THE INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS OF KENYA
(Established under the Accountants Act, Laws of Kenya)
RISK CHAMPIONS WORKSHOP
Date: 29th to 31st May 2023
Time: 09:00am-0330pm
Venue: Lake Naivasha Resort
Overview
In order to implement an effective ERM structure in an organization, the process, tools and procedures, along with risk knowledge, decisions and behaviours all need to be communicated and integrated at every level. A Risk Champion is a great option for achieving this goal. There are numerous names and roles for a risk champion however, most commonly, they are employees in an organization who do not have risk management as a primary role, but rather, have the responsibility of supporting their own department or divisions with developing and reporting risks.
Known also as Risk Co-ordinators, Risk Officers, and Risk Management Business Partners (or, Risk Business Partners), they are essentially an extension to the core risk management function, and they can communicate risk information and influence risk culture and behaviours. In addition, they can report back to the risk management team on areas for improvement such as what frustrates staff in relation to the risk management approach and help overcome some of the challenges faced.
The role of the risk champion can vary but includes:
- Providing feedback on an employee’s view of risk management process
- Supporting identification and reporting of risk
- Ability to identify blockers.
- Communicating the risk management vision to staff
- Acting as a subject matter expert in certain disciplines (geologists, etc.)
- Acting as a “translator” between risk management and their technical department
- Building a risk-aware culture within the organization including appropriate education
- Providing guidance to the risk manager on the best way to implement risk management in specific areas of the business and at what pace.
One risk champion will hardly be enough in an organization looking to identify risk across all their departments, and so a risk champion network allows a better spread across the organization. It allows departments to take ownership of risk, something which is otherwise difficult because people just look at the risk management department or the risk manager and assume the responsibility for it sits with the risk management function/department, bringing a sense of risk “ownership” to the front line. The risk champion framework puts the responsibility for assessment and mitigation back on departments and risk owners and having a risk champion within each department or area enhances and strengthens ownership of the risk process.
Emerging technologies are transforming every aspect of business operations across all sectors of the economy. The COVID-19 pandemic and its attendant disruption to supply chain channels and interference with organizational processes presented an opportunity to reconsider the risks that enterprises face. Global surveys which have been conducted by risk experts reveal that businesses, especially those in financial services are leading the way in automating risk modeling and digitalizing risk management.
Enterprise risk management (ERM) is considered a firm-wide strategy to identify and prepare for hazards with a company’s finances, operations, and objectives. It allows managers to shape the firm’s overall risk position by mandating certain business segments engage with or disengage from particular activities. Enterprise risk management in business includes the methods and processes used by organizations to manage risks and seize opportunities related to the achievement of their objectives. To provide the necessary updates and guidance in line with the contemporary approaches to risk management in a dynamic and complex business environment, the Institute has organized a seminar to look into this key aspect of business and many other perspectives to dealing with risks which entities face.
The sessions will focus on practical application, case studies and interactive discussions as methods to be used during the delivery of the sessions which will cover the following topics.
- Criteria, mandate, and requirements for appointment of Risk Champions- Who appoints and how is it done?
- Conducting effective risk champions meetings
- Role of different Risk Committees- Risk Champions, Risk Management Committee, Board Risk Committee
- The role of different players in ERM development and implementation; Roles of different committees
- Highlights of the pertinent regulation and guidelines, PFM Act, Treasury Circulars, COSO ERM Framework, ISO 31000:2018 among others.
- Risk Automation-Developing ERM dashboards to enable decision making.
- Practical sessions- Template of a risk register and how to develop it-
- The risk management process
- Risk identification
- Risk assessment
- Risk quantification
- Risk monitoring
- Risk reporting & communication
- Risk maturity assessment models and alignment of risk to corporate strategies
Continuous Professional Development Units (CPD Units):
Members of ICPAK and reciprocating professional bodies will be 20 CPD Units upon successfully attending each session of the Seminar.
Target Audience:
Risk Champions, Private and Public Sector Accountants, Risk and Audit Staff, All staff in various departments within organizations, Chief Finance Officers, Finance Directors and Managers, IFRS Experts, Transaction Advisors, Pension Scheme Administrators, Fund Managers, Engagement Partners and Key Audit staff, Banking, Extractive and SMEs sector accountants, Auditors, Practitioners, Heads of Internal Audit, Professionals working in County Governments and private sectors, Academia, Financial Reporting Consultants
Financial Commitment:
| Category | Charges | |
| 1. | Associate Members | Ksh 40,000 per delegate |
| 2. | ICPAK/ACCA Members | Ksh 45,000 per delegate |
| 3. | Non-Member | Ksh 50,000 per delegate |
The cost caters for training fee, training materials, certificate and meals during the conference. Please note that delegates are required to make their own travel and accommodation arrangements.
Continuous Professional Development Units (CPDs).
Members of ICPAK and those from reciprocating professional bodies will earn 20 Structured CPD points upon successfully attending all learning sessions.
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).
PARTNERSHIP OPPORTUNITIES
The training presents a perfect opportunity for organizations to showcase their products & services to a target group with high purchasing powers, both on personal and corporate levels. You will also have a unique opportunity for brand positioning and communication that will enjoy optimal visibility. Armed with significant purchasing power and decision-making authority, the audience are a key target group for businesses. For more information or enquiries please email raphael.nguli@icpak.com
Further requests can be channeled to us via telephone calls on, +254 719 074 100, or via email to Monica Wanjiru at monica.wanjiru@icpak.com with a copy to memberservices@icpak.com
We encourage members to regularly visit our website https://www.icpak.com for updates.
