Introduction
Managing risk is one of the more important management functions, especially in today’s ever challenging business environment. All business sectors may face various risks that may test their resilience and sustainability. Risk is brought about by uncertainty due to hazards, globalization, competition, fast changing technology and various other internal and external drivers. Uncertainty presents both risk and opportunity with a potential to erode or enhance value. A good risk management structure in organizations enables management to effectively deal with uncertainty and associated risk and opportunity, enhancing the capacity to build value and capitalize on events as they occur.
A risk management plan is an important part of an organization’s overall business plan. A successful risk management initiative should be proportionate to the level of risk in the organization, aligned with other corporate activities, comprehensive in its scope, embedded into routine activities and dynamic by being responsive to changing circumstances.
This program is aligned to the ISO31000 framework and introduces the participants to the concepts, principals, processes required to build risk management capability in organizations.
“Risk Management increases the likelihood of an organization performing as planned by identifying and managing barriers to meeting objectives in advance.” – ISO 31000
