Introduction
This course on Operational Risk Control and Reduction is designed to enhance knowledge and skills required to manage risks actively within your organization's operations. It ensures not only the continuity of daily operations but also the enduring viability of your business. Employing a recognized framework, it introduces optimal practices for balancing risk and reward in the modern context of rapid technological changes and intense global market pressures. The program delves into Risk Governance and offers a structured process to identify, assess, and reduce risks that pose potential disruptions.
Participants will gain a comprehensive understanding of the sources of operational risks—be it human, procedural, technological, or organizational—and strategies to mitigate them. This includes insights into the psychology behind risk prevention and addressing external threats. Attendees will learn to scrutinize their operational processes and devise strategies to effectively manage and mitigate risks at their workplaces.
Course Objectives
- Understand the importance of proactive Operational Risk Control
- Develop a robust Risk Management Strategy
- Execute Risk Identification and Analysis
- Formulate and implement risk response actions
- Establish an Operational Risk Control Framework in your organization
- Maintain documentation, oversight, and reporting of Operational Risks
- Employ a consistent methodological approach to managing risks in your operations
Target Audience
- Executives in Charge of Operations
- Professionals in Risk Management
- Operations Management Personnel
- Lead Team Supervisors
- Maintenance Heads, Engineers, and Technical Staff
- Operational Planning Specialists
Course Outline
Day 1: Essential Principles of Operational Risk Control
- Understanding Risk and its Management in Operations
- Advantages of Operational Risk Management
- Framework for Managing Operational Risks
- Six Steps in the Operational Risk Management Process
- Holistic Enterprise Risk Management
- Processes for Identifying Risks
- Principles and Standards in Risk Management
- Comprehensive Risk Evaluation
Day 2: Techniques in Risk Management
- Challenges in Managing Risks
- Role of Operational Risk Management in Organizational Structure
- Utilizing Probability and Statistics in Managing Risks
- Modeling of Risks
- Analysis of Potential Failures and Their Effects
- Assessing and Measuring Risks
- Understanding Risk Maturity and Appetite
- Strategies for Risk Response
Day 3: Frameworks for Risk Governance
- Implementing Risk Controls
- Key Indicators for Risk Assessment (KRIs)
- Qualitative and Quantitative Approaches to Risk Analysis
- Initiating Risk Mitigation Actions
- Regular Risk Reviews
- Triple-tiered Framework for Risk Governance
- Oversight, Documentation, and Reporting on Risks
- Managing Project-Related Risks
Day 4: Practical Implementation of Risk Management
- Overcoming Obstacles in Risk Management
- Effective Communication on Risk Management
- Vision-setting for Risk Management
- Engaging Stakeholders in Risk Ownership
- Cultivating a Culture Focused on Risk Management
- Global Perspectives on Risk
- Integration of Risk Management Practices
Day 5: Operational Integration of Risk Management
- Tools for Risk Management Accessible via Web
- Seamless Integration of Risk Management Practices
- Essential Tips for Effective Risk Management
- Recap of Key Learning Points
- Developing a Personal Action Plan Based on Course Insights
