Course Introduction
In today’s dynamic and increasingly uncertain business environment, organizations face a wide range of risks that can impact their strategic objectives, operations, reputation, and compliance. A well-structured Risk Management Framework (RMF) provides the foundation for identifying, assessing, and mitigating these risks in a consistent, proactive, and integrated manner.
This course is designed to equip professionals with the knowledge, tools, and practical strategies needed to design, implement, and continuously improve an effective risk management framework. Drawing from leading international standards such as ISO 31000, COSO ERM, and NIST RMF, the training provides both theoretical foundations and hands-on guidance tailored to real-world challenges.
Participants will learn how to align risk management with organizational goals, foster a risk-aware culture, and embed risk practices into business processes and decision-making. By the end of the course, attendees will be capable of not only establishing a risk framework but also ensuring its sustainability and relevance in a changing environment.
Course Objectives
By the end of this course, participants will be able to:
- Understand the principles and purpose of risk management and its role in achieving organizational objectives.
- Identify and evaluate key types of risks relevant to different industries and business functions.
- Interpret and apply leading risk management frameworks, including ISO 31000, COSO ERM, and NIST RMF.
- Develop and implement a tailored risk management framework suited to the organization’s size, industry, and regulatory context.
- Conduct effective risk assessments using qualitative and quantitative methods.
- Design and apply appropriate risk treatment strategies, including mitigation, transfer, and acceptance.
- Establish monitoring and reporting mechanisms to track risk performance and support informed decision-making.
- Promote a risk-aware culture and embed risk thinking into organizational processes.
- Evaluate the maturity of an existing risk management system and recommend improvements.
- Collaborate with stakeholders to ensure buy-in and successful implementation of risk management practices.
Who Should Attend?
This course is ideal for professionals responsible for identifying, managing, or overseeing risks within their organizations, including:
- Risk Managers and Officers
- Compliance Officers and Legal Advisors
- Internal Auditors and Audit Committee Members
- Project and Program Managers
- Corporate Governance Professionals
- IT Risk and Cybersecurity Professionals
- Operations and Business Continuity Managers
- Finance and Strategic Planning Personnel
- Senior Executives and Board Members
- Anyone involved in developing or implementing risk management systems
No prior experience in formal risk management is required, but familiarity with basic business operations and organizational processes is beneficial.
Course Outlines
Module 1: Introduction to Risk Management
- Definition of risk and risk management
- Types of risks (strategic, operational, financial, compliance, reputational)
- Importance of risk management in modern organizations
Module 2: Standards and Frameworks
- Overview of ISO 31000, COSO ERM, NIST RMF
- Regulatory drivers and industry-specific frameworks
- Selecting the right framework for your organization
Module 3: Establishing the Risk Management Context
- Defining objectives and scope
- Stakeholder identification and engagement
- Risk appetite and tolerance
Module 4: Risk Identification and Assessment
- Tools and techniques (SWOT, PESTLE, risk workshops, interviews)
- Risk registers and categorization
- Qualitative vs. quantitative risk assessment methods
Module 5: Risk Evaluation and Prioritization
- Risk matrix and heat maps
- Risk scoring and ranking
- Risk interdependencies and cascading effects
Module 6: Risk Treatment and Controls
- Risk response strategies (accept, avoid, transfer, mitigate)
- Designing effective control measures
- Cost-benefit analysis of risk responses
Module 7: Monitoring and Reporting
- Key Risk Indicators (KRIs)
- Continuous monitoring techniques
- Internal and external reporting
Module 8: Embedding and Improving the Risk Framework
- Risk culture and communication
- Integration with business processes and decision-making
- Maturity models and continuous improvement
Wrap-up & Assessment
- Case study or group exercise: Building a mini risk framework
- Final quiz or evaluation
- Q&A and feedback