Basics Of Risk And Risk Management Process

Practical Guide on Risk Management for Risk, Cybersecurity, Finance, Compliance, and Audit Professionals and Students

What you'll learn

Learn about Risk, Risk Events, Risk Management with examples

Learn about Fraud, Fraud Losses, and Types of Fraud Risk Assessment FRA

Understanding Relevance of Customer Risk Assessment CRA, Product Risk Assessment PRA , and Delivery Channel Risk Assessment DRA in Fraud Risk Assessment

Comprehensive 'Methodology and Risk Prioritization Matrix' for Fraud Risk Assessment FRA , Step-by-Step Approach to Fraud Risk Assessment and Output,

Case Studies - Application of Risk Assessment Methodology and Matrix to perform Risk Assessments and Documenting the Risk Assessment in a Risk Re

Assignment - To test your knowledge of identifying Risks, Apply Risk Assessment Methodology, and Prepare Risk Register

Requirements

No or basic level knowledge of Risks and Risk Management.

Description

HelloWelcome to the 'Basics of Risk and Risk Management Process' Course. This course will provide you fundamental knowledge and skillset necessary to understand Risks, Risk Types, Trigger Points, Sources, Causes, Risk Management, and Application of Risk Assessment Methodology for Risk Prioritization, and Mitigation. You will also learn how risks are documented and risk registers are prepared.Find below more on the 'Course Topics' covered in this course.WHY SHOULD YOU ATTEND THIS COURSEOrganizations, institutions, companies, and businesses around the world focus on and establish robust Risk Management Functions/Departments to implement strong 'Risk Culture' and 'Robust Risk Management Processes'. Organizations and companies hire an experienced and skilled 'Risk Management Team', to help owners/leadership in the identification, understanding, assessment, prioritization, and management of risks. If you are working in Risk Management or pursuing a career in any of the Risk Management domains, such as Compliance Risk Management, Operational Risk Management ORM, Financial Crime Risk Management, Cybersecurity Risk Management, Fraud Risk Management, HSE Risk Management, Finance, Audit, or Internal Controls, you must have knowledge and skills to help people in your organization, in performing risk management process logically and conceptually. THE 'IMPORTANCE' OF 'RISK ASSESSMENT AND RISK MANAGEMENT' In today's dynamic world with increasing risks and incidences such as Fraud, Cyberattack, Health and Safety, etc. one of the major challenges for organizations, institutions, companies, and businesses, is to effectively 'Identify', and 'Assess' their risks. Risk Management Methodologies are rapidly evolving from outdated patchwork approaches to 'dynamic risk assessments'. Performing Risk Assessment and Management is not a one-time activity, rather it is an ongoing process. Implementation of Risk Management Processes and Activities is one of the key regulatory requirements, especially applicable to highly regulated sectors/entities such as financial institutions, oil and gas, airlines, technology companies, manufacturing entities, etc. Risk Assessment and Management activities are recognized as mandatory components of overall Enterprise Risk Management ERM, across all types of organizations, companies, institutions, or businesses. Regulated entities including Digital Payment Companies, E-Commerce Companies, Gateways, Banks, Insurance, Investments, Technology Companies, and those in the Manufacturing and Service sector, routinely conduct FRAs and report the findings to their Board of Directors and Senior Management. Organizations that fail to adopt a proactive approach to risk management, face increased exposure to regulatory non-compliance, financial losses, and reputational damage. COURSE TOPICS, CASE STUDIES AND ASSIGNMENT INCLUDED IN THIS COURSEThis course will give you comprehensive 'knowledge and skills' to perform Risk Assessment RA. You will learn the 'Methodology' with a 'Sequential and Logical' process, to perform risk assessments. Remember that the 'Implementation of Risk Management Activities' requires the understanding of Risks, Types, and Sources of Risks, Risk Assessment Criteria, and Methodology, Application of Matrix for Risk Levels, and Scoring, Documentation of Risks and Controls, etc. Your learning journey will provide you with knowledge and understanding of important concepts, including: Risk Concepts FoundationRisks and Risk EventsTypes of Risks, and SignificanceSources of Fraud RisksKey Risks Being Faced by OrganizationsRisk Sources and Risk Management Risk Sources and PurposeFundamental Steps of a Risk Management ProcessExamples - Application of Risk Management Process StepsRisk Assessment RA Comprehensive Methodology and MatrixUnderstanding Risk AssessmentUnderstanding 'Risk Levels' with ExamplesUnderstand the concepts of Inherent and Residual Risk Assessment - Likelihood and Impact Analysis with ExamplesUnderstanding and Using Risk Matrix - '5 by 5' Risk Matrix and application of Matrix for Risk Score CalculationDocumenting Cause and Effect Risk Statements, for Risk Assessment and Checking the Operating Effectiveness of 'Controls' mapped with 'Risks'Preparing a Risk Register after Inherent and Residual Risk AssessmentsCASE STUDIES Case Scenario 1: Performing a Risk Assessment, considering a 'Risk' ExampleCase Scenario 2: Application of Risk Assessment Methodology, Performing Inherent and Residual Risk Assessments, and Documenting Risks and Controls in Risk RegisterASSIGNMENTWork assignment to test your knowledge and skills in the identification of risks, documenting risks, and performing risk assessment.  DOWNLOADABLE RESOURCES Downloadable Risk Assessment Matrix - '5 by 5' Risk MatrixDownloadable 'Risk Levels with Examples'Other BenefitsLifetime access to the course Certificate of completion of course etc.Who Is This Course For?If you are working in any of the following job roles or domains or if you are a student learning Risk Management, then this course is for you; Professionals working in Financial Institutions, Regulatory Bodies, Technology, FMCG, etc.Risk Management Professionals including Risk Management Heads, Risk Analysts, Operational Risk Management ORM Professionals, Risk Assessors, Risk Reviewers, Risk Management Consultants,Compliance Professionals including Compliance Analysts, and Compliance Risk Management Professionals, Fraud Risk Management professionals including Fraud Investigation, Monitoring and Fraud Risk Management Professionals, Health and Safety Risk Management Professionals,GRC Head, GRC Analyst and Managers, Cyber Security Risk Analysts, Finance, Audit, Compliance and Risk Management Students, including CA, ACCA, CPA, FRM, ACAMS, ICA, and Other  Students learning Risk Management,Anyone who wants to learn about Risk, Risk Assessment, and Risk Management is welcome to this course. Thank youHappy learning.

