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Strategic Governance, Risk and Compliance
This course is planned to run in Dubai but could be changed to run virtually if there are restrictions due to the Covid-19 pandemic.
This aim of this course is to prepare existing and future board members, executives and senior managers for participation in governance, risk and compliance (GRC) best-practice. Participants might be future Chief Risk Officers (CROs), CFOs, Chief Compliance Officers (CCOs), Corporate Secretaries and other executive and non-executive board-members, as well as future participants in related GRC functions. In particular, we focus on how GRC has evolved from a lose grouping of siloed, compartmentalized and often disparate or amorphous areas to a comprehensive function with the express purpose of supporting strategy formation and execution. In contrast to traditional GRC, modern “strategic” GRC, as discussed in the course, takes its shape from its successful adoption by leading firms (e.g., Apple, Amazon, Santander, etc.) where it has been value-enhancing. Using lectures, exercises and case studies, the course addresses both ideal structural models as well as common GRC challenges.
Course prerequisites: Attendees should have some familiarity with basic corporate governance; however, concepts will be addressed at both the rudimentary and advanced levels.
Who should attend: Senior managers, executives and board members
- Understanding the business case for GRC
- Role of Governance, Risk and Compliance in increasing value by enhancing performance
- Measuring GRC using Key Performance Indicators (KPIs)
- How GRC can be shaped to support common strategic initiatives (e.g., digital transformation, M&A, corporate investment, innovation, etc.)
- Gauging Risk Culture, including reticence, resistance, ignorance and pushback
- Implementing GRC along COSO ERM and best-practice lines
- Distinguishing KPIs and Key Risk Indicators (KRIs)
- Developing an Engagement Process for stakeholders
- The CRO, CCO and Corporate Secretary Roles in GRC
- Ownership in GRC
- Challenges to Effective GRC: Conduct Risk, Weak Risk Culture, Bias at the Board- and Committee-Levels
Introduction & Overview
What Governance, Risk and Compliance (GRC) is about
- Case Studies of breakdowns in governance, risk and compliance
Why we need governance
- Self-interested executives and agency problems
- Evidence of self-interested behavior in actual companies in the US, UK
Corporate Governance Standards
- UK Corporate Governance Code
- Global Comparisons
The Role of Strategic Risk Management
- Enterprise Risk Management (ERM) and Strategy
- Elements of ERM that can address risk governance lapses
- ERM as a process that involves everyone from the board downwards (addressing misperceptions of risk)
- ERM as a forward-looking, strategically-linked initiative (addressing misidentification)
- ERM as a mechanism for quantitatively vetting strategy (Addressing risk miscalculation)
- ERM as a RELEVANT framework for supporting the business (Addressing miscommunication of risks)
- ERM as a means for addressing risk exposure before events happen (Addressing mismanagement of risks)
Governance Challenges and Scenarios
- Lack of Consensus about mission, vision, ans the role of the board of directors (BoDs)
- Lack of understanding of duties of board members, financial statements, risk management
- High turnover of the BoDs and CEO
- Unresolved conflicts between board members or between the BoD and CEO
- Practice of the board not fitting by-laws or best-practice
- Confusion over conflicts of interest
- Decision paralysis
- Information improperly or inaccurately presented to directors
- Rubber-stamping by the BoDs
- Micro-management by BoD
- Interference by minority investors
- BoD that runs well but focuses on wrong issues
- Poorly Chaired meetings
- Poor relationships with stakeholders
- Superfluous number of committees
How Enterprise Risk Management Works
- The strategic, executive and board-level linkage
- Chief Risk Officers interacting with other executives
- The ERM Process Steps
- Establishing Context
- Identifying Strategic risks
- Analysing and quantifying risks
- Integration of risks
- (Re-) Assessment of risks
Developing a Risk Governance Framework using ERM
- Necessary ingredients
- The right structure, people, tools, etc.
- Interacting with other executives at EXCO, Risk ManCo, ALCO, etc.
