Traditionally, risk is often thought of as something to be avoided. However, given that value is a function of risk and return, strategic decisions do not necessarily eliminate or even minimize risk. Rather, the goal is to manage risk (both exposures and opportunities) across all parts of organization so that, at any given time, just enough of the right kind of risk to effectively pursue strategic goals is incurred.
The first step towards successfully managing risks is to implement an effective risk assessment methodology. Risk assessment is a systematic process for identifying and evaluating both external and internal events (risks) that could affect the achievement of objectives, positively or negatively. During this class, we will discuss the key components of an effective risk assessment process and how to integrate it into the business process to provide timely and relevant risk information to management.
By attending this class you will learn:
- Definitions of various risk types (i.e., inherent, residual, fraud).
- Key components of an effective risk management process.
- Key principles and strategies for risk identification.
- Examples of risk models and assessment tools.
- Key concepts for risk evaluation.
- The importance of risk interactions.
- Key considerations when prioritizing risks.
- Risk response strategies
Who should attend?
RIT faculty and staff who are interested in taking the first steps towards risk identification and assessment and who want to sleep better at night knowing that key risks affecting RIT’s ability to achieve its objectives are being appropriately managed.
“This topic is of ‘high impact’ to our day-to-day operations.”
“Dry topic made interesting.”
“Class was great!”
Things I learned:
“How to think of risk proactively”
“How to identify and think about risk in my day-to-day activities”
Internal Controls and Fraud in the Workplace is facilitated by members of the Institute Audit, Compliance & Advisement (IACA) Department.