Education / Course Details
Risk Management for Boards
Board members play a critical role in ensuring sustainable success in their organisation – which can only be achieved through intelligent risk taking and effective governance.
About this course
This training provides directors and board members the knowledge and skills to both work with and provide challenge to Executive management on the effectiveness of risk frameworks, processes and culture within their organisation. It distinguishes between the oversight responsibilities of the board and the day-to-day practices of management, enabling boards to discharge their oversight responsibilities while understanding ‘what good looks like’.
Course specifics
Audience: Board Members and Non-Executive Directors, Senior Executives, Audit and Risk Committee Members and Company Secretaries and Governance Professionals
Cost: $429.00 (members), $495.00 (non-members)
Facilitator: The Protecht Group
Format: On-Demand
Time: 4-hours of video content
CPD Points: 5
Course Facilitator:
The Protecht Group
Course details
Key topics covered:
1. Who is responsible for risk management?
Everyone as a risk manager
Corporate Governance Guidance
The 3 Lines Model
Roles across the Organization
Roles and Responsibilities of the Board
2. The value of risk management
Risk perceptions
Redefining risk management as outcome management
Benefits of risk management to the Board
3. Understanding risks
Components of risk
The importance of a consistent approach
Applying risk taxonomies at Board level
4. Understanding controls
Board accountability for the internal control framework
How controls modify risk
5. Risk management frameworks
Informal and formal risk management
The ISO 31000 risk management process
The Risk and Reward pyramid
6. Board risk management processes
Assurance over the Enterprise Risk Management Framework
Assurance over the Internal Control Framework
Link to organizational risk processes
7. Board risk appetite
Definition of risk appetite
Benefits of risk appetite
Developing the Risk Appetite Statement
Setting appetite for outcomes and risks
Risk and control ownership
8. Organizational risk management processes
Risk and control self-assessment
Risk metrics
Incident management
Controls assurance
Issues and actions
Compliance
Risk in change
9. Risk reporting
Purpose of board risk reporting
Data structure
Types of risk reports
10. Cadence of risk management
The dynamism of risk
Alignment with Board meetings
Alignment with strategy and change
11. Risk culture and behaviours
Importance of risk culture
Measuring culture
Essential skills and actions of the Board
Learning outcomes:
Understanding Oversight Responsibilities: Learners will grasp the distinction between the board's oversight role and management's day-to-day responsibilities, enabling them to effectively challenge and support executive management on risk frameworks, processes, and culture.
Developing and Implementing Risk Appetite Statements: Participants will learn how to define and develop a Risk Appetite Statement, set appropriate appetites for outcomes and risks, and understand the importance of risk and control ownership.
Enhancing Risk Reporting and Assurance Processes: The course covers the purpose and structure of board risk reporting, types of risk reports, and the cadence of risk management, ensuring boards can align risk oversight with organizational strategy and change.