By definition, risk is a probability of loss. Enterprise Risk Management (ERM) is a holistic process by which the organization as a whole remains safe from failing to achieve its business goals and even stay sustainable in its business in the coming days. So, it is a strategic management area. If properly managed, it drives growth and opportunity. ERM is now at the focus of every corporate across the world due to the recent economic downturn and surprising bankruptcy of many big organizations. In the banking sector in Bangladesh, risk management is a regulatory requirement. There ERM is required by the Basel Accord and Bangladesh bank regulations. In US-SEC enlisted companies, it is also mandatory and requires a sound internal control framework.
However, beyond regulatory pressure it is necessary for the organization to ensure a risk-free platform to conduct the business achieving corporate goals. ERM can also be described as a risk-based approach to managing an enterprise, integrating concepts of internal control, the Sarbanes–Oxley Act, and strategic planning. ERM is evolving to address the needs of various stakeholders, who want to understand the broad spectrum of risks facing complex organizations to ensure they are appropriately managed. Regulators and debt rating agencies have increased their scrutiny on the risk management processes of companies. Particularly two frameworks are adopted world-wide, i.e., COSO and ISO 31000. This course will explore both.
They will be able to
• Explain the ERM process and scope
• Assess risks & suggest controls
• Prepare risk monitoring dashboards
• Prepare control monitoring dashboards
This course will also work as the foundation for the participants to attend the Certified Enterprise Risk Manager (CERM) certification exam.
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