Certificate in Risk Management & Business Continuity
Managing Risk to Protect Your Organization and Maximize Performance
In today’s business environment, every organization—be it large or small, public or private—faces a wide array of risks. These aren’t just the risks that managers have anticipated and prepared for, but also those unforeseen challenges that might arise unexpectedly.
This course explores various types of risks and provides strategies to best prepare your organization. By utilizing structured frameworks, managers can effectively identify strategic, tactical, and operational risks.
Conducting a cost-benefit analysis can quickly reveal that mitigating every conceivable risk is not cost-effective. This raises important questions for managers: Which risks should be prioritized? How much time, money, and effort should be allocated to address these risks? Furthermore, how can we avoid subjective judgments in assessing the likelihood and impact of any risk, as well as the ensuing management decisions?
Nassim Taleb introduced the concept of ‘unknown unknowns’ as Black Swans. In business continuity planning, even though we can’t predict the occurrence of such events, preparation is crucial.
take Hurricane Katrina, for instance, where Walmart was the first organization to provide aid, not the Federal Emergency Services. How did Walmart achieve this, and what lessons can we learn from their approach?
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Adapting to the Evolving Nature of Risks
The landscape of risks is continually evolving. Over the past decade, cybersecurity has emerged as a top concern for management across industries. Previously, digital responsibilities were often delegated to IT departments. Today, however, everything is digital, posing new risks and challenges that organizations must address comprehensively.
There are ISO standards available that provide frameworks for overall risk management and ICT resilience, which ensure that ICT services are as robust as necessary and can be recovered to predetermined levels within agreed timelines. These standards adhere to Deming’s Plan-Do-Check-Act (PDCA) cycle.
Consequently, meeting the ISO standard requires strong leadership, effective management, and a supportive culture within the organization. Successful risk management demands the commitment and compliance of all employees, with no corners cut or responsibilities shirked. We examine these standards, which are intentionally non-prescriptive in their application, and assist participants in identifying mechanisms and procedures for successful implementation.
Course: Certificate in Risk Management & Business Performance Training Course
