Strategic Governance, Risk & Compliance

Euromoney Learning Solutions

How long?

  • 5 days
  • in person

Euromoney Learning Solutions

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Who should attend

Senior managers, executives and board members

About the course

Learn how to maximise the financial benefits from best practice corporate governance

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.

*Format: *

This course is specifically designed for virtual delivery with materials and sessions tested for applicability in a virtual environment. Participants will be guided through each phase and module. with numerous breaks and participation exercises (and assessments) aimed virtual knowledge transfer.

Course prerequisites:

Attendees should have some familiarity with basic corporate governance; however, concepts will be addressed at both the rudimentary and advanced levels.

Course highlights:

  • 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

Agenda

Day 1

Introduction & Overview

What Governance, Risk and Compliance (GRC) is about

  • Definitions
  • Case Studies of breakdowns in governance, risk and compliance

Why we need governance

  • Self-interested executives and agency problems
    • Evidence of self-interested behavior in actual companies in the US, UK

Corporate Governance Standards

  • US/Sarbanes-Oxley
  • UK Corporate Governance Code
  • OECD
  • Global Comparisons

The Role of Strategic 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)

Governance Challenges and Scenarios

  • Lack of Consensus—about mission, about vision, about role of the board of directors (BoDs)
  • Lack of understanding—about duties of board members, financial statements, risk management
  • High turnover of the BoDs and CEO
  • Unresolved conflicts between board members or between the BoD and CEO
  • Practice of the board not fitting by-laws or best-practice
  • Confusion over conflicts of interest
  • Decision paralysis
  • Information improperly or inaccurately presented to directors
  • Rubber-stamping by the BoDs
  • Micro-management by BoD
  • Interference by minority investors
  • BoD that runs well but focuses on wrong issues
  • Poorly Chaired meetings
  • Poor relationships with stakeholders
  • Superfluous number of committees

Day 2

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
    • Analysing and quantifying