This course provides participants with the fundamentals of how to best manage risks in small and medium sized organizations. Risk Management methodologies and best practices will be introduced along with practical and real-life examples. Opportunities will be provided for the participants to apply the learnings at different junctures to their individual organizations.

Practical, strategically integrated risk management will greatly assist small and medium sized organizations to meet their objectives in times of increasingly complexity as well as meet their compliance and governance requirements.

According to a 2018 survey, The State of ERM in Canada - A Benchmarking Study, by the Conference Board of Canada, CPA Canada, and the Global Risk Institute in Financial Services, almost 50 per cent of small- to medium-sized organizations do not have any kind of an Enterprise Risk Management (ERM) program in place.

These organizations operate in constantly changing environments with increasing constraints. As such, they need to be making informed and timely decisions regarding strategies and operations as to reduce the occurrence of unexpected and significant operational losses and reputational impacts, and to achieve objectives.

This course takes participants through a well-established and practical risk management methodology and shows how this methodology can be used and integrated in small and medium sized businesses.

Topics Include:

• Risk management definitions, benefits, and related standards
• Risk management methodology. Using ISO 31000 as a reference this includes:
• Understanding Risk Context, includes Risk Appetite
• Identification of Risk
• Prioritization/Assessment of Risk
• Treatment of Risk
• Monitoring and Reporting on Risk
• Viewing Strategic Decisions from a Risk Management lens
• Tools and templates for managing risks

NOTE: No updates or changes were made to the 2024 version of this course. If you completed the course in 2023, please be advised the 2024 course material has not changed. If you have any questions, please contact pdevents@cpaontario.ca.

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By the end of this course, participants will be able to:

• Become conversant with an Enterprise Risk Management framework to successfully manage risk.
• Understand how to make effective Strategic decisions from a Risk Management viewpoint.
• Learn how to use a base set of tools and templates to identify, prioritize, treat and monitor risks.
• Develop successful communication and reporting strategies to discuss risk management with senior leaders, Board members and other relevant stakeholders.