Operational Risk Management and Mitigation
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Operational Risk Management and Mitigation Course
Introduction:
Operational risks abound for organizations across various industries. On the left side, there are ever-present risks stemming from employee behavior, third-party interactions, data handling, business processes, and control systems. On the right side, inherent risks lurk, including cultural, moral, and ethical considerations. Additionally, technology risks loom large, especially as organizations embrace new technologies such as automation, robotics, and artificial intelligence.
The Operational Risk Management and Mitigation Training course is designed to equip participants with the understanding, skills, methods, and behaviors necessary to proactively manage risks throughout their operations. This comprehensive training aims to ensure both the day-to-day operational continuity and long-term sustainability of organizations. Built upon a proven framework and introducing best practices, this course provides a deep understanding of the human, process, systems, and organizational factors that contribute to risks and how to minimize them. It also delves into the psychology of risk prevention and the importance of combating external threats.
By attending this training seminar, delegates will gain the knowledge and tools to assess and mitigate risks within their own workplaces. They will have the opportunity to examine their operations thoroughly and develop effective risk management plans. The course emphasizes the importance of proactive risk management, enabling participants to identify potential areas of vulnerability and implement appropriate strategies to address them.
Through the Operational Risk Management and Mitigation Training course, individuals will enhance their risk management capabilities, fostering operational resilience and safeguarding the organization's interests. By understanding the causes of risk and implementing preventive measures, participants will contribute to a safer and more secure work environment. This training empowers organizations to navigate operational challenges with confidence and mitigate the potential impact of risks on their operations and overall success.
Course Objectives:
At the end of this operational Risk Management & Mitigation training course, you will be able to:
- Improving the reliability of business operations
- Improving the effectiveness of the risk management operations
- Strengthening the decision-making process where risks are involved
- Reduction in losses caused by poorly-identified risks
- Early identification of unlawful activities
- Lower compliance costs
- Reduction in potential damage from future risks
- Appreciate the benefits of proactive Operational Risk Management
- Construct an effective Risk Management Plan
- Conduct Risk Identification and Risk Analysis
- Plan a response to risk and take action to mitigate it
- Implement an Operational Risk Management Framework within your organization
- Document, report and manage Operational Risk
Who Should Attend?
Operational Risk Management and Mitigation training course is suitable to a wide range of professionals but will greatly benefit:
- Senior Operations Managers
- Risk Management Professionals
- Operations Managers
- Senior Team Leaders
- Maintenance Managers, Engineers and Technicians
- Operations Planners
Course Outlines:
The Foundations of Operational Risk Management
- What is Risk and Operational Risk Management?
- The Benefits of Operational Risk Management
- The Operational Risk Management Framework
- The 6-step Operational Risk Management Cycle
- Enterprise Risk Management
- Risk Identification Process
- Risk Management Principles and Standards
- Risk Assessment
Risk Management Methods
- The Challenges of Risk Management
- Operational Risk Management in the Corporate Structure
- Probability and Statistics for Operational Risk Management
- Risk Modelling
- Failure Modes and Effects
- Risk Measurement
- Risk Maturity Level and Risk Appetite
- Risk Response
Risk Governance
- Risk Controls
- Key Risk Indicators (KRIs)
- Qualitative and Quantitative Risk Analysis
- Risk Actions
- Risk Reviews
- Risk Governance – Three Lines of Defense
- Risk Oversight, Documentation and Reporting
- Project Risk Management
Implementing Operational Risk Management
- Overcoming the Hurdles to Risk Management
- Risk Management Communication
- Setting a Risk Management Vision
- Stakeholder Ownership of Risk Management
- Instilling a Risk Management Culture
- International Attitudes to Risk
- Embedding Operational Risk Management
Integrating Risk Management into your Operations
- Web-based Risk Management Tools
- Integrating Risk Management into Your Operations
- Top Tips for Successful Operational Risk Management
- Review of Learning
- Personal Action Planning based on Lessons Learned from Course