Certificate In Advanced Enterprise Risk Management

Brand New Course in response to overwhelming requests

Certificate In Advanced Enterprise Risk Management Take your knowledge of ERM to the next level and embed a high risk standard in your organisation 30 June – 3 July 2013 Fairmont Hotel, Dubai UAE

By attending this course you will •

GENERATE measurable value by aligning the Enterprise Risk Management (ERM) framework with corporate performance expectations

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ENGAGE the Board in the analysis of enterprise risk scenarios

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FOSTER a culture that reinforces appropriate risk-taking to balance value creation and value protection

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CLARIFY ERM accountabilities of all employees from executives to the front line

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UNDERSTAND the risk parameters for each line of business

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ENHANCE transparency on corporate objectives, performance targets, risk tolerance, and the actual results of risk and performance management efforts

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STRIKE the right balance between qualitative and quantitative measurement of risk

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DEVELOP risk appetite and risk tolerance techniques

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The George Washington University School of Business, IIR Middle East’s Academic Partner, is dedicated to excellence: in its teaching and research about management, in the public and private sectors, within the United States and internationally.

The school has a 75 year history of preparing men and women for leadership in both the public and private sectors. Known internationally for its dedication to academic excellence, the school draws students from all parts of the United States and around the world.

Beyond first class teaching and scholarship, the school’s faculty offers practical experience in the issues and challenges confronting business and government. Its research centres link faculty and students with US and international business and government organisations. Recent distance learning initiatives have expanded the school’s global reach.

Course Requirements And Certificates Delegates must meet two criteria to be eligible for an IIRME/GW Certificate of Completion for a course: 1. Satisfactory attendance – delegates must attend all sessions of the course. Delegates who miss more than 2 hours of the course sessions will not be eligible to sit the course exam 2. Successful completion of the course assessment Delegates who do not meet these criteria will receive an IIRME Certificate of Attendance. If delegates have not attended all sessions, the Certificate will clearly state the number of hours attended.

Who Should Attend?

• Chief Risk Officers • Risk Managers • Managers and Directors responsible for the risk management function or process • Heads of Internal Audit • Heads of Assurance functions • Senior Finance Professionals • This course will be particularly useful for delegates that have previously attended the Certificate In Enterprise Risk Management course – although this is not a prerequisite

Would you like to run this course in-house?

The in-house training division of IIR Middle East Tel: +971 4 407 2624 • Email: CTS@iirme.com www.iirme.com/cts

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About Your Expert Course Director Phil Griffiths is Founder and Managing Director of Business Risk Management Ltd. A Chartered Accountant, he has over 25 years’ experience in Risk Management, internal audit and fraud prevention as a practitioner, professional adviser, facilitator and trainer.

He has held top management positions with a number i l groups, in roles embracing finance, IT and general off iinternational management.

His specialisms are: Assisting senior management to identify, manage and then exploit the risks within their business via facilitated business • • • •

Risk Management programmes Helping internal audit functions to implement world class standards Developing fraud prevention, detection and investigation programmes tailored specifically to clients’ requirements Training both private and public sector organisations in all the above disciplines

Phil is recognised as an accomplished and charismatic facilitator, trainer and lecturer having advised many renowned organisations, coordinated top-level events and addressed national and international conferences on a wide range of critical business topics.

He has worked extensively with all sectors in the Gulf during the past 10 years to enable such organisations to exploit their potential by managing their strategic risks and/or enhancing the effectiveness of their internal audit services.

He is a renowned author and writer – of his book, “Risk Based Auditing”, was published in 2006.

Why you should attend The turmoil in the world is continuing – with increasing public unrest fluctuating oil prices, natural disasters of a scale thought unimaginable, volatile stock markets and world economic uncertainty. In this time of global uncertainty how do you steer a course through these difficult waters? The answer is to recognise the only real link between all these events – RISK – and then to try to anticipate, manage and then exploit such risks at an enterprise level.

In many organisations risks have been identified as a result of control failures or as a result of pressure from regulators or government. The primary intent has often been to tick the box and avoid criticism. Thankfully many organisations have realised that much more is needed and have a developed Enterprise Risk Management (ERM) approach.

This has ensured that risks that were previously managed in isolation can be aggregated and prioritised across the entire business. However, stopping here is like driving a plane on a highway – it might go faster than the cars but it hasn’t reached its full potential.

Advanced ERM goes one step further. Risks are scored based on business materiality with each risk being evaluated and compared by it’s financial, legal, reputational, and regulatory impact, and classified by the effect they could have on the business. New understandings of risk emerge, and efficient controls can be implemented to tackle what really matters to the business and drive competitive advantage. In short the focus becomes strategic value instead of managing costs

W: www.iirme.com/advancederm

Certificate In Advanced Enterprise Risk Management 30 June – 3 July 2013 • Fairmont Hotel, Dubai UAE Course Timings Registration will be at 07:30 on Day One. The course will commence at 08:00 every day and finish at 14:30.There will be breaks for refreshments at approximately 10:30 and 12:30 and lunch will be served at the end of each day’s session.