- Use of a “risk” SWOT
- Joint development of an RMS
- The Risk Strategy Report (the main Risk Governance “Deliverable”)
- Drafting a report that business people can use
- Contents of the report
Class Assignment: Draft a skeletal, risk governance framework for your company
Defining Risk Governance
Understanding Risk Exposure
- Why it is a board and executive-level concern
- Why managing risk requires the attention of CEOs and business heads
- Why risk and strategy are tied
- Why risk MUST be forward-looking and strategic
How misunderstandings of risk, call for the risk governance
- Misperceptions of risks
- Misidentification of risks
- Miscalculation of risks
- Miscommunication of risks
- Mishandling and mismanagement of risks
Risk governance as a solution
Evaluating the State of Risk Governance in Your Company
- What it means
- Biased views
- Cognitive biases and the psychology of bad thinking
- Major problems biases lead to
- Exercise: Where are the biases in your company?
- How do we identify risks?
- Backward-looking versus forward-looking
- Risk exposure that we commonly ignore
- Emerging risks
- Reputation risks
- Social-media risks
- Customer-service-related risks
- Strategic risks
- Weaknesses in typical risk identification tools
Exercise: How do you identify risks in your company
Evaluating Risk Governance in Your Company (Contd.)
- Backward, data-driven tools
- Control self assessments
- Risk registers
- Forward-looking tools
- SWOT analyses
- Risk ratings
- Exercise: How do you quantify risks in your company?
- Famous cases of risk communication breakdown
- The consequence of miscommunication
- Why risk is miscommunicated
- Tools and frameworks to better communicate risk
- Exercise: How good is risk communication in your company?
- Example Compliance measures that affect most companies
- ISO measures
- Example Compliance that affects mostly financial institutions
- Basel II & III compliance
- MiFID II
- Overnight Case Study Assignments
Discussion of Case Studies
Summary of Concepts
Our Tailored Learning Offering
Do you have five or more people interested in attending this course? Do you want to tailor it to meet your company’s exact requirements? If you’d like to do either of these, we can bring this course to your company’s office. You could even save up to 50% on the cost of sending delegates to a public course and dramatically increase your ROI.
If you want to run this course at a location convenient to you or if you want a completely customised learning solution, we can help.
We produce learning solutions that are completely unique to your business. We’ll guide you through the whole process, from the initial consultancy to evaluating the success of the full learning experience. Our learning specialists ensure you get the maximum return on your training investment.
We have a combined experience of over 60 years providing learning solutions to the world’s major organisations and are privileged to have contributed to their success. We view our clients as partners and focus on understanding the needs of each organisation we work with to tailor learning solutions to specific requirements.
We are proud of our record of customer satisfaction. Here is why you should choose us to help you achieve your goals and accelerate your career:
- Quality – our clients consistently rate our performance ‘excellent’ or ‘outstanding’. Our average overall score awarded to us by our clients is nine out of ten.
- Track record – 10/10 of the world’s largest banks have chosen us as there training provider and we have delivered training across the largest banks and have trained over 25,000 professionals.
- Knowledge – our 100+ strong team of industry specialist trainers are world leading financial leaders and commentators, ensuring our knowledge base is second to none.
- Reliability – if we promise it, we deliver it. We have delivered over 25,000 events both in person and online, using simultaneous translation to delegates from over 99 countries.
- Recognition – we are accredited by the British Accreditation Council and the CPD Certification Service. In an independent review by Feefo we scored 4.2/5 on service and 4.7/5 on Coursecheck
BiographyMaurice holds a PhD, is an experienced executive, Chief Risk Officer (CRO), board member and consultant. He is the founder and CEO of Conquer Risk, a consulting firm that conducts investment due diligence of corporates and banks, specialising in emerging and frontier markets. Until recently, the instructor held the group CRO role for one of Africa's largest banks for which he developed the entire enterprise risk management (ERM) and risk oversight functions, sitting on the board and managing over 400 people within 10 departments, spanning 5 countries. He is a sought after speaker on risk oversight, strategy and corporate governance but has also trained numerous management teams in predictive analytics, market intelligence acquisition and internal model development for Basel II & Basel III purposes. He previously taught Executive-MBAs on the full-time finance faculty of the Kellogg-HKUST business program and, before that, worked as a regulator for both the New York Federal Reserve and the Board of Governors. A former dissertation advisee of Ben Bernanke, the US Federal Reserve Chairman, the instructor holds a PhD and MA in economics from Princeton University and a BA in Economics and Mathematics from Northwestern University. He was recently selected out of over 50,000 candidates to the prestigious board of the Professional Risk Manager's International Association as a Subject Matter Expert on ERM. He is also a certified Financial Risk Manager (FRM) with the Global Association of Risk Professionals.