Managing Risks in Small and Medium Sized Organizations – Fundamentals

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CPD Hours: 7 |

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Managing Risks in Small and Medium Sized Organizations – Fundamentals
Managing Risks in Small and Medium Sized Organizations – Fundamentals

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Summary

     

    Overview:

    According to a 2018 survey, The State of ERM in Canada - A Benchmarking Study, by the Conference Board of Canada, CPA Canada, and the Global Risk Institute in Financial Services, almost 50 percent of small- to medium-sized organizations do not have any kind of an Enterprise Risk Management (ERM) program in place. 

    These organizations operate in constantly changing environments with increasing constraints. As such, they need to make informed and timely decisions regarding strategies and operations to reduce the occurrence of unexpected and significant operational losses and reputational impacts and to achieve objectives.   

    This course takes you through a well-established and practical risk management methodology and shows how this methodology can be used and integrated in small and medium-sized businesses.  

    This course provides you with the fundamentals of how to best manage risks in small and medium-sized organizations. Risk Management methodologies and best practices will be introduced along with practical and real-life examples. Opportunities will be provided for you to apply the learnings at different junctures to their individual organizations.

    Practical, strategically integrated risk management will greatly assist small and medium-sized organizations to meet their objectives in times of increasing complexity as well as meet their compliance and governance requirements. 

     

     

    Course Content:

    In this course, you will gain knowledge about the following topics: 

    • Risk management definitions, benefits, and related standards 
    • Risk management methodology.  Using ISO 31000 as a reference this includes: 
      • Understanding Risk Context, includes Risk Appetite 
      • Identification of Risk 
      • Prioritization/Assessment of Risk 
      • Treatment of Risk 
      • Monitoring and Reporting on Risk 
      • Viewing Strategic Decisions from a Risk Management 

     

    Learning Objectives:

    By the end of this course, you should be able to: 

    • Become conversant with an Enterprise Risk Management framework to successfully manage risk
    • Understand how to make effective Strategic decisions from a Risk Management viewpoint
    • Learn how to use a base set of tools and templates to identify, prioritize, treat, and monitor risks
    • Develop successful communication and reporting strategies to discuss risk management with senior leaders, Board members, and other relevant stakeholders

     

    Who Will Benefit: 

    CFOs, board members and professionals who have risk management responsibilities in small businesses including those working in NFPs, private and public sector.  

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