Day One – Taking ERM To The Next Level Characteristics Of An Advanced ERM Process • Board-level commitment to ERM as a critical decision framework • A dedicated risk executive in a senior level position to drive the process • An ERM culture that encourages full engagement and accountability at all levels of the organisation • Engagement of stakeholders in risk management strategy development and policy setting • Transparency of risk communication • Integration of financial and operational risk information into decisionmaking • Use of sophisticated quantification methods to understand risk and demonstrate added value through risk management • Identification of new and emerging risks using internal data as well as information from external providers • A move from focusing on risk avoidance and mitigation to leveraging risk and risk management options that extract value • New paper on ERM and the role of executive management will be shared Exercise 1 – The challenges involved Keeping Your Eye On The Big Prize • ERM spans all lines of business and is governed at the enterprise level • ERM spans all types of risks, across all business units, functions, processes, and systems • Identify and assess risk events, plans and execute a response to them • Provide transparent, risk-adjusted business performance management • ERM focuses on risk events that impair the enterprise from fully achieving objectives Exercise 2 – The big picture Exploring Global ERM Scenarios • In this interactive session, delegates will explore global risk scenarios and then discuss the implications for their organisations Risk Attitude • The need to define risk as the need to get things right – not what can go wrong • ‘Ring-fencing’ risk exposure – never allow one part of the business to impact the whole organisation • Determining and communicating your attitude to risk and your required risk culture to managers and stakeholders • Recognising that reputation is both your biggest asset and the biggest risk you face – and one you cannot insure • Not waiting until you are required to provide evidence of effective risk management by regulators or legislation – this will usually be too late Exercise 3 – Determining risk attitude The ERM Roadmap • Review the current ERM environment • Conduct gap analysis • Conduct management workshops and agree priorities • Develop ERM roadmap of priorities for implementation Exercise 4 – Developing the ERM roadmap

Day Two – The Need For A Dynamic ERM Process Emergent Risks • There is no clear boundary with other types of risk • Emergent risks cannot often be easily anticipated • At early stages they are often low probability/high impact • Areas for consideration • Political • Regulatory • Legal • Security • Technology • Environmental • Knowledge Exercise 5 – Team exercise to enable you to appreciate the emergent risks Risk Appetite • What is risk appetite?

• The difference between risk appetite and risk tolerance • Defining risk limits • Risk profiling • Developing risk appetite statements • Examples of risk appetite statements Exercise 6 – Defining risk appetite ERM And Decision Making • For every key proposal passed to the Board or senior management for decision, insist that a full risk analysis is submitted • Match key risks to corporate objectives each year • Ensure the key objectives are measurable and deliverable • Ensure that you under promise and over perform – not the other way round • Invite all your key stakeholders to a risk workshop • Twice a year ask all key executives to identify 3 opportunities and set up a high level workshop to discuss and prioritise them • Develop a corporate opportunity register • Analyse the major surprises and near misses that you have had in the last 12 months • Recognise that ‘if it seems too good to be true’, it probably is • Prepare media statements in advance to cover all possible crises • Offer special incentives for the best ideas to reduce risk or exploit opportunities Exercise 7 – Exploiting opportunities Applying Strategic Foresight Techniques To ERM • Assessing the long-term implications of risk factors, trends and underlying business assumptions • Developing useful scenarios of potential future situations that are different compared to the status quo • Testing how well corporate strategies and business plans would perform under these “alternate future” scenarios • Identifying and leveraging lessons from scenario analysis to strengthen business plans and enhance organisational resilience • Gaining a competitive advantage by spotting emerging opportunities early Exercise 8 – Strategic ERM development

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Day Three – ERM Risk Analysis

Day Four – Wider Aspects Of ERM

Risk Measurement • Identify at least six different criteria for measuring impact • Evaluate each risk as; - An inherent risk (the pure risk – how bad could it get) - The residual risk (the risk remaining today after taking into account mitigating actions) - The risk goal (the level you are willing to accept – your goal ) • Give every risk a monetary value – and recognise that this may be a range of possible monetary impacts • Recognise that most risk exposures can be cost-effectively treated (but that some cannot be) • Do not commit time and money in risk mitigation unless a monetary or another significant benefit can be demonstrated • Calculate the value of income required to cover each dollar/dirham/ riyal wasted due to poor risk management – use this multiplier as a business driver • Recognise that multiplying impact and likelihood together to reach an overall score for the risk will invariably give you a false result

