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| WORKSHOP SESSIONS |
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Session 1: LECTURE: ERM ESSENTIALS AND TRENDS
During the first lecture session of this intensive workshop, participants will hear industry experts discuss fundamental concepts underlying the emerging practices of Enterprise Risk Management. Specifically, the panel will address: |
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Definition and scope of ERM |
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Why ERM is important — setting the context for ERM while discussing the drivers of change and development for the ERM discipline |
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The impact of ERM on management practices: a discussion of recent ERM trends, including organizational objectives for pursuing ERM |
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ERM’s role in value creation |
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Role of the Chief Risk Officer |
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Session 2: CASE STUDY: CRITICAL FACTORS IN ERM SUCCESS
ENRON had a Chief Risk Officer. . .So, what went wrong? Beware of rushing into ERM risk analytics unprepared or applying checklists as if this is risk management. Even the most sophisticated risk measurement technology will not meet stakeholders’ objectives if mechanically adopted without professional judgment. Creating a culture that embraces ERM will result in risk management decisions that increase economic value for a chosen risk appetite and time horizon. In the second session of the workshop, attendees will learn about the critical elements of a successful ERM framework. The discussion will particularly concentrate on the following issues: |
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Requirements for receptive and supportive internal environment |
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Critical organizational issues, alignment of incentives and responsibilities |
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Sarbanes-Oxley through an ERM lens |
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Control and monitoring activities |
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Case studies of failed ERM initiatives |
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Best practices and ERM frameworks |
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Session 3: LECTURE: ERM TOOLS AND TECHNIQUES — BUILDING BLOCKS OF SUCCESS
The first afternoon session will provide an overview of the complexity of techniques and tools involved in the ERM process. Participants will be introduced to the breadth and depth of technical issues surrounding measurement and management of risks at the enterprise level. In particular, topics addressed will include: |
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Essentials of market, credit, operational, and insurance/hazard risks, and the pitfalls of using
a “silo” approach to risk management on the company bottom line |
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Decision-making issues under uncertainty with sparse and fragmented data sources; business
intelligence trends |
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Top-down vs. Bottom-up? Risk aggregation and issues in allocating risks back to the business
units |
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Economic capital as a measure of the combined risk position of an enterprise |
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Case studies of failed ERM initiatives |
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Best practices and ERM frameworks |
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Session 4: CASE STUDY: ERM IMPLEMENTATION
he last session of the workshop will present a hands-on example focused on dealing with issues associated with creating a successful ERM framework. Building on the essential concepts addressed earlier in the day, the case study will reflect practical answers to issues arising in this process. In addition, the expert panelists’ case studies will highlight: |
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Differences in ERM awareness across different industries |
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Discussion of elements of systems and data requirements |
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Infrastructure issues relating to people, processes, tools, and technology, as well as other
critical implementation issues |
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Sample risk metrics report discussion
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