Risk Register Modelling

Learn to Manage your Risk Register as a Business Portfolio taking account of Risk Uncertainty

Course Summary

Learn the essential skills, processes and concepts to create, manage and fully utilise a Corporate, Business or Project Risk Register. Integrate the important aspect of uncertainty in Risk and Costs in order to calculate the mean and maximum cost of Risk to your business. Furthermore, learn to manage your Risk Register in order target critical risks requiring transfer or mitigation.

The course is based on experience and examples drawn from a number of Private Finance Initiative (PFI) and Public Private Partnership (PPP) tender processes and operational projects, from the Rail and Highways industries.

The tools and approaches are equally applicable in any Business or Corporate environment.

Duration

Course Duration: 1 day (9.30am – 5.00pm)

Participants: 10-12

Objectives

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

• Understand the purpose of a Risk Register and the approach to Portfolio Risk Management
• Understand and describe the concepts of Risk and Uncertainty
• Understand how to attribute uncertainty to Risk monies
• Implement Monte Carlo Simulations
• Identify and prioritise important Risks
• Create realistic risk portfolios

Audience

This course is intended for persons with an intermediate level of risk management experience, including:

• Senior managers who are responsible for managing risk and/or embedding effective systems of corporate governance
• Bid Managers and Team Leaders who are responsible for identifying risk, both qualitatively and quantitatively during a bid process
• Insurance managers, project investors, brokers, safety practitioners, auditors, project managers, accountants, solicitors and consultants who are increasingly finding risk management is forming part of their remit or are expected to have a broad understanding of the subject
• Individuals taking up a new role in risk management or wishing to enter the profession
• Practitioners who require a refresher on recent developments in risk management 
• Students studying or about to embark on studying Practical and Enterprise Risk Management
• Chief executives and heads of departments who require a better understanding of risk management and the role it should play within their organisations
• Non executive directors

Outline

Risk Registers

• The purpose and content of a Risk Register
• Portfolio approach to Risk Management
• Types of Risk Registers
• Risk Register templates
• Risk quantification, qualification and mitigation
• How a Risk Register contributes to effective risk management
• Identify critical Risks

Risk, Uncertainty & Simulation

• Meaning of Uncertainty
• Why model uncertainty in relation to Risk?
• Using three-point estimates for risks / costs
• Types of uncertainty modelling techniques
• Excel-based Monte Carlo simulation

Risk Portfolio Management

• Management process
• How to interpret risk simulation results
• Identify and prioritise critical risks
• Transfer and mitigate risks