Introduction

Risk management is a critical element in the success and sustainability of organizations, as all institutions are exposed to a variety of financial, operational, and strategic risks that may affect their performance and goal achievement. This comprehensive course offers an in-depth look at risk management, using the COSO Enterprise Risk Management (ERM) framework, one of the most globally used frameworks. The course will enable participants to effectively identify, assess, and manage risks, enhancing their ability to make informed and proactive decisions to protect the organization and enhance its performance.

Course Objectives

• Enhance comprehensive understanding of different risks according to the COSO framework: financial, operational, and strategic, and their impact on the organization.
• Develop risk assessment skills using COSO tools: recognizing methods for risk evaluation and analyzing their impact on organizational operations.
• Prepare effective risk management strategies: applying the COSO framework to develop plans to mitigate and avoid potential risks effectively.
• Understand the integration between types of risks: and how to build a comprehensive approach to risk management within the organization under the COSO framework.
• Develop practical risk management plans: the ability to prepare and implement effective risk management plans based on real case studies and according to global standards.
• Enhance leadership in risk management: understanding the role of leadership and governance in enhancing risk management strategies within a healthy organizational environment.
• Analyze gaps and prioritize risks: improving the ability to prioritize risks and focus resources on the most impactful risks using strategic analysis of the COSO framework.
• Learn to prepare reports and communicate risks effectively: how to prepare clear and comprehensive reports that contribute to strategic decision-making and meet stakeholder requirements.

Target Audience

• Executive managers and board members: who wish to understand how risks affect their strategic decisions and apply the COSO framework.
• Risk managers and risk management specialists: seeking to enhance their skills and knowledge in risk management according to global standards.
• Financial managers: who need to develop strategies for managing financial risks and assessing their impacts.
• Professionals in operational sectors: such as operations managers and HR managers who deal with operational risks daily.
• Consultants and management advisors: wanting to improve their ability to provide comprehensive risk management solutions to their clients.
• Entrepreneurs and small and medium business owners: who wish to protect their businesses from potential risks and ensure their sustainability using COSO tools.

Course Outline

Day 1: Financial Risks

• Introduction to Financial Risks: Definition and importance of financial risks in organizational sustainability within the COSO framework.
• Credit Risks: Recognizing types of credit risks and how to assess them according to COSO standards.
• Market Risks: Analyzing different market risks and their impact on organizations using COSO financial analysis tools.
• Liquidity Risks: Managing liquidity to ensure financial performance sustainability.
• Financial Risk Measurement Tools: Using financial models and analytics based on the COSO framework.
• Strategies to Mitigate Financial Risks: Using financial hedging according to the COSO framework.
• Case Study: Analyzing a real case of a financial institution and how it manages financial risks using COSO.

Day 2: Operational Risks

• Introduction to Operational Risks: The concept and importance in daily operations according to the COSO framework.
• Internal Operation Risks: Human errors and failed operations and how to assess them using COSO.
• Technological Risks: How to handle cybersecurity and technical failures according to global standards.
• Natural Risks: Emergency management strategies according to COSO standards.
• Assessing Operational Risks: Using COSO analysis and assessment tools.
• Managing Operational Risks: Risk mitigation strategies such as insurance and emergency plans.
• Workshop: Developing a plan for managing operational risks for a service institution using COSO.

Day 3: Strategic Risks

• Introduction to Strategic Risks: Definition and how they affect the success of the organization according to the COSO framework.
• Competitive Risks: Strategic analysis of market changes and competition.
• Compliance Risks: How to handle legal regulations and legislations and their impact.
• Reputational Risks: Strategies to maintain the organization's reputation in the face of risks.
• Assessing Strategic Risks: Using SWOT analysis and COSO strategic analysis tools.
• Managing Strategic Risks: Strategic planning and adaptation using COSO.
• Case Study: How to manage strategic risks in a multinational organization according to COSO.

Day 4: Risk Management Integration

• Fundamental Concepts of Comprehensive Risk Management according to COSO: The importance of integrating different types of risks.
• The Role of Leadership in Risk Management: The importance of leadership commitment to the success of risk management according to COSO.
• Building an Organizational Culture for Risk Management: Enhancing awareness and training on the COSO framework.
• Integration between Different Types of Risks: How to achieve a comprehensive approach to risk management.
• Information Systems and Risk Management: Using technology to improve management processes based on COSO.
• Performance Evaluation and Risk Management: How to measure the effectiveness of risk management within the COSO framework.
• Interactive Workshop: Developing a comprehensive risk management plan for an institution using COSO.

Day 5: Practical Applications and Developing Risk Management Plans

• Comprehensive Review of Acquired Concepts: Reviewing key points from previous days and linking them to the COSO framework.
• Preparing Risk Management Plans: Basic steps for developing an effective plan using COSO.
• Periodic Assessment and Updating Risk Plans: The importance of continuous review and improvement according to COSO.
• Gap Analysis and Risk Prioritization: How to focus on the most impactful risks according to COSO.
• Risk Reports: How to prepare clear and comprehensive reports that contribute to strategic decision-making.
• Final Workshop: Preparing a risk management plan for an institution based on a real scenario using COSO.
• Conclusion: Summary of the course and answering inquiries.