Enterprise Risk Management for Boards Training Course: Understanding Systemic Risks and Integrating Erm into Governance

Introduction

In an increasingly volatile, uncertain, complex, and ambiguous (VUCA) world, effective risk management is no longer merely a compliance exercise but a strategic imperative for board members to safeguard organizational value and ensure long-term sustainability. This 5-day training course on Enterprise Risk Management for Boards is meticulously designed to equip directors and senior executives with the strategic foresight and practical tools to understand systemic risks, effectively oversee an integrated Enterprise Risk Management (ERM) framework, and embed risk considerations into every facet of corporate governance. Participants will gain deep insights into identifying emerging threats, assessing their potential impact, fostering a robust risk culture, and ensuring that ERM actively informs strategic decision-making and enhances organizational resilience.

This intensive program is tailored for Non-Executive Directors (NEDs), Executive Directors, Audit Committee members, Risk Committee members, Chief Risk Officers (CROs), and other senior leaders responsible for governance and risk oversight. It will empower attendees with methodologies for challenging management on risk assumptions, understanding the nuances of various risk categories (financial, operational, strategic, reputational, cyber), integrating ERM into strategic planning and reporting, and fulfilling their fiduciary duties in an environment of escalating and interconnected risks. By mastering the principles of Enterprise Risk Management for Boards, this course aims to enable participants to proactively steer their organizations through turbulent times, protect stakeholder interests, and drive sustained success.

Duration: 5 Days

Target Audience:

  • Non-Executive Directors (NEDs)
  • Executive Directors and C-suite Executives (CEOs, CFOs, COOs, etc.)
  • Members of Audit and Risk Committees
  • Board Chairs and Lead Independent Directors
  • Chief Risk Officers (CROs)
  • Company Secretaries and Governance Professionals
  • Heads of Internal Audit
  • Legal Counsel and Compliance Officers
  • Senior Regulators and Policy Makers
  • Aspiring Board Members

Objectives: Upon completion of this course, participants will be able to:

  • Articulate the strategic imperative of Enterprise Risk Management (ERM) for board oversight and organizational resilience.
  • Understand the core components of an effective ERM framework and its integration into governance.
  • Identify and assess systemic, emerging, and interconnected risks facing modern organizations.
  • Develop strategies for effective board challenge and oversight of management's risk practices.
  • Ensure ERM effectively informs strategic decision-making, capital allocation, and long-term value creation.

Course Modules:

Module 1: The Strategic Imperative of ERM for Boards

  • Defining Enterprise Risk Management (ERM) and its evolution.
  • The board's fiduciary duty and oversight role in risk management.
  • The link between effective ERM and organizational resilience, competitive advantage, and shareholder value.
  • Understanding the VUCA (Volatile, Uncertain, Complex, Ambiguous) environment and its impact on risk.
  • Case studies of major corporate failures due to inadequate risk oversight.

Module 2: Core Components of an Integrated ERM Framework

  • Key elements of a robust ERM framework: risk identification, assessment, response, monitoring, and reporting.
  • Understanding risk appetite and risk tolerance: setting boundaries for the organization.
  • The role of risk culture in influencing risk-taking behavior.
  • Aligning ERM with strategic planning and business objectives.
  • Frameworks: COSO ERM, ISO 31000, and other global standards.

Module 3: Identifying and Assessing Systemic & Emerging Risks

  • Techniques for identifying and categorizing risks: strategic, financial, operational, compliance, reputational, cyber.
  • Understanding systemic risks: interconnectedness and cascade effects (e.g., supply chain disruptions, climate change).
  • Horizon scanning: identifying emerging risks and black swan events.
  • Quantitative and qualitative risk assessment methodologies.
  • Scenario planning and stress testing for major risks.

Module 4: Board Oversight of Risk Management Culture and Governance

  • The board's role in setting the tone from the top for risk culture.
  • Ensuring clear roles and responsibilities for risk management across the organization.
  • The functions of the Risk Committee and its interaction with the Audit Committee and full board.
  • Integrating risk discussions into regular board meetings and strategic sessions.
  • Challenging management's risk assumptions and risk reporting.

Module 5: Financial Risk Oversight for Boards

  • Understanding key financial risks: market risk, credit risk, liquidity risk, foreign exchange risk.
  • The board's role in overseeing financial controls and reporting integrity.
  • Managing financial instruments and hedging strategies.
  • Capital allocation and risk-adjusted performance measures.
  • Monitoring financial health and solvency indicators.

Module 6: Operational and Compliance Risk Management

  • Oversight of operational risks: process failures, human error, technology breakdowns.
  • Supply chain risk management and resilience.
  • Ensuring compliance with laws, regulations, and internal policies.
  • Anti-bribery and corruption (ABC) compliance and ethical conduct.
  • The board's role in data privacy and cybersecurity risk oversight.

Module 7: Strategic, Reputational, and ESG Risk Management

  • Overseeing strategic risks: competitive landscape, innovation, market shifts, M&A integration.
  • Managing reputational risk: social media, public perception, stakeholder trust.
  • The board's role in overseeing Environmental, Social, and Governance (ESG) risks.
  • Climate change risk, human rights in the supply chain, diversity and inclusion.
  • Communicating ESG risks and opportunities to investors and stakeholders.

Module 8: Risk Reporting, Communication, and Assurance

  • Effective risk reporting to the board: clear, concise, actionable.
  • Key risk indicators (KRIs) and early warning systems.
  • The role of internal audit and external assurance in providing independent validation of ERM.
  • Communicating major risks to shareholders and external stakeholders.
  • Best practices in integrated reporting (financial and non-financial risks).

Module 9: Integrating ERM into Strategic Decision-Making

  • How risk intelligence informs strategic choices, investment decisions, and capital expenditure.
  • Embedding risk considerations into performance management and executive incentives.
  • The "risk-aware" board: balancing risk-taking with value creation.
  • Using risk scenarios to test strategic resilience.
  • From hindsight to foresight: proactive risk leadership.

Module 10: Future of ERM and Board Action Plan

  • Emerging technologies shaping ERM: AI, predictive analytics, blockchain for risk.
  • The increasing complexity of interconnected global risks.
  • Building a truly agile and adaptive risk management framework.
  • Personal leadership role in fostering a strong risk culture.
  • Participants' action plans for enhancing ERM oversight and integration in their own organizations.

CERTIFICATION

  • Upon successful completion of this training, participants will be issued with Macskills Training and Development Institute Certificate

TRAINING VENUE

  • Training will be held at Macskills Training Centre. We also tailor make the training upon request at different locations across the world.

AIRPORT PICK UP AND ACCOMMODATION

  • Airport pick up and accommodation is arranged upon request

TERMS OF PAYMENT

Payment should be made to Macskills Development Institute bank account before the start of the training and receipts sent to info@macskillsdevelopment.com

 

Enterprise Risk Management For Boards Training Course: understanding Systemic Risks And Integrating Erm Into Governance in Grenada
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