Programme Overview

The traditional approaches to coordinating risk and assurance were once useful, but the environment has changed. Businesses have entered a new era in terms of how they need to think about strategy as it aligns with the company’s risk profile. This has brought upon increased discussions and decisions around the intersection of strategy, risk and opportunities. As the execution of any strategy requires some level of risk-taking, it could be argued that strategy and risk are flip sides of the same coin.

Deliberations around strategy and options must be centred around the interconnections of external and internal drivers and their potential impact on various scenarios – this is especially crucial as businesses face expanding risk agendas such as climate change, geopolitical conflict and stakeholder activism.

Linking risk appetite and strategy clarifies the level of risk associated with a strategy. Board conversations must encourage in-depth discussions on whether alternative strategies would present more attractive risk/return trade-offs, given the organisation’s risk appetite.

With these development, there is an increased call for an incremental expansion of board risk-oversight structures and responsibilities, committee specialisation/ board composition that is essential in overseeing a broadening risk agenda, as well as the implementation of a forward-looking risk assessment, shifting the discussion to be more future-focused, especially in the areas of ESG.

The new approach of dynamic risk governance will hopefully strengthen organisations’ resilience ahead of whatever the next COVID-type shock may be – from having to deal with extraordinary risks, pressure testing to emerging risks associated with business growth.

Learning Outcomes

• Explain how modern risk thinking has evolved since the Global Financial Crisis.
• Explore an organisation’s approach to integrating strategy and risk management, which is driven by the nature of the organisation itself and the environment it operates within.
• Understand the use of key risk indicators (KRIs) that will allow for real-time view of how and how fast risks are developing, moving, dissipating, etc. across the entire spectrum of a company’s strategic horizon.
• Discuss on emerging ESG trends impacting risk management, especially those that are required to satisfy the new demands of stakeholders.

Who is this Programme For?

• Aspiring Directors
• Newly Appointed Directors
• Directors with less than 3 years tenure
• Senior Management Team

Thursday | 12 October 2023
8.30am	Registration
9.00am	Programme Introduction and Housekeeping
9.05am	Overview on ERM Quick refresher on ERM, ecosystem and accountability structure Sharing on the wider developments of risk management thinking – Operational Resilience Appreciate how the thinking and application of ERM has changed with the insurgence of new developments such as the Sustainability Agenda Looking at risk not only from a threat / hazard lens but the opportunity side as well
10.45am	Coffee and Tea Break
11.05am	Risk Measurement Understanding how risk is measured – the design of ‘Impact vs Likelihood’ Looking at the latest developments of embedding sustainability metrics in risk measurement
12.30pm	Lunch Break
1.30pm	Risk Reporting Understanding the risk information flow and the accountable parties Sharing of risk reporting concepts and considerations (i.e., dashboards, key risk indicators (KRIs)
2.30pm	Key Risk Indicators Appreciating the need for KRIs Understand the attributes to be considered in building KRIs
3.30pm	Coffee and Tea Break
3.50pm	Risk Culture Appreciating how behaviours impact the way we instill good risk management attributes in the organisation Understanding the diagnostic mechanism in assessing the primary behaviours in an organisation and how it influences the way people behave Looking at how intervention initiatives are institutionalised to drive the desired behaviours
4.40pm	Risk Technology Sharing of how technology as an enabler for ERM activities/ programmes Appreciating ‘risk data’ as an asset and how it can be used effectively Looking at risk data and how it can facilitate the wider Governance, Risk and Compliance (GRC) conversation
5.30pm	Key Takeaways & Wrap-Up
6.00pm	End of programme