ERM. You will also learn how to monitor risk at an enterprise-wide level, as well as the application techniques necessary for achieving the process within your organization.

Anyone tasked with establishing, implementing or facilitating a business risk processor making certain significant risks are being managed appropriately, should attend this course.

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Programme Structure

This module will provide a big-picture overview of risk management and highlight key issues in bank and asset management risk management. It will introduce issues the key risks facing financial services companies and other corporates. The second part of the module will involve a risk management simulation in Imperial’s capture lab. The simulation will make risk management tangible as participants will need to make risk management decisions under pressure, communicate effectively within their team, their company and externally while solving the crisis at hand.

The world today is filled with social and political instability that affects how corporations carry out their business activities. Globalisation has become another important feature for businesses to take into consideration. A company’s environment is no longer limited to the country that it is based in. Western economies interact with Far Eastern and ex-Communist Blocs, as well as, the emerging markets in a complicated network.

The process of an Enterprise Risk Management Framework (ERM) enables the administration of a business management to recognise all the risks it faces, quantify them, evaluate the sufficiency of controls, and report about the existing risk profile of the business

The core risk management stages are identified as analysis, identification, assessment, evaluation, planning, and management. These stages collectively create a logical sequence of activities essential for a forceful approach towards the application of enterprise risk management.

For more effective risk management, an organization needs to ascertain the risks it faces and evaluate them. The first step in building a company’s risk profile is to identify the risks. Documentation is very important for effective risk management; however, there is no single correct way to document an organization’s risk profile. An analysis of the business or stage 1 is a prerequisite to identifying risk.

The objective of the risk assessment stage is to offer an evaluation of the possibility and the impact of the risks and opportunities that have been identified if they should occur. Undertaking the assessment provides several benefits, such as providing an order of pain or gain for each opportunity and risk that has been identified.

Financial risk is the exposure to negative occurrences that reduce profitability and in extreme situations bring about company closure. These events may be bad debt, loss of an important customer, loss of overseas investments, the failure of financial systems, regulatory non-conformances or compliance issues, poor hedging choices, adverse fluctuations in exchange rates, and overdependence on a single supplier.

A business that does not address Operational Risk Management cannot claim to have an enterprise risk management process. The success of Operational Risk Management will depend on how complete the identification process is.

The pervasive technologies in today’s world are information, communication, and controls. These technologies can reduce costs, boost growth, and increase productivity. Airlines, banks, insurers, and hotels rely heavily on internet technology. Initially, the purpose of IT was to reduce administrative and bureaucratic work load, so that the staff would have more time to do their proper jobs. Now, IT is an
enabler of the business plan and growth targets. The efficient use of technology can transform companies and contribute towards improved and sustainable stakeholder value. This increase in value is generally driven by investment in technology, resource optimisation and diligent maintenance to sustain reliability. Rapid changes in technology and the merging of technologies, like computers and telecommunications, are continually recreating industrial boundaries so that old industrial sectors are almost non-existent.

For a business, legal risk may be defined as failing to: understand its legal obligations, operate within the law, have evidence to prove that it operates within the law, honour contractual agreements, recognise and effectively manage legal threats or agree on remedies for compensation with a supplier in the event of default.

For most companies, environmental risk results in reduced bottom-line performance from loss of reputation, brand name, and market share from an environmental incident; increased regulation on energy consumption; loss of market share to more environmentally aware competitors with marketing campaigns displaying social responsibility; increased operating costs from the effects of global warming; and higher fuel costs, as natural resources are depleted.

From a business perspective, social risk emanates from changes in society. These changes cause fluctuations in demand, open up new business opportunities, or alter a business’ responsiveness to demand, all as a consequence of the characteristics of its workforce. Business performance capabilities are influenced by the availability, education, health, and outlook of the workforce.

Establishing and managing a successful Business Risk Management Programme has no shortcuts. There are only trade-offs concerning levels of risk and resource requirements. Despite the fact that the process of formulating risk management strategies and business continuity/contingency plans can be expensive, lengthy, and very time-consuming, it can make the difference between not surviving a risk-related event or getting through with most things intact. One benefit of this process is that information will be uncovered which can also lead to everyday operational enhancements within the business itself and also with its business partners.

A risk management framework aims to assist an organisation to manage its risks effectively through the application of the risk management process at varying levels and within specific contexts of the organisation. Such a framework should ensure that risk information derived from these processes is adequately reported and used as a basis for decision-making at all levels.

This section provides an overview of how a risk management process consistent with that outlined in the guide might be implemented across an organisation. It also provides guidance on the process and content of risk and risk management reporting and outlines a practical approach to developing a proactive risk management culture.

Reviewing a risk management framework is different to reviewing risks and their associated controls for effectiveness. The latter is a subset of the former as, by obtaining assurance on the effectiveness of the practices in place to manage specific risks, an organisation can be satisfied that at least part of its risk management framework is operating effectively. This review activity would then be coupled with a review of additional components of the risk management framework to ensure its overall effectiveness.

Learning Outcomes of Enterprise Risk Management

  • Define enterprise risk management

  • Identify the roles and responsibilities within an organization to implement enterprise risk management as an enterprise-wide function

  • Compare the types of enterprise risk management frameworks

  • Understand and conduct quantitative Risk Analysis

  • Learn how to implement an enterprise risk management program in an organization

  • Evaluate risk management frameworks and practices and apply them to industry settings

  • Examine changes in risk management practices as a result of paradigm shifts in global banking, insurance and asset management

  • Analyse the mechanism of corporate governance and its critical relationship to and with risk

  • Understand how to monitor and evaluate an enterprise risk management program for improvement

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Start Date
January 2023
Study Mode
Enterprise Risk Management
Learning Time
4 Weeks
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Start Date
Study Mode
Enterprise Risk Management
Learning Time
3 Months
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You can use the following link to apply for the programme: https://www.lsbuk.com/apply/

There you’ll have to choose the module which you are interested in

In order to assess your eligibility for the programme, we will review your profile and your expectations from your career. This will be done via an in-person, telephonic or video conversation. In addition, we will mark your English proficiency for the course as well, and advise on further actions to be taken on your part.

Then, tell us how you’ll be funding your chosen module, choosing from one of our flexible funding options

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