Overview
2020 taught us that major risks can come at us from any direction and with barely a warning. All organizations operate in a risk environment, but all too often, they either don't realize it or they don't develop a strategy to deal with the risks. In this session, we will explore how risks work in both for-profit and not-for-profit organizations and how they can develop a strategy to identify, evaluate, and mitigate those risks. This program will not teach how to eliminate risks, but how to strategize how to reduce their total effect. We will liberally use case studies of both for-profit and not-for-profit companies to bridge the gap between concept and actual implementation. In each area we will explore what our experiences of the pandemic have taught us about this part of risk management.
Prerequisites
Experience in financial management of a small or midsize company
Objectives
- Understand how risks can both positively and negatively affect the organization
- Learn more about how we could have been better prepared for the pandemic
- Determine the nature of risk in both large and small organizations
- Understand the tolerance for risk in the organization
- Match risks to proper strategy
- Perform risk analysis and evaluations
- See how the strategy of the organization represents risk
Highlights
- Overview of ERM and how it affects all organizations
- What COVID-19 has taught us about risk management
- Risk tolerance and developing a plan
- Risk identification
- Risk analysis
- Risk responses
- Strategy risk
