LEARN HOW TO MANAGE RISKS
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16 Nov 2016
Many companies are so focused on top-line growth and bottom-line profit that risk management falls by the wayside. A new Sheridan College program can help those organizations learn how to identify, assess, monitor, limit and address risks that could jeopardize their operations and reputation.
“It enables people to understand how they can apply risk management techniques and processes and become subject matter experts to help their organization drive forward in their strategic roles, not just have the ability to put out fires,” says instructor and subject matter expert David Keaney, creator of the program.
At some companies, risk management might be as simple as using Post-It notes to highlight issues that demand attention. Other organizations have a comprehensive set of resources led by a chief risk management officer responsible for understanding an organization’s appetite for risk and how to identify existing or potential future risks, which could include legal, financial, reputational or operational risks and could also be compliance related.
“Risk management also involves the analysis of coming up with a risk response. Do we change our operations? Do we engage with other subject matter experts to fix things? Do we buy more insurance? The overarching goal in a robust risk management program is that it supports and follows the company’s objectives and goals,” says Keaney.
The course is designed for business owners, finance managers and accountants operating small to medium-sized organizations who recognize the need for developing and implementing risk management measures within their specific business organizations.
Keaney describes the content as “robust, complete and wholesome.” It introduces students to the concept of risk management and industry-leading methodologies before delving into risk management and risk profile techniques. Students explore risk responses and put their learning into practice in a case study.
“We bring all those tools, techniques and approaches into the organizational-wide risk management program where we look at roles and responsibilities. How do we integrate risk management into the organization? How do we tie it with strategic objectives? We look at an end-to-end analysis with conclusions you can bring forward to leadership teams or boards. We look at risk culture, communication strategy and change management.”
You don’t need to be a professional accountant to benefit from these courses. “Somebody’s job description will be enhanced and grow as a result of taking this course,” says Keaney. Successful graduates will be well prepared to challenge the Canadian Risk Management designation.
Record of achievement
Sheridan College’s record of achievement in risk management for business will be launched in the upcoming winter/spring semester. It’s comprised of the following courses, which must be taken in order:
- Foundations of risk management: Learn about globally-recognized and applicable risk management tools to identify, ameliorate and manage business and finance risk issues.
- Applied risk management: Develop and implement a risk management program into your particular business organization.
- Risk compliance and governance: Implement an oversight and ongoing maintenance program for your risk management initiative.