Overview

Section 1: Introduction

Lecture 1 Introduction

Section 2: Module 1 - Foundation and Fundamentals of Risks

Lecture 2 Understanding the Concept of Risk, Event and Adverse Impact

Lecture 3 Example of Events and Adverse Impacts or Outcomes

Lecture 4 Examples of Risk and Events - Business Shutdown and Financials Statements Risks

Lecture 5 Example of Event and Risk Trigger - Risks Attached to Deployment of Technology

Lecture 6 Facts about Taking and Accepting Risks

Lecture 7 Understanding 'Significant' and 'Insignificant' Risks with Examples

Lecture 8 Types of Risks with Examples - Market, Compliance, Credit, and Liquidity Risks

Lecture 9 Types of Risks with Examples - Operational Risk OR

Lecture 10 Examples - Understanding Operational Risk with Examples

Lecture 11 Operational Risk Event Types

Lecture 12 Strategic and Process Level Risks in Institutions

Lecture 13 Example - What is 'Strategic Level' Risk and Control

Lecture 14 Example - What is 'Process Level' Risk and Control

Section 3: Module 2 - Risk Sources and Risk Management Process

Lecture 15 Risk Sources - Various 'Internal' Risk Sources and Examples

Lecture 16 Risk Sources - 'External' Risk Sources and Examples

Lecture 17 What is the 'Purpose' of 'Risk Sources' - Can Risk Management be Done without It

Lecture 18 Risk Management Process and Key Steps Involved In Performing It

Lecture 19 Example - Application of Risk Management Process - Fixed Assets Risk Management

Lecture 20 Example - Application of Risk Management Process - Customer Risk Management

Section 4: Module 3 - Risk Assessment Methodology and Its Application

Lecture 21 Risk Assessment - Understand '5 Risk Levels and Categories' for Risk Assessment

Lecture 22 Understand the Concepts of 'Inherent' and 'Residual' Risks with Examples

Lecture 23 Risk Assessment - Risk Assessment Methodology and Use of 5 By 5 Risk Matrix

Section 5: Module 4 - Practical Case Studies

Lecture 24 Application of 5 by 5 Matrix for Impact Likelihood and Risk Scores Calculation

Lecture 25 'Assessing' and 'Documenting' Risk and Control in a Risk Register

Section 6: Assignment

Risk Management Professionals including Risk Heads, Risk Analysts, Risk Management and Compliance Consultants, Risk Assessors, and Risk Reviewers,,Professionals working in Risk Management function in Regulatory and Supervisory Bodies or Institutions,,Fraud Investigation and Monitoring Professionals, Fraud Risk Management Professionals, Operational Risk Management ORM Professionals,,Compliance Professionals including Chief Compliance Officers (CCOs), Compliance Analysts, GRC Analysts and Managers, Cyber Security Risk Analysts,,Compliance Analysts, Compliance Risk Management Professionals, MLROs, Cyber Security Risk Analysts,,Company / Business Owners, Senior Leadership and Board of Directors,Finance, Audit, Risk, and Internal Controls Professionals/Students,,Students of Risk Management and Compliance including CA, ACCA, MBA, BBA, ACAMS, and others learning or want to learn Risk Management