General Risk Management

		Study programme 2021-2022	Français
		General Risk Management - AAEP
		Learning Activity

Code	Lecturer(s)	Associate Lecturer(s)	Subsitute Lecturer(s) et other(s)	Establishment
W-COGE-064	BAUWERAERTS Jonathan			UMONS

Language of instruction	Language of assessment	HT(*)	HTPE(*)	HTPS(*)	HR(*)	HD(*)	Term
Anglais	Anglais	9	3	0	0	0	Q2

Content of Learning Activity

The course will focus on the key activities and processes that must be considered for the implementation and monitoring of Enterprise Risk Management (ERM). Some of the most frequently used ERM frameworks (COSO framework, ISO 31000 Risk Management) are presented. Case studies illustrate the concrete functioning of the risk management process within organizations. The course plan is presented below:
Chapter 1: Generalities on Risk Management
Types of risks, risk management and Enterprise Risk Management (ERM)
Evolution of risk management
Drivers of ERM
The value-added of ERM
Integrating risks into strategic planning
Creating a strategic risk mindset and culture
Building a strategic risk assessment process
Corporate governance and ERM
The three lines of defense of risk management
Chapter 2: The components of ERM frameworks
2.1. Mandate and commitment to the ERM framework
2.1.1. Agreement in principle to proceed with ERM
2.1.2. Gap analysis
2.1.3. Context for framework
2.1.4. Design of framework
2.1.5. Implementation plan
2.2. Risk management policy
2.2.1. Policies for the ERM framework
2.2.2. Policies for risk management decisions
2.2.2.1. Risk appetite
2.2.2.2. Risk criteria
2.2.2.3. Internal risk reporting
2.3. Integration of ERM in the organization
2.4. Risk Management Process (RMP)
2.4.1.   Context
2.4.2.   Risk assessment (identification, analysis, and evaluation)
2.4.3.   Risk treatment
2.5. Communications and reporting
2.6. Accountability
2.7. Monitoring, review, and continuous improvement

Chapter 3: EMR tools and techniques
3.1. Key Risk Indicators (KRIs)
3.1.1. Definition
3.1.2. Illustrations of KPIs
3.1.3. Value of KRIs to Risk Management
3.1.4. Applications
3.2. Risk tolerance
3.2.1. Definition
3.2.2. Factors to consider in setting risk tolerance
3.2.3. Applications
3.3. Risk profile
3.3.1. Definition
3.3.2. The risk map/matrix
3.3.3. The heat map
3.3.4. Applications
3.4. Quantitative risk assessment
3.4.1. The two-dimensional risk map
3.4.2. Refined classification of risks
3.4.3. Basic statistical analyses
3.4.4. Total corporate risk

Chapter 4: Application of ERM frameworks
4.1. The COSO framework
4.1.1. Main principles
4.1.3. Evolution
4.1.3. Components
4.1.4. Applications
4.2. The ISO 31000 Risk Management framework
4.2.1. Main principles
4.2.2. Components
4.2.3. Applications

Required Learning Resources/Tools

Not applicable

Recommended Learning Resources/Tools

Not applicable