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Strategic Governance, Risk and Compliance
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 GRC
- Recent crises and challenges
- What stakeholders demand
- Value-enhancing evidence
- Why we need Risk Management
- Poor strategy-setting behavior
- Weak risk culture
- Why we need Compliance
- The business case
- Factors affecting effective compliance
- (Mini) Case Studies and discussion
- Implementing Strategic GRC
- Obtaining a modern definition of GRC
- Elements taken from:
- COSO ERM 2017
- OECD Governance definitions
- ISO definitions
- 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
- Risk Perception
- 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?
- Risk Identification
- 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
- Governance Challenges and Scenarios
- Case Studies and Discussions
- Risk and Enterprise 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)
- 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
- Analyzing 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.
- Developing a Risk Management Strategy (RMS) using the ERM Process
- 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
- Applying Risk Governance in Your Company
- Risk Calculation
- 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?
- Risk Communication
- 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?
- Strategy and the Role of Governance and Risk in Strategy
- Good strategy/Bad strategy
- Forging a good strategy
- Good execution/Bad Execution
- KPIs or not KPIs
- KPIs and information flow
- Strategy formation and The Process of Engagement
- A Brexit Case Example
- Example Compliance measures that affect most companies
- ISO measures
- Example Compliance that affects mostly financial institutions
- Basel II & III compliance
- MiFID II
- Creating a Compliance Program that can integrate with Strategic Governance and Risk
- Roles & Responsibilities in GRC
- Management responsibility
- Board Responsibility
- GRC Heads
- Overnight Case Study Assignments
- Challenges to GRC
- Remaining and unaddressed topics
- Weak Risk Culture
- Indicators of a Sound Risk Culture
- Cognitive biases and skewed risks
- Conduct Risk
- Conduct Risk Case Study
- Group-Level Risks
- Bias at the Board Level (Case Study)
- Group-level biases
- Challenges to GRC
- Summary of Concepts
- Concluding Remarks
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.