Fundamentals of Risk Management 6: Risk Treatment
Risk treatment refers to when a firm applies risk controls and other strategies in response to risk.
Selecting the most appropriate risk treatment options involves balancing the potential benefits derived from enhancing the achievement of objectives against the costs, efforts or disadvantages involved in the proposed actions.
Our Risk Treatment course will help you learn how to respond to various types of risks and how they can be treated to minimise their negative probability and impact.
- 40 Minutes
- All staff
- Based on best-practice risk management frameworks and suitable for global audiences.
Learning objectives
- Understand how risk treatment as a process fits into the broader risk management framework
- Apply various types of risk treatment options depending on the type of risk
- Understand the importance of risk controls and how to implement them
What can you expect your employees to learn?
Welcome
- Learning objectives
- How to complete this course
What is risk treatment?
- The Management of Risk (M0R) framework
How should we respond to risk?
Inherent versus residual risk
Selecting the most appropriate risk treatment option
Risk acceptance
- Example: Risk acceptance
Risk transfer
- Example: Risk transfer
Implementing risk controls
- You decide: Implementing risk controls
Contingency planning
- Examples: Contingency planning
Terminating activities that result in risk
Roles of business continuity & operational resilience in risk treatment
Benefits of risk controls
- You decide: What are examples of risk controls for different types of risks?
What is a risk control environment?
- What is a risk control appetite?
- What are the different types of risk controls?
Risk treatment & the Three Lines of Defence (3LoD) model
Role of the board of directors in a risk control framework
- You decide: What are the board of directors' responsibilities?
- Additional committees on the board of directors
Role of senior management in the risk control framework
Role of the first, second & third LoD in the risk control programme
What role should cost-benefit analysis (CBA) play in risk treatment?
How should a company then implement its risk response?
Importance of duty segregation when implementing risk controls
- You decide: Conflicts of interest that can impede risk control implementation
Summary
Affirmation
Assessment
Does your company have…
Under 50 employees?
We recommend our CoreCompliance solution, perfect for smaller teams. Start your training immediately with pre-configured, ready-to-go courses.
Over 50 employees?
Identify risks, avoid violations, and safeguard your business. Our bribery prevention training teaches you how to protect your organisation’s reputation and avoid costly errors.
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