Assessment Methods for Risks and Controls

Why Should You Attend:

Assessment of risks and controls is a key part of any risk management process. The key objective of this step is to increase understanding of risks to organisation’s objectives and identify management actions to be undertaken to manage risks. Without appropriate understanding of risks, organisations may remain under or over exposed to risks. Without identifying actions to manage risks, risk management becomes a theoretical exercise and does not provide any business benefits. In this course, attendees will be introduced to commonly used assessment methods which can facilitate increased understanding of risks and identify appropriate management actions to manage risks.

Areas Covered in the Webinar:

• Understanding risks, uncertainties, risk sources and consequences of risks
• Identification of risks by understanding internal and external context
• Performing inherent risk analysis without considering controls
• Performing risk analysis of existing controls
• Performing residual risk analysis after considering existing controls
• Analysing likelihood and consequences to derive level of risk exposure
• Adopting different analysis methods for different types of risks
• Analysing risks across different time, place and location
• Conducting risk evaluation by comparing risk analysis outcomes with risk appetite, risk criteria and risk tolerance
• Stakeholders involved in risk assessment process

Who Will Benefit:

• Operational Risk Manager
• Operational Risk Director
• Internal Auditor
• Chief Audit Officer
• Risk Assurance Consultant
• Risk Consultant and Risk Analyst (Junior, Senior, Principal)
• Risk Manager
• Chief Risk Officer
• Director of Risk and Internal Controls

Instructor Profile:

Manoj Kulwal is a certified trainer of ISO 31000 risk management standard from the Global Institute of Risk Management Standards. He is a co-founder of RiskSpotlight, where he leads a team of risk analysts focused on developing content libraries covering operational, strategic and reputational risks. He has 17 years of industry experience during which he has been involved in implementation of risk management initiatives for large and medium sized organisations. He holds an MBA degree from Cass Business School where he specialised in innovation and product management. Mr. Kulwal is also a member of Chartis Advisory Board, where he provides guidance on risk management related topics.

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