Risk And The Risk Management Process

Risks are the dangers and opportunities associated with uncertain future events. They can have an adverse or favourable impact on the organization’s objectives. Businesses incur risk to gain competitive advantage and to increase financial return. Because the future is uncertain, businesses cannot eliminate risks completely. What they can do is to reduce the risks to the barest minimum either by reducing the activities which create exposure to the risks or transferring the impact of the risks to third parties.  Risk management is therefore the process of reducing the possibility of adverse consequences either by reducing the likelihood of an event or its impact or taking advantage of upside risk.

Learning contents:

  • Definition of risks
  • Why businesses incur risks
  • Risk perception – objective and subjective
  • Types of risks
  • Generic and specific risks
  • Strategic and operational risks
  • Correlation between risk and return
  • Impact of risk on stakeholders
  • Assessing risks
  • Defining the risk map
  • Dynamic nature of risk assessment
  • Techniques for quantifying risks
  • The risk management process
  • Enterprise Risk Management
  • Components of ERM framework

For whom:  Directors, Risk management committee, Chief Accountants, Heads of departments etc

Fee:              One hundred thousand naira only

Duration:     One day