Real-life examples helped to consolidate learning
Mismanaged Strategic Risks – Will it lead to your Business Failure?
Strategic blunders are the culprit for shareholder value destruction*. With strategy selection being a high-stakes decision, businesses need to align risk with strategy. However, organisations have traditionally focused on risk to executing a chosen strategy. To effectively integrate ERM with strategy, businesses must also consider the risk implications of alternative strategies and the possibility of the strategy not aligning.
Are internal and external risks informing your strategic plan?
Is your risk appetite aligned with strategy?
Can you evaluate the impact of alternative strategies on risk profile?
Optimise Strategy and Performance with ERM
Join this 2-day practical workshop to acquire strategies to successfully align ERM and strategy in your organisation. Apply the COSO ERM framework in the strategic planning process including defining risk appetite, evaluating alternative strategies and formulating business objectives. Learn how to identify, assess, prioritise and implement responses to risks that impact the performance of strategy. Discover how to establish governance and build a strong risk culture. Examine how to manage the unintended consequences of strategy success and evaluate the effectiveness of ERM.
- Latest trends, frameworks and standards updates
- Strategy, planning and objective-setting
- Risk identification, assessment and response
- Governance, capability and culture
- Measurement and revision
Benefits of Attending
- Be updated on the key changes to the 2017 COSO ERM Framework
- Examine the critical components when integrating ERM with strategy
- Analyse the potential effects of business context on risk profile
- Identify risks from the internal and external environment
- Set a risk appetite and tolerance levels that align with strategy
- Evaluate alternative strategies and potential impact on risk profile
- Formulate business objectives that align and support strategy
- Assess the severity of risks that impact the performance of strategy
- Develop and evaluate a portfolio view of risk for your organisation
- Establish board risk oversight and governance responsibilities
- Define a desired culture including ethical values and behaviours
- Build human capital in alignment with strategy and business objectives
- Assess changes that may substantially affect strategy and business objectives
- Identify risks generated from the implementation of your strategic plan
- Review organisation performance and pursue ERM improvement
Sarjit leads the Risk Assurance and Governance practice at Ardent, a firm of Chartered Accountants and the winner of the Best Practice Award at the Singapore Accountancy Awards in 2016. Ardent is a member firm of Kreston International.
Recognised by NTU as a financial industry talent, Sarjit was the winner of the Nanyang Alumni Achievement Award in 2012. Sarjit has built an extensive career in risk assurance and advisory, including 16 years with PricewaterhouseCoopers.
Prior to Ardent, Sarjit was the CFO of AIA Singapore and Aviva Asia, where he was responsible for formulating and implementing the financial, investment and commercial strategies for AIA Singapore and Aviva’s diverse businesses in Singapore, Hong Kong and the Asia Pacific region respectively.
Nanyang Technological University (NTU) appointed Sarjit as an Adjunct Associate Professor and he taught the Risk Management, Controls and Ethics module as well as conceptualised and led an elective module on Business Frauds and Scandals from 2010 to 2016. Sarjit is a sought after speaker and regularly shares his expertise at NTU Executive MBA programmes, the Institute of Singapore Chartered Accountants, MAS, SGX, SBF and AGO.
Past Delegate Testimonials
Sarjit has successfully merged practice with theory to give attendees a good understanding of the ERM process.
Very engaging speaker that makes learning easy.
Speaker is very down to earth which makes it very interesting and easy to listen and digest.
Who Should Attend
Senior level executives responsible for Risk Management, Strategic Planning, Organisation Excellence, Internal Audit, Governance
Session 1: Latest Trends, Frameworks and Standards Updates
- COSO ERM framework vs. ISO 31000 standard: Key components and differences
- 6 common characteristics of leading, sustainable international risk management frameworks
- Top changes to the updated 2017 COSO ERM framework
- Integrating ERM with strategy and performance: Critical components and principles
- Looking forward: 4th Industrial Revolution
Session 2: Strategy, Planning and Objective-Setting
- Analysing business context: Considering potential effects of business context on risk profile
- Identifying risks from the internal and external environment to inform the development of your strategic plan
- Defining a risk appetite that is aligned with strategy
- Evaluating alternative strategies and potential impact on risk profile
- Formulating business objectives that align and support strategy
Case study: Evaluating the risks from the internal environment of a banking and insurance company
Case study: Assessing the risks from the external environment of a car manufacturing company
Case study exercise: Identify the strategic objectives of an airline company, set appropriate appetite and tolerance levels
Session 3: Risk Identification, Assessment and Response
- Identifying risks that impact the performance of strategy and business objectives
- Identifying risks to the implementation of your strategic plan
- Assessing severity of risks
- Prioritising risks
- Implementing risk responses
- Developing and evaluating a portfolio view of risk
Case study: Risk analysis and evaluation of an oil and gas company
Session 4: Governance, Capability and Culture
- Examine governance models: Getting the balance right
- Setting the tone at the top
- Establishing board risk oversight and governance responsibilities
- Establishing operating structures to achieve strategy and business objectives
- Defining desired culture: Determining the ethical values, desired behaviours and understanding of risk in your organisation
- Demonstrating commitment to your organisation’s core values
- Building human capital in alignment with strategy and business objectives
Case studies: Lessons learnt from governance failures of an energy company and public organisation
Session 5: Measurement and Revision
- Identifying and assessing changes that may substantially affect strategy and business objectives
- Identifying risks generated from the implementation of your strategic plan
- Managing the unintended consequences of strategy success
- Evaluating the effectiveness of ERM
- Improving ERM
Case studies: Examples of unintended effects of strategy from public organisations
Team activity: Recap with a fun quiz game – “Who wants to be a risk management genius?”
*Case studies and exercises may be changed to suit the needs of the participants