General Risk Management Workshop

Course details

Many Strategies, programs, projects and operational initiatives fail to achieve their desired objectives due to adverse impacts of risks outside of management control and poor management of them. While you cannot fully eliminate or control risks, applying strong Risk Management practices helps you to ensure mitigating, transferring or avoiding risks and their impacts on your initiatives and to capitalize on opportunities as they arise.

This interactive and highly engaging workshop provides a solid Risk Management foundation based on best practices and better understanding of risks and opportunities, sources and categories of risks, risk management planning, analyzing risks to define their probability and impact on your initiatives, develop risk response strategies, and monitor and control risks as you progress. It provides managers and supervisors with a robust Risk Management framework and the tools to tackle risks in any organizational program, project, operational initiative or developing a new strategy, resulting in higher success rates for you and your organization.

Day 1:

• Introduction and Expectations
• Risk Management Overview
• What is a Risk?
• Impact of Risks,
• Common Sources of Risks,
• What is Risk Management?
• Relationship between Risk Management and other disciplines (Strategic management, Project Management, and Operational Management)
• Case Study.
• Risk Management Processes
• Plan Risk Management,
• Identify Risks,
• Perform Qualitative Risk Analysis,
• Perform Quantitative Risk Analysis,
• Plan Risk Responses,
• Monitor and Control Risks,
• Planning Risk Management
• What should you consider before planning for Risk Management?
• Risk attitude (appetite, tolerance, and thresholds),
• Developing a Risk Management Plan,
• Components of Risk Management Plan,
• Creating a Risk Breakdown Structure (RBS),
• Case Study.
• Identifying Risks
• Identifying Risks,
• Defining Risk Categories,
• Tools for Identifying Risks:
• Fishbone Diagram
• Checklists
• Brainstorming and Interviewing
• Delphi Technique
• Developing the Risk Register,

Day 2:

• Performing Qualitative Risk Assessment
• Qualitative Risk Assessment,
• Analyzing Probability and Impact of Risks,
• Probability and Impact Matrix (Heat map),
• Risk Ranking,
• Assessing Risk Urgency,
• Acceptable and Unacceptable Risks,
• Performing Quantitative Risk Assessment
• Quantitative Risk Assessment,
• Quantitative tools for Risk Assessment,
• Expected Monetary Value Analysis (EMV),
• Value at Risk (VAR)
• Risk Adjusted Return
• Modeling and Simulation,
• Sensitivity Analysis,
• Planning Risk Responses
• Implementing Risk Response Strategies
• Strategies for Threats (Avoid, Mitigate, Transfer, and Accept)
• Strategies for Opportunities (Exploit, Share, Accept and Enhance)
• Calculating and creating Contingency reserves,
• Determining Residual risks,
• Developing risk budget,
• Examples,
• Monitoring and Controlling Risks
• Who is responsible on Monitoring and Controlling Risks?
• Monitoring and Controlling risks in execution phase,
• Risk Triggers,
• Tools to determine triggered risks (Earned Value Analysis, Variance Analysis, Reserve Analysis),
• Risks and Change Control processes,
• Risk Re-assessment and Risk Audits,
• Exercise:
• Comprehensive Case Study.

Key Benefits

• After the completion of the workshop; participants will be able to:
• Define, Identify, Categorize and Analyze Risks.
• Understand and apply Risk Management Processes.
• Build your comprehensive Risk Management Plan.
• Use tools and techniques to analyze qualitatively and quantitatively the impact and probability of risks on your initiatives.
• Determine and allocate your contingency plan and risk budget.
• Select and apply the appropriate risk and/or opportunity response strategy, assign responsible, and define risk triggers.
• Monitor and Control Risks during executing your initiatives.

Audience

• Executives and directors
• Functional Managers
• Project Managers
• Team Leaders and supervisors
• Business Analysts
• Anyone aspiring to manage risks successfully in his organization.