Course Overview
This course provides an in-depth understanding of Integrated Risk Management (IRM) as a holistic approach to identifying, assessing, and managing risks across all functions and levels within an industrial organization. Participants will learn how to break down silos, align risk management with business objectives, and implement a coordinated risk framework that supports sustainable operational and strategic performance.
Course Objectives
By the end of this course, participants will be able to:
- Understand the principles and benefits of Integrated Risk Management (IRM)
- Identify and assess risks across multiple domains (operational, financial, strategic, compliance, reputational)
- Develop and implement an integrated risk management framework aligned with organizational goals
- Facilitate cross-functional collaboration and communication on risk issues
- Utilize risk data and analytics to inform decision-making
- Embed a risk-aware culture throughout the organization
- Monitor, report, and continuously improve risk management practices
Who Should Attend?
- Risk Managers and Analysts
- Operational and Safety Managers
- Compliance Officers
- Senior Management and Executives
- Internal Auditors
- Business Continuity and Crisis Management Professionals
- Consultants and Advisors in Risk Management
Course Outline
Introduction to Integrated Risk Management (IRM)
- Definition and key concepts of IRM
- Evolution from siloed risk approaches to integrated frameworks
- Benefits and challenges of IRM implementation
- Overview of global standards and frameworks (ISO 31000, COSO ERM)
Risk Identification and Mapping Across Functions
- Comprehensive risk identification techniques
- Creating a risk taxonomy and risk registers
- Mapping interdependencies and risk interactions between business units
- Tools for visualizing enterprise-wide risks
Developing an Integrated Risk Management Framework
- Establishing governance structures and roles
- Risk appetite and tolerance alignment with business strategy
- Policies, procedures, and controls to support IRM
- Integration with business processes (planning, budgeting, operations)
Risk Assessment and Prioritization
- Qualitative and quantitative risk assessment methods
- Aggregating and analyzing risk data from multiple sources
- Prioritizing risks based on enterprise impact
- Scenario analysis and stress testing
Cross-Functional Collaboration and Communication
- Breaking down silos: building risk committees and working groups
- Effective risk reporting to leadership and stakeholders
- Facilitating risk workshops and joint decision-making sessions
- Tools for collaboration and risk information sharing
Embedding a Risk-Aware Culture
- Leadership’s role in driving IRM
- Training and awareness programs
- Incentives and accountability for risk management
- Monitoring behavioral and cultural risk indicators
Monitoring, Reporting, and Continuous Improvement
- Establishing key risk indicators (KRIs) and dashboards
- Internal and external audit roles in IRM
- Incident management and lessons learned processes
- Adapting the IRM framework to evolving risks
Case Studies and Practical Exercises
- Industry-specific IRM implementations
- Group exercise: Designing an integrated risk framework for a fictional organization
- Discussion of real-world risk events and integrated response strategies