Building the risk picture
Risk management, risk culture and COSO.
Three and a half hours on building one shared risk picture: ISO 31000, risk culture, risk to and from strategy, enterprise risk management and emerging risk.
- Level
- Focus
- Learning time
- 3 hours 30 minutes
- Where
- Strategic Risk
- Price
- £69
When you step up to a higher level, what you paid in the last 12 months for lower-level courses inside the bigger course comes off its price, in proportion to how much of each is inside it, whichever topic it's from. Courses at the same or a lower level don't give credit against each other. A Focus course or above always costs at least £15. Read the full terms
Certificate of Completion, or Certificate of Completion and Assessment with a short assessment
Overview and Outcomes.
Who It's For
Leaders moving their organisation beyond the risk register
Overview
Risk is the price of having objectives, not a problem to be solved. This programme builds the foundations of a shared risk picture, from the ISO 31000 definition and Knight's distinction between risk and uncertainty to the eight principles of risk management and the markers of healthy risk culture. It separates risk to strategy from risk from strategy using Kaplan and Mikes, explains what enterprise risk management and the COSO 2017 framework add beyond siloed registers, and looks ahead to black swans and digital, climate and geopolitical risk. Blockbuster, the Post Office Horizon scandal and WorldCom illustrate what is at stake.
Aims
This programme aims to help leaders replace a register-filling exercise with a genuine, organisation-wide view of risk, building the shared language, culture and strategic discipline that let one organisation see one risk picture and sense what is coming before it arrives.
In summary, you will be able to:
- Explain risk, uncertainty and the families of risk precisely, and choose between quantitative tools and scenario thinking using Knight's distinction.
- Assess your organisation's risk management against ISO 31000, the markers of healthy risk culture and the requirements for genuine enterprise risk management under COSO.
- Plan how to build risk into strategic planning and move from a static register to adaptive risk sensing that captures emerging risks.
What you'll develop
Through this Focus course, you will build the ability to:
- Define risk, uncertainty, risk appetite and risk register precisely, and explain why risk is the effect of uncertainty on objectives.
- Distinguish the six families of risk and explain why strategic risk needs a different discipline from operational risk.
- Explain the eight principles of ISO 31000 and test your own organisation against them.
- Distinguish preventable, strategy and external risk using Kaplan and Mikes's framework and match each to the right management response.
- Explain what enterprise risk management adds that siloed departmental registers cannot see, including aggregated exposure and cross cutting themes.
- Explain the three characteristics of a black swan and why such events expose the limits of prediction.
Built from 3 parts.
3 hours 30 minutes of learning.
- 01Why risk belongs to leadersRisk management basics for leadersBitesize1 module
- 02Risk as part of the planRisk culture and risk in strategyBitesize2 modules
- 03Joining up the risk pictureEnterprise risk management and COSOBitesize2 modules
Go deeper, and pay only the difference
- You are hereFocus, 3 hours 30 minutes, £69
- Next stepExplore, Seeing the risk, 4 hours 30 minutes, £129. Already own the Focus? You pay £60.
- The whole topicImmerse, Risk worth taking, 9 hours 30 minutes, £249. Already own the Focus? You pay £180.
When you step up to a higher level, what you paid in the last 12 months for lower-level courses inside the bigger course comes off its price, in proportion to how much of each is inside it, whichever topic it's from. Courses at the same or a lower level don't give credit against each other. A Focus course or above always costs at least £15. Prices per person. Read the full terms