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This five-day program equips senior executives and risk management professionals with the advanced knowledge and strategic thinking necessary to effectively manage operational risks in an uncertain future. By incorporating future studies methodologies, participants will gain a forward-looking perspective crucial for identifying potential disruptions, proactively mitigating risks, and ensuring the long-term operational resilience of their organizations. Through a blend of lectures, interactive exercises, and real-world case studies, this program will empower you to develop and implement future-proof operational risk management strategies that drive organizational success.
• Analyse the impact of emerging trends and potential disruptions on operational risks within their organizations, utilizing future studies methodologies like scenario planning and horizon scanning.
• Identify and assess key operational risks associated with specific business processes, considering future vulnerabilities and potential cascading effects.
• Develop and implement proactive risk mitigation strategies that address future threats to operational efficiency, brand reputation, and financial stability.
• Leverage risk management frameworks (e.g., COSO, ISO 31000) to establish a future-oriented operational risk management program within their organizations.
• Design and implement risk monitoring and reporting systems to track operational risks effectively and identify changes in the future risk landscape.
• Utilize data analytics and emerging technologies to improve risk identification, assessment, and mitigation strategies, considering future advancements.
• Communicate operational risk effectively to different levels of the organization, fostering a culture of risk awareness and proactive management.
• Develop a strategic action plan for implementing future-proof operational risk management practices within their organizations.
• CEOs, CFOs, COOs, and other senior executives responsible for operational excellence and risk management.
• Risk management professionals seeking to enhance their skills in identifying, assessing, and mitigating operational risks in a future context.
• Business unit leaders seeking to integrate operational risk management into their strategic planning processes.
• Anyone interested in gaining a comprehensive understanding of future studies methodologies and their application to proactive operational risk management.
• Pre-assessment
• Live group instruction
• Use of real-world examples, case studies and exercises
• Interactive participation and discussion
• Power point presentation, LCD and flip chart
• Group activities and tests
• Each participant receives a binder containing a copy of the presentation
• slides and handouts
• Post-assessment
Day 1: The Future of Operational Risk Management
• Welcome and program overview.
• The Evolving Landscape of Operational Risk: Exploring the growing importance of operational risk management in a dynamic business environment characterized by increasing complexity, technological advancements, and global interconnectedness.
• Future Studies for Operational Risk Management: Learning how to incorporate scenario planning, horizon scanning, and other future studies methodologies to identify potential future disruptions and their impact on operational risks.
• Case Study: Analysing a real-world example of an organization that suffered significant operational losses due to failing to anticipate a future disruption.
Day 2: Identifying & Assessing Future Operational Risks
• Mapping Business Processes & Risk Identification: Learning how to map key business processes and identify potential operational risks associated with each stage, considering future trends and potential disruptions.
• Emerging Technologies & Operational Risk Assessment: Exploring how emerging technologies like artificial intelligence, cloud computing, and automation can introduce new operational risks and how to assess them in a future context.
• Scenario Planning for Operational Risk Management: Participants work in teams to develop future scenarios that may impact their organizations and identify potential operational risks associated with each scenario.
• Workshop: Participants conduct a risk assessment workshop, applying future studies methodologies to identify, assess, and prioritize operational risks within a specific business process relevant to their organizations.
Day 3: Building a Future-Proof Operational Risk Management Program
• Risk Management Frameworks & Future Considerations: Understanding how to adapt and utilize existing risk management frameworks (e.g., COSO, ISO 31000) to establish a future-oriented operational risk management program.
• Proactive Risk Mitigation Strategies for the Future: Developing and implementing proactive risk mitigation strategies that address potential future threats, such as cyberattacks, supply chain disruptions, and regulatory changes.
• Building a Culture of Operational Risk Awareness: Learning strategies for fostering a culture of risk awareness and proactive risk management within the organization at all levels.
• Case Study: Analysing a real-world example of an organization that successfully implemented a future-proof operational risk management program and the positive impact it had on their business resilience.
Day 4: Leveraging Technology & Data for Future-Oriented Risk Management
• Data Analytics & Operational Risk Management: Exploring how data analytics can be leveraged to identify emerging operational risks, assess their likelihood and impact, and inform proactive mitigation strategies.
• Emerging Technologies & The Future of Risk Management: Discussing how emerging technologies like artificial intelligence and big data can be harnessed to improve future-oriented risk identification, assessment, and mitigation strategies.
• Designing Risk Monitoring & Reporting Systems for the Future: Learning how to design and implement effective risk monitoring and reporting systems to track operational risks efficiently and identify changes in the future risk landscape.
• Guest Speaker: A data scientist or a risk management technology expert can be invited to share insights on leveraging technology and data for future-oriented operational risk management.
Day 5: Strategic Action Planning & Continuous Improvement
• Communicating Operational Risk Effectively: Developing effective communication strategies to present operational risk information clearly and concisely to different levels of the organization, promoting risk awareness and buy-in for proactive management.
• Developing a Strategic Action Plan: Participants develop a personalized action plan outlining steps to implement future-proof operational risk management practices within their organizations. This may include conducting scenario planning exercises, integrating data analytics into risk assessments, and building a culture of risk awareness.
• Continuous Learning & Staying Updated: Understanding the importance of continuous learning and staying updated on emerging trends, technologies, and best practices in operational risk management.
• Course Wrap-Up & Ongoing Support: Reviewing key takeaways from the program, addressing any remaining questions, and discussing ongoing learning and support resources.
• Networking & Knowledge Sharing: Participants engage in a facilitated discussion about the future of operational risk management and share best practices for implementing future-proof strategies within their organizations.