Managing Business Risk For SMEs

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Private Class from

2700/day

(2 Days)

BENEFITS

Upon completion of this programme, participants will be able to:

  • Discover the importance of risk management in adding value to the organization and shareholders' value.
  • Realize their organization's business position and the various possible risks it faces.
  • Recognize and distinguish the various categories and types of risk.
  • Adapt the risk management fundamentals to minimize the risk impact in their department or organization.
  • Evaluate the severity of risk and develop a practical risk management plan that aligns with the corporate strategy.

INTRODUCTION

Managing risk is one of the more important management functions, especially in today's ever-challenging business environment. All SME 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. Risk may be viewed differently by different people; hence it is essential to understand the various dimensions of risk in a business environment that would affect an organization's decision making process and bottom line.


A good risk management structure 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. The organization may also benefit in terms of compliance, assurance to stakeholders, improve decision making and efficient operation, effective processes and an efficacious strategy.


Risk could result in financial and non-financial losses. Failure to set a risk management strategy and to communicate that strategy may result in inadequate management of risks, resulting in an unfocused approach to risk mitigation. These will lead to negative ramifications such as loss of income, ruined reputation, fraud, business objectives and stakeholder's expectations not met. The bottom line will be organizational chaos and disharmony, leading slowly but surely to winding up operations and businesses.


This program introduces participants to the concepts, principals, processes, and application of risk management in SME business environment. The program would also provide participants with techniques and tools that will help them to address their responsibilities and the associated risks they are likely to encounter in their department or organization.


AUDIENCE

This program would be of great benefit to entrepreneurs, managers and executives from all SME business sectors who would like to have a better understanding and appreciation of risk management.


The program is delivered through presentations, group discussions, case studies, practice sessions and other activities to enhance overall learning.


METHODOLOGY

The program is delivered through presentations, group discussions, case studies, practice sessions and other activities to enhance overall learning.


INTRODUCTION TO RISK AND RISK MANAGEMENT
  • Definition Of Risk
  • What Is Risk Management?
  • Enterprise Wide Risk Management (EWRM)
  • Risk Management Standard
  • Risk Management Functions
RISK MANAGEMENT IN MALAYSIA
  • Risk Management Awareness In Malaysia
  • Barriers In Risk Management Implementation
RISK CATEGORIES
  • Types Of Risk
  • 3 Broad Categories Of Risk
  • Velocity Of Risk Impact
CAUSES OF RISK
  • Hazards
  • Globalization
  • Technology Advancement
  • Regulation/Deregulation
  • Change Drivers
  • Economic Cycles
  • Human Factors
IMPACT OF RISK ON ORGANIZATIONS
  • Hazard Risk
  • Control Risk
  • Opportunity Risk
RISK MANAGEMENT FRAMEWORK AND PROCESS
  • What Is A Risk Management Framework?
  • Steps In A Risk Management Process
  • The Risk Management Context
  • Risk Assessment
  • Risk Treatment
  • Monitoring And Review
  • Communication And Consultation
UNDERSTANDING YOUR ORGANIZATION AND YOUR BUSINESS
  • SWOT Analysis
  • PESTLE Analysis
  • PORTER’s Model
HUMAN FACTORS IN RISK MANAGEMENT
  • Differing Personalities And Risk Dispositions
  • Decisional Errors
  • Procedural Errors
  • Perceptual Errors
TYPES OF RISK
  • Risk At The Macro Level
  • Risk At The Micro Level
  • 4 Classification Of Risk
  • Key Risk Affecting Different Business Sectors
MEASUREMENT OF RISKS
  • Why Measure Risk?
  • Risk Likelihood And Magnitude
  • Qualitative Risk Analysis
  • Quantitative Risk Analysis
  • Tolerance Levels
TECHNIQUES TO MANAGE RISK
  • Why Manage Risk?
  • Risk Matrix And Risk Register
  • 4 Types Of Control
  • 4Ts Of Hazard Risk Management
  • 4As Of Control Risk Management
  • 4Es Of Opportunity Risk Management
  • Business Continuity Plan/Disaster Recovery Plan
  • Compliance To Legal Requirements And Standards
SUPPLY CHAIN
  • What Is Supply Chain?
  • Risk In Supply Chain
  • Managing The Uncertainties
BUSINESS CONTINUITY PLAN
  • What Is A Business Continuity Plan?
  • Cycles In A Business Continuity Plan
  • Advantages Of A Business Continuity Plan
RISK MANAGEMENT FAILURE AND CONSEQUENCES
  • Why Fail?
  • What Will Be The Consequences?
EFFECTIVE RISK MANAGEMENT INITIATIVES
  • Effective Communication Of Risk Plans
  • Alignment Of Risk Plans To Corporate Strategy
  • Adopting The “PACED” Strategy
  • Creating A Risk-Aware Culture
BENEFITS OF MANAGING RISK FOR SMES
  • Compliance With Laws And Regulations
  • Assurance In The Management Of Significant Risks
  • Improved Decision Making
  • Efficient Business Operations
  • Effective Operational Processes
  • Efficacious Strategy

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