CONTINUING EDUCATION FOR TAX & FINANCIAL PROFESSIONALS

Surviving and Thriving in Uncertainty

Icon_Self-Study
Self-Study
Icon_Level
Basic
Credits
CPE Credits
16 Credits: Management Services

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.

Learning Objectives

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

Chapter 1

  • Identify specific expectations and duties of boards of directors.
  • Recognize potential barriers that impact the effectiveness of the board of directors.
  • 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.
  • Recognize the tools that will assist leadership teams in identifying and challenging the underlying assumptions of an enterprise.

Chapter 5

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

Chapter 6

  • Recognize the impact of threats or opportunities that occur quickly with velocity and momentum, noting their 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.
  • Recognize the integration of the Enterprise Value Chain, Business Interaction Model, and SIPOC analysis into risk management in order 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.
  • Identify the 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.
  • Recognize the integration of tools into the processes of an enterprise in order to anticipate potential causes of failure.

Chapter 9

  • Identify specific failures by management when 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.
  • Determine a margin of safety.
  • Identify specific tools that maintain a margin of safety.

Chapter 11

  • Recognize the downsides of short-termism, which damages long-term growth and jeopardizes an enterprise’s survival.
  • Detect factors that contribute to an enterprise’s philosophy of short-termism.
  • Recognize the integration of 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.
  • Recognize the application of three tools in intelligent risk taking.

Chapter 13

  • Identify root causes of insufficient operational discipline within an enterprise.
  • Determine appropriate leadership that 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.
  • Determine the roles of the three standing committees within boards of directors required by the New York Stock Exchange.

Chapter 16

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

Chapter 17

  • Identify the characteristics of an enterprise’s risk IQ.
  • Recognize certain success factors in risk intelligence.

Course Specifics

Course ID
6181225
Revision Date
January 17, 2018
Advanced Preparation

None

Compliance information

NASBA Provider Number: 103220

Course Instructor

Steven Wagner Headshot
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.

Frederick (Rick) Funston Headshot
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 …

Frederick (Rick) Funston Read More »

Surviving and Thriving in Uncertainty

Format
CPE CREDITS
16 Credits: Management Services

$384.00$424.00

Clear
Icon_Self-Study
Self-Study
Icon_Level
Basic
Credits
CPE Credits
16 Credits: Management Services

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.

Learning Objectives

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

Chapter 1

  • Identify specific expectations and duties of boards of directors.
  • Recognize potential barriers that impact the effectiveness of the board of directors.
  • 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.
  • Recognize the tools that will assist leadership teams in identifying and challenging the underlying assumptions of an enterprise.

Chapter 5

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

Chapter 6

  • Recognize the impact of threats or opportunities that occur quickly with velocity and momentum, noting their 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.
  • Recognize the integration of the Enterprise Value Chain, Business Interaction Model, and SIPOC analysis into risk management in order 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.
  • Identify the 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.
  • Recognize the integration of tools into the processes of an enterprise in order to anticipate potential causes of failure.

Chapter 9

  • Identify specific failures by management when 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.
  • Determine a margin of safety.
  • Identify specific tools that maintain a margin of safety.

Chapter 11

  • Recognize the downsides of short-termism, which damages long-term growth and jeopardizes an enterprise’s survival.
  • Detect factors that contribute to an enterprise’s philosophy of short-termism.
  • Recognize the integration of 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.
  • Recognize the application of three tools in intelligent risk taking.

Chapter 13

  • Identify root causes of insufficient operational discipline within an enterprise.
  • Determine appropriate leadership that 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.
  • Determine the roles of the three standing committees within boards of directors required by the New York Stock Exchange.

Chapter 16

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

Chapter 17

  • Identify the characteristics of an enterprise’s risk IQ.
  • Recognize certain success factors in risk intelligence.

Course Specifics

Course ID
6181225
Revision Date
January 17, 2018
Advanced Preparation

None

Compliance information

NASBA Provider Number: 103220

Course Instructor

Steven Wagner Headshot
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.

Frederick (Rick) Funston Headshot
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 …

Frederick (Rick) Funston Read More »

Surviving and Thriving in Uncertainty

Format
CPE CREDITS
16 Credits: Management Services

$384.00$424.00

Clear