Self-Study
16
Basic
Management Services
There are no prerequisites.

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Course Description

The ability of businesses to survive and thrive often requires unconventional thinking and calculated risk taking. The key is to make the right decisions - even under the most risky, uncertain, and turbulent conditions. Based on their combined decades of experience as practitioners, consultants, and advisors to numerous business professionals throughout the world, Rick Funston and Steve Wagner discuss the adoption of 10 essential and practical skills, which will improve agility, resilience, and realize numerous benefits. Topics covered include:

  • How defining the corporate risk appetite and risk tolerances can help reduce the risk of ruin.
  • Anticipating potential causes of failure to improve chances of survival and success.
  • Factoring in velocity and momentum to improve speed of response and recovery.
  • Improving insights for decision making and thus decision quality by verifying sources and the reliability of information.
  • Identifying the potential unintended consequences of short-term decisions by taking a longer-term perspective.



Instructors

Frederick (Rick) Funston

Frederick (Rick) Funston is a principal with Deloitte & Touche LLP and has over 30 years of experience working with directors and officers across a broad range of industry sectors, including aerospace and defense, automotive, financial services, energy and utilities, consumer business, telecommunications, technology, and the public sector. Rick created the concept of risk intelligence for both value creation and value protection. He works with boards of directors and senior executives on ways to improve the effectiveness and efficiency of governance, risk, and compliance processes.

Rick is the principal author of Surviving and Thriving in Uncertainty: Creating the Risk Intelligent Enterprise. He’s a frequent speaker on creating and sustaining risk intelligence for competitive advantage in complex global organizations.

Steven Wagner

Steven Wagner is a nationally recognized thought leader on corporate governance. In 2009, Steve retired as the managing partner of Deloitte LLP's Center for Corporate Governance, where he led the firm's integrated strategy for governance services. He is a frequent speaker at governance conferences and directors' colleges and has authored or contributed to numerous articles on governance and risk.



Course Specifics

Management Services
Feb 13, 2017
There are no prerequisites.
SS6161225
511
None


Compliance Information

103220
Qualifies for CA Fraud: No


Learning Objectives

Upon successful completion of this course, participants will be able to:

Chapter 1

  • Identify specific expectations and duties of boards of directors.
  • Evaluate the board of directors for three potential barriers to effectiveness.
  • Determine whether an organization possesses resilience and agility to survive and thrive in the current business environment.

Chapter 2

  • Interpolate three lessons learned from recent financial history into business models of risk management.
  • Recognize the basic behaviors of humans towards the introduction of new ideas.
  • Identify the underlying assumptions in conventional risk management that prevent organizations from preparing for extreme events.

Chapter 3

  • Distinguish between unrewarded risk and rewarded risk.
  • Recognize the importance of achieving balance within an organization between the two extremes of risk aversion and risk taking.
  • Identify the ten essential risk intelligence skills essential to robust enterprise management.

Chapter 4

  • Recognize that management's refusal to challenge assumptions about the environment, the industry, and the enterprise is a fatal flaw in risk management and can lead to failure of the enterprise.
  • List two market forces that will challenge (and oftentimes destroy) an enterprise's assumptions when management fails to challenge these assumptions.
  • Utilize two tools that will assist leadership teams in identifying and challenging the underlying assumptions of an enterprise.

Chapter 5

  • State three type of failures that characterize lack of vigilance.
  • Employ two skills that will help leadership improve vigilance and situational awareness, and thus improve the resilience and agility of an enterprise.

Chapter 6

  • Recognize that some threats or opportunities occur quickly with velocity and momentum and usually take the form of sudden hits, snowballs, or spotlights.
  • Identify the two actions by management in factoring in the velocity (speed) and momentum of a crisis.

Chapter 7

  • Recognize how tightly coupled systems and complexity set the stage for a failure to make key connections and manage the complexity.
  • Integrate the Enterprise Value Chain, Business Interaction Model, and SIPOC analysis into risk management so as to make and manage the connections that characterize tightly coupled and complex enterprises and environments.

Chapter 8

  • Define failure and recognize thought patterns among enterprise leaders that hinder an honest discussion about failure.
  • Utilize three steps management can take to change the culture of the enterprise and its processes in order to recognize the potential for failure and to identify its potential causes.
  • Integrate two tools into the processes of an enterprise to anticipate potential causes of failure.

Chapter 9

  • Explain specific failures by management in verifying credible sources and corroborating the information received from the sources.
  • Select practical methods of verifying sources and corroborating the information supplied by the sources.

Chapter 10

  • Recognize that failure to maintain a margin of safety, or maintaining a too-lean margin of safety, reduces the resilience of an enterprise and jeopardizes its survival in difficult times.
  • Formulate a margin of safety.
  • Employ specific tools to maintain a margin of safety.

Chapter 11

  • Explain the downsides of short-termism, which damages longterm growth and jeopardizes an enterprise's survival.
  • Detect factors that contribute to an enterprise's philosophy of short-termism.
  • Integrate four pillars into the enterprise's philosophy to help align the enterprise toward long-term strategic planning.

Chapter 12

  • Recognize the harmful consequences of risk aversion.
  • Apply three tools in intelligent risk taking.

Chapter 13

  • Detect 11 root causes within an enterprise of insufficient operational discipline.
  • Apply appropriate leadership, which will promote operational discipline throughout each level of an enterprise.
  • Recognize that operational discipline enables an enterprise to embed each of the other nine risk intelligence skills into its ongoing performance.

Chapter 14

  • Calculate the total cost of quality (TCOQ).
  • Calculate the total cost of risk (TCOR).
  • Specify the relationship between cost of failure (COF) and cost of risk management (CORM).

Chapter 15

  • Distinguish between the role of the board of directors and the role of management of an enterprise.
  • Describe the roles of the three standing committees within boards of directors required by the New York Stock Exchange.

Chapter 16

  • Evaluate the success or failure of an Enterprise Risk Management (ERM) framework.
  • Summarize the benefits of adding a chief risk officer (CRO) or a risk council or committee to an ERM framework.

Chapter 17

  • Measure your enterprise's risk IQ.
  • Recognize certain success factors in risk intelligence.



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hard copy
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