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Introduction to Risk Management: ISO 31000:2009

    Why study Introduction to Risk Management: ISO 31000:2009?

    Globally, the most commonly adopted definition of risk is that it is the “effect of uncertainty on objectives” (ISO Guide 73). We therefore manage risk to better achieve our objectives. Sufficient understanding of uncertainty is clearly required in order to make consistently good decisions about how to cope with the volatile, uncertain, challenging and ambiguous conditions of business performance. Specifically, decision makers must understand the nature and source of the uncertainty, the related potential deviations which could occur, the likelihood of such deviations and the impact of those deviations on expected outcomes.

    Risk is the tangible representation of the outcome(s) of unexpected or undesired events. It exists against a background of uncertainty; being a state of deficiency of information, understanding or knowledge. This state of deficiency, even partial, pertains to a circumstance, situation or event, its consequence or its likelihood. Risk can therefore be understood as being the effect of a deviation from what we expect or desire to happen, based on factors over which we have insufficient or inadequate control; due to a state of deficiency. In reality this is understood more simply as “what, where, why, how can something go wrong and how much will it cost”. Risk is part of strategy, enterprise objectives and the critical mass around the achieving of the organisational objectives.

    The purpose of the programme is to introduce the concept of risk and risk management to students or people in the workplace in order to highlight the importance and relevance of risk effecting the objectives within their work environments. The practical implementation of the international standards pertaining to risk management to drive better business, corporate governance and decision making is a key focus of this short learning programme.

    Duration

    2 days

    Certification

    MSA Attendance based short learning programme

    Who should attend?

    Anybody who is dealing with risk and is involved in standards at work to comply.

    Entry requirements
    • A National Senior Certificate

    Specific learning outcomes of this short learning programme are to:

    • Direct employees’ focus to the objectives of the company
    • Enhance strategic direction within organisations, objective driven
    • Improve Corporate Governance
    • Understand the strategic and tactical processes regarding the implementation and management of Risk Management
    • Increase consistency and communication of risks within the organisation
    • Increase accountability and structures for the management of risks
    • Enhance reporting and analysis of corporate risks
    • Improve focus, attention and perspective to risk data
    • Improve efficient and effective activities related to regulatory, compliance and audit matters
    • Ensure a more cost-effective management and monitoring of risks

    Contact us

    011 950 4009 inquiries@monash.ac.za
    From outside South Africa
    +27 11 950 4009

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