Creating a Risk Assessment Plan - Your Risk Radar

Why Should You Attend:

Risk can never be eliminated but it can be successfully managed. There are many approaches for successful risk management. Identification of risks is only the first step. Risks are around every corner and must be overcome to gain any reward. Internal and external risks must be understood to manage projects, comply with legislation, assess ideas for new business, and expand into new markets or even safety of daily operations.

Risk assessment is a fundamental skill for auditors, compliance, security, project managers, and any manager who is responsible for decision-making, at the operational or strategic level.

This webinar will discuss how to identify common risks and mitigate their impact. It will help attendees understand how to assess a situation and define the risks around that situation. Attendees will also learn how to identify high impact, low probability risk that may result in catastrophic consequences.

This webinar will help to encourage “out of the box” thinking to ensure your risk radar is properly functioning. It will also introduce the concept of bias in decision-making and discuss how dread of risk can result in damaging paralysis and inaction.

Areas Covered in the Webinar:

• Understand how risk management works
• Projects – new tasks, new risks
• Types of risk – Building your risk radar
• Risks and decision making
• Identifying risk consequences
• Mitigation versus avoidance
• Understand and assign probability and Impact
• Prioritize risks
• Trigger items
• Actions plans
• Frameworks – a minimum baseline or false safety
• Risk avoidance: the path to organizational stagnation

Who Will Benefit:

• Decision Makers (operational and strategic)
• Auditors
• Compliance Personnel
• Security Personnel
• Business Owners
• Project Managers
• Project Management Officer

Instructor Profile:

Denise Cicchella, CIA, CFE, CCA, PMP is executive director at Auspicium. Ms. Cicchella has lectured and taught on the topic of construction audit in the past. She has also lead and participated in construction audits of major private and infrastructure projects resulting in large recoveries for her clients. She is also the author of the IIA Handbook: Construction Audit: Overview, Monitoring and Auditing and Auditing for Corporates.

She is the founding president of the New York/New Jersey Chapter of the National Association of Construction Auditors.

Topic Background:

Risk is any hurdle that may get in the way of the success of a task or project. Overcoming risk is necessary in order to accomplish most tasks we encounter.

Risk assessment is the determination of the “value” of risk related to a concrete situation and a recognized threat or hazard. Acceptable risk is a risk that is understood and tolerated usually because the cost or difficulty of implementing an effective countermeasure for the associated vulnerability exceeds the expectation of loss.

Understanding risk is a first step to making informed business decisions, managing everyday business functions and taking action to prevent failure, loss or litigation. Catastrophic events that are ‘low’ risk can destroy your organization in one fell swoop, while frequently occurring “minor” events can result in a slower but equally damaging demise. You need to have both types of event on your risk radar.

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