​Enterprise Risk Management in An Uncertain Business Environment (Ref ISO 31000 Risk Management)

Objectives

• Understand that Enterprise Risk Management (ERM) is a management tool which is a holistic approach in managing risks within an organization.

The reality in some of the plcs are merely for show only and are mostly based on attestation by respective head of department. Every iso standards that relates to manufacturing industries when there are updates it would have a new element risk based thinking (rbt) as reflected in iso 9001:2015, iso 14001: 2015, iso 45001:2018, etc. This new element is not well understood by the practitioners. 

How many corporations truly believe in this quote? If the 80:20 rule is to be applied in this situation, it can be concluded that only 80% believes in it of which 20% have put in place in their Corporation the Risk Management Framework and Risk Management Process. Public Listed Companies (PLC) in the Kuala Lumpur Stock Exchange are required to incorporate Risk Management in their operations hence a statement on the risk management MUST be written in their Annual Report. 

ISO 31000 Risk Management which is generic is not specifically mentioned as the standard required in the RBT element however it is the most useful standard to use. In this respect there is uniformity within the company when addressing risks if ISO 31000 is adopted.

Training methodology

• Classroom presentation and case studies using published newspaper events

Who should attend

• Senior Engineers and Consultants

Upon completion of this program, participants will:

• Understand the ISO 31000 Risk Management Standard Framework and Process and terminology in respect to risk
• Able to establish the framework by establishing the Risk Management policy and the reporting structure in the organization
• Know that risk is defined in the ISO 31000 as effect of uncertainty on objectives hence able to compile the full range of risks, the risk treatment and the controls to mitigate to tolerable residual risk
• Implement the enterprise risk management procedure in the organization