Risk management in plain language
In this hands-on workshop, we will follow the AS/NZS 31000 risk management standard, but avoid arcane ‘risk speak’. Using simple terms and concepts, with many real examples and exercises, we will demonstrate how risk management can easily become an integral part of any decisionmaking process.
What will you learn
We will consider each of the formal steps of the risk management process in turn that:
- Involve people who can and must contribute to a decision
- Define and appreciate the assumptions being made
- Test those assumptions by postulating scenarios in terms of what could happen and the potential implications for an organisation’s objectives
- Understand the uncertainties involved
- Decide how much uncertainty is acceptable and, therefore, how greater certainty could be obtained
- Monitor outcomes and any assumptions made to ensure decisions remain valid
We will also address some current jargon like ‘risk appetite’, ‘risk registers’ and ‘key risk indicators’ to see what they really mean. We will examine how they can be translated into rational concepts and practical applications that can be used to aid rather than hinder organisational performance.
Finally, we will deal with the vexed problem of how you ‘integrate’ risk management, and how easy that is to achieve when approached in a straightforward way.