THE INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS OF KENYA
(Established under the Accountant Act, Laws of Kenya)
The Enterprise Risk Management (ERM) Masterclass
Theme: Demystifying the ERM implementation requirements for success
Date: 19th -21st May 2021
Venue /Platform: Zoom
Risk management is an essential element of the strategic management of any organization and should be embedded in the ongoing activities of the business. The importance of implementing ERM for organizations cannot be underscored. Several entities in Kenya both from public and private sectors have made big strides towards compliance to risk management guidelines issued locally as well as from global regulators.
The fundamental elements of ERM are the assessment of significant risks and the implementation of suitable risk responses. Risk responses include acceptance or tolerance of a risk; avoidance or termination of a risk; risk transfer or sharing via insurance, a joint venture or other arrangement; and reduction or mitigation of risk via internal control procedures or other risk prevention activities. Other important ERM concepts include the risk philosophy or risk strategy, risk culture and risk appetite. These are expressions of the attitude to risk in the organization, and of the amount of risk that the organization is willing to take. These are important elements of governance responsibility.
Understanding the risk appetite concept and the risk quantification will aid in objective measurement of risk and lead to an improvement in the risk culture of the organization. The ERM Master class will shed light on the ERM process as well as the critical skills and enablers towards successful risk appetite formulation and entrenchment by the organization after complete articulation and approval by the Board. The role of different players in ERM is also a critical aspect and the master class will provide an avenue for discussants to debate on the most appropriate placement level of the ERM Staff ad their reporting lines.
Management responsibilities involving the risk universe and architecture or infrastructure, documentation of procedures or risk management protocols, training, monitoring, and reporting on risks and risk management activities will also be discussed in the master class.
Further, the Institute introduced and launched the Multiple licenses in November 2020. Consequently, the Institute has developed several programs to equip potential practitioners within the areas as defined in the accountancy definition, this being one of the selected trainings.
This Master Class is intended to provide Risk Professionals with critical knowledge and insights that will enable them to ‘hit the ground running’ in their review and advisory roles. It will also be a good opportunity for delegates to build their professional skills and network with other like-minded professionals in the same field.
There will be an online assessment after successful completion of the master class.
This program is divided into the following six modules covering the various aspects of ERM:
|DAY||MODULE||TOPICS||KEY AREAS TO BE COVERED|
|DAY 1||A. Foundation||Introduction to Enterprise Risk Management (ERM)
Developing the ERM Framework
|1. Definitions of ERM from global risk management frameworks
2. Differences between Risk Management and ERM
3. Common misconceptions about risk management
4. Components of risk management
5. Value of risk management
6. The process of implementation of the ERM Frameworks for organizations
7. Highlights of the pertinent regulation and guidelines, PFM Act, Treasury Circulars, COSO ERM Framework, ISO 31000:2018 etc.
8. The role of different players in ERM Development and Implementation
|DAY 2||B. Execution||The Risk Management Process
Risk Analytics, Modelling and Quantification
|The risk management process
· Template of a risk register and how to develop it
· Risk identification
· Risk assessment
· Risk quantification
· Risk monitoring
· Risk reporting & communication
· Setting risk appetite and linkage to strategy
· Risk and corporate governance
· Brief on risk governance practices
· Risk and strategy implementation
· Risk governance tools
· Importance of risk governance
Risk analytics, modelling and automation.
· Approaches and tools for risk assessment
· Risk modelling for effective risk quantification
· Highlight into risk management automation.
· Highlight into Basel and Solvency risk requirements.
|DAY 3||C. Moving Forward||1. ERM Human Capital and Positioning of the role in public and private sector
2. Emerging issues in ERM
3. Future and adequacy of risk management
|1. Risk maturity assessment models and alignment of risk to corporate strategies
2. The evolving risk landscape and adaptation – economic, regulatory and technology
3. Creating resilience and flexibility in risk management frameworks
4. Proposed risk models for the future
This training is one of the mandatory trainings for Practicing Certificate consideration. It is also open to all Risk and Internal Audit Professionals, Finance Professionals, Insurance and Banking Professionals, Board Members, Audit & Risk Committee Members, Senior Management of Organizations, CEOs and any other professionals seeking to obtain deeper knowledge in the area of ERM.
All members who would wish to practice in the future are also encouraged to enroll on the course as it provides practical skills required for effective performance of their roles in Risk Management.
This Master Class shall be provided at a cost of Sh.15,000 and shall be considered as one of the mandatory trainings for purposes of issuance of practicing license for the year 2021.
CONTINUOUS PROFESSIONAL DEVELOPMENT UNITS (CPD UNITS):
Members of ICPAK and other reciprocating professional bodies will earn 15 CPD points upon successfully attending the Master Class.
Registration: Delegates are reminded to note that online booking for webinar is mandatory on https://www.icpak.com/event-registration/Online Booking We call on Seminar participants to note that booking for is available only online at www.icpak.com/events and will close two hours before the training session. Delegates are reminded to note that online booking for training sessions is mandatory.
NATIONAL INDUSTRIAL TRAINING AUTHORITY (NITA) REIMBURSEMENT:
The Institute is registered as a trainer with National Industrial Training Authority. The Institute’s registration number is DIT/TRN/47. Participants who are registered levy contributors should apply to NITA for reimbursement of their fees. Please note that this is applicable for Kenyan citizens only and subject to NITA regulations. Remember that to qualify you should apply to NITA for approval prior to the date of the conference. Further details can be obtained from their website (www.nita.go.ke)
We encourage members to regularly visit our website https://www.icpak.com for updates.