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.
You will spend the first part of the day getting to know participants and discussing what will take place during the workshop. Students will also have an opportunity to identify their personal learning objectives.
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.
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.
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.
In this session, participants will discuss reporting hierarchies and requirements.
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.