(SCTP Module) Enterprise Risk Management in a Digital World
About This Course
The ISO 31000 standard forms the backbone of an enterprise risk management framework, emphasizing a holistic approach to managing risks across the entire organization. This standard ensures due consideration for overall enterprise objectives, acting as a common language and strategy hub for existing risk management efforts. The goal of enterprise risk management is to both decrease the likelihood of risks occurring and minimize their impact on the organization. It serves as a coordinated activity to guide and control the organization with regard to risk, incorporating a crucial upstream element known as risk sensing.
Despite the significance of risk sensing in anticipating risks and opportunities, many organizations lack structured frameworks for meaningful anticipation. A Risk Sensing capability is highlighted as critical for Strategic Planning and Enterprise Risk Management, urging organizations to adopt more anticipatory processes. This approach challenges leaders to think creatively, fostering a deeper understanding of the interconnections between factors and enhancing institutional resilience through scenario planning.
What You'll Learn
- Understand the nature of risks and the need for risk management
- Understand the fundamentals of Enterprise Risk Management
WRisk identification, risk analysis, and risk evaluation and treatment
•Risk likelihood and risk impact
•Five-step ERM process: establish context, make an assessment, develop a response, monitor and review, and communicate and consult
-Learn how to implement a risk governance structure
-Understand how risk sensing is an important complement to enterprise risk management
-Understand why risk profile dashboards and common operating pictures are critical to risk and crisis management
-Learn how other government and private sector organizations have applied risk sensing techniques as part of their decision making process
-Recognise the different methodologies applied in risk sensing and how they can help your strategic anticipation capability
-Understand how analytical processes and tools can support the risk sensing process
Entry Requirements
1) Possess a Minimum Diploma in IT/Computer Science, Science, Technology, Engineering, Mathematics, or Business-related disciplines.
OR
2) Have a minimum of 3 years of relevant work experience, with demonstrated proficiency in foundational digital literacy, an understanding of basic IT infrastructure and data concepts, and proven analytical and problem-solving skills within an operational or business context. Proficiency in English (written, spoken, reading, and listening) to effectively comprehend complex regulatory and technical course materials, engage in discussions, and communicate findings.