Risk Management 101:
A Skills Training on Managing Risk Effectively
Effective risk management is crucial for any organization, as it helps to mitigate potential negative outcomes and ensure the success of projects and initiatives. In this skills training, participants will learn how to manage risk effectively, including through the use of risk management strategies such as controls and contingency plans. By the end of this session, participants will have gained a deeper understanding of risk management techniques and be equipped with the tools and strategies needed to effectively manage risk in a professional setting.
- To understand the importance of risk management in the workplace
- To learn how to identify and assess potential risks
- To develop strategies for managing and mitigating risk, including the use of controls and contingency plans
- To gain practical experience applying risk management techniques through exercises and case studies
- Presentation of key concepts and theories
- Group discussion and brainstorming
- Practical exercises and case studies
included in 90-min, Half Day & Full Day sessions
- Participants will work in small groups to complete a Risk Management Matrix for a proposed project.
- Participants will develop a Risk Management Plan for a real-world scenario.
- Participants will apply the Three Lines of Defense Model to a real-world scenario.
(included in Half-Day and Full Day sessions)
- The Risk Management Matrix: This framework provides a systematic approach to identifying and assessing potential risks and benefits, as well as developing strategies for managing and mitigating those risks.
- The Risk Management Plan: This framework outlines a structured approach to identifying, assessing, and managing risks, including the development of controls and contingency plans.
- The Three Lines of Defense Model: This model defines three lines of defense against risk: the first line of defense is the front-line risk management, the second line of defense is the independent risk management function, and the third line of defense is the internal audit function.
- The Risk Management Matrix can be used to identify and assess potential risks and benefits, and to develop strategies for managing and mitigating those risks.
- The Risk Management Plan can be used to outline a structured approach to identifying, assessing, and managing risks, including the development of controls and contingency plans.
- The Three Lines of Defense Model can be used to define roles and responsibilities for risk management within an organization, and to ensure that there are multiple layers of protection against risk.