Strategic Management of Corporate Governance: Setting the Right Tone at the Top about Risk, Part 1
What is a risky decision? How do you size up a risk's impact? How do you hold reckless risk-takers accountable?
Most managers and executives cannot answer these tough questions even though risk management is a key aspect of every manager's job. Universally, decision-makers are inadequately trained on how to deal with risk, so most major risks go undetected.
This session provides the leaders or advocates of an organization with some tools and capabilities to establish a companywide strategy that detects risk because it is predefined. Then, once employees are trained and equipped with tools, risk can be measured, monitored, and mitigated by front-line employees.
Why should you Attend: Are you worried about any of these in your organization:
- Little or no follow-up on risks faced?
- Risky decisions and reckless actions?
- Not being innovative and becoming irrelevant?
- An overreliance on expensive insurance?
- A widespread belief that risk does not exist?
Are you a director, business owner, or an officer that faces issues such as:
- The inability to measure or size up risk?
- Inability to mitigate risk timely or at all?
- Employees who ignore risk?
- A lack of balance between taking risks and being too conservative?
Are you part of a board of directors that is concerned about a compliance program that fails to detect risk and wants to have a companywide plan for managing risk?
Areas Covered in the Session:
- Fallacy that insurance selection is risk management
- Impact of cultural norms on risk awareness
- What a firm-wide risk management program looks like
- Six step strategy for developing a firm-wide risk management program
- Leadership's responsibility towards managing the company's risk appetite
Who Will Benefit:
- Appraise the pitfalls of a specific risk your organization currently faces
- Determine the ways your firm's business model and strategic plan is the source of all major risks
- Differentiate where every leader ranks on the Personal Risk Spectrum
- Identify people's accountability to seek out and deal with risk
- Explain the responsibilities for managing risk, level by level
- CFOs and Controllers
- CEOs and COOs
- Senior managers in a for profit business
- Members of a Board of Directors
- Auditors (internal and external)
- Business owners in a for-profit business
- Directors and senior managers in a not-for-profit or NGO