Operational Risk Management & Mitigation in the Public Sector

Course Overview:

This Operational Risk Management and Mitigation course develops the understanding, skills, methods and behaviors required to proactively manage risk across your operations – helping ensure day-to-day operational continuity, as well as the long-term sustainability of your organization. Based on a proven framework and introducing best practice techniques. This course provides a deep understanding of the human, process, systems, and organizational causes of risk and how to minimize them, including insight into the psychology of risk prevention and the need to combat external threats. It will enable the delegates to examine their operations and take steps to plan and manage risk within their workplace

Course Objectives:

At the end of this course, the participants will be able to:

• Appreciate the benefits of proactive Operational Risk Management
• Construct an effective Risk Management Plan
• Conduct Risk Identification and Risk Analysis
• Plan a response to risk and take action to mitigate it
• Implement an Operational Risk Management Framework within their organization
• The document, report and manage Operational Risk
• Apply a systematic approach to Risk Management within your operations
• Apply the Risk Management process within your operations

Course Coverage

Topic 1: The Foundations of Operational Risk Management:

• What is Risk and Operational Risk Management?
• The Benefits of Operational Risk Management
• The Operational Risk Management Framework
• The 6-step Operational Risk Management Cycle
• Enterprise Risk Management
• Risk Identification Process
• Risk Management Principles and Standards
• Risk Assessment

Topic 2: Risk Management Methods:

• The Challenges of Risk Management
• Operational Risk Management in the Corporate Structure
• Probability and Statistics for Operational Risk Management
• Risk Modelling
• Failure Modes and Effects
• Risk Measurement
• Risk Maturity Level and Risk Appetite
• Risk Response

Topic 3: Risk Governance:

• Risk Controls
• Key Risk Indicators (KRIs)
• Qualitative and Quantitative Risk Analysis
• Risk Actions
• Risk Reviews
• Risk Governance – Three Lines of Defense
• Risk Oversight, Documentation, and Reporting
• Project Risk Management

Topic 4: Implementing Operational Risk Management:

• Overcoming the Hurdles to Risk Management
• Risk Management Communication
• Setting a Risk Management Vision
• Stakeholder ownership of Risk Management
• Instilling a Risk Management Culture
• International Attitudes to Risk
• Embedding Operational Risk Management

Topic 5: Integrating Risk Management into Your Operations:

• Web-based Risk Management Tools
• Integrating Risk Management into Your Operations
• Top Tips for Successful Operational Risk Management

Targeted Groups:

• Senior Operations Managers
• Risk Management Professionals
• Operations Managers
• Senior Team Leaders
• Maintenance Managers, Engineers and Technicians
• Operations Planners