Assurance And ERM • Ensuring your assurance providers roles e.g. internal audit, compliance, risk management, insurance, security etc. are co-ordinated to avoid duplication of effort • Why you should incorporate internal audit-agreed actions in your risk register • Ensure environmental risk is taken seriously (even if you are in a sector such as financial services) • Ensure that your business continuity plan covers all eventualities and is fully tested • Identify new ways to benefit the least able section of the wider community you serve • New guidance on coordinating RM and assurance

Exercise 9 – Advanced ERM measurement Analytics For Effective ERM • Analytical tools can be used to: • Quantify risks based on historical data, information from similar organisations, or data from third party organisations • Use information about patterns of historical risks to predict future risks • Build models to support investment decisions which take cost of risk into consideration • Develop risk models that help when there is little or no historical information available • Use behavioural models to study emergent trends • Examples of analytical tools Exercise 10 – ERM analytics The Risk Register Challenges • Why the ERM process often fails to engage management - Risks recorded are much too general - Causes and effects are confused with risks - Only residual risk is concentrated on - Various different methods are used for scoring risks - Benefits are difficult to determine - The register is spreadsheet based - The process is far too complex • The risk register solution Exercise 11 –The advanced ERM risk register ERM Tips For Success • Use a risk assessment framework to assess your risk maturity and prepare a plan to enhance this maturity (if required) • Adopt ISO 31000 (the International Risk Standard) and apply the principles across the business • Only use one risk matrix for the business – every function should not develop their own risk matrix • Ensure that you have a common risk terminology and communicate it widely • Recognise risks may have multiple scenarios e.g. loss of key personnel (how many, in which area etc) • Set meaningful Key Risk Indicators (KRI’s) to warn you before risks materialise • Prepare a graphical or tabular record of key risks for the Board • Recognise that understanding risk is the key to successful corporate governance • Arrange a reputation risk workshop for senior management • Get the whole risk process benchmarked Exercise 12 – ERM developing solutions

Exercise 13 – How to coordinate ERM across your organisation Energising Your Staff To Manage Risk • Ensure that your staff know that risk management is not a fad or the latest initiative – it is a business process • Get risk management as an agenda item in staff meetings • Recognise that your employees will only be interested in managing risks if there is a benefit for them in doing so • Not give too many risks to the same manager • Complete as much of the risk programme with your own managers – do not over-rely on consultants – you have to own the process • Realise that if managers want to get a proposal through, they will tend to understate the risk (if you let them) • Recognise that risk is the pulse of the organisation and make sure that you have personnel to regularly take this pulse Exercise 14 – ERM – engaging management and staff ERM In Projects And Partnerships • Determine the associated risks at the very earliest stage of a project • Recognise that it is most unlikely that the project can be delivered to time, to budget and meet all the objectives outlined • Decide up front which of the 3 elements, time, financial budget or functionality you are willing to compromise first.

• Hold risk workshops with the shortlisted suppliers or contractors before awarding a contract • Give executives a clear brief regarding the decisions that may or not be made by them before they attend each meeting with partners • Require your executives to provide written feedback from all such meetings • Prepare a schedule of all partnerships and contracts with a clear practical protocol for their continuous evaluation • Don’t assume that a partnership will necessarily be the same in year 2 and beyond • Ask your internal audit function to be involved in all key systems and projects at key stages during the development phase • Ensure you have a right to audit clause for all outsourced operations and exercise that right Exercise 15 – ERM – project success criteria ERM In Projects Golden Rules (With Case Studies) • Make risk management an integral part of the project - Dubai Metro case study • Identify risks early in the project – London Millennium Dome case study • Communicate the risks widely – Sheikh Zayed bridge case study • Consider both risks and opportunities – Dyson case study • Prioritise the risks – Cairn Energy case study • Analyse the risks properly – Space shuttle case study • Plan and implement risk responses – BP case study Exercise 16 – Team exercise – the project

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Certificate In Advanced Enterprise Risk Management 30 June – 3 July 2013 • Fairmont Hotel, Dubai, UAE FIVE WAYS TO REGISTER IIR Holdings Ltd. P.O Box 21743 Dubai, UAE

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DISCOUNTS AVAILABLE FOR 2 OR MORE PEOPLE CALL – +971 4 335 2483 E-MAIL – a.watts@iirme.com WEB BC5130 Event Certificate In Advanced Enterprise Risk Management 30 June – 3 July 2013

Course Fee Before 14 April 2013

Course Fee Before 5 May 2013

Final Fee

US$ 3,895

US$ 4,395

US$ 4,695

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Course fees include documentation, luncheon and refreshments. Delegates who attend all sessions and successfully complete the course assessment will receive an IIRME/GW Certificate of Completion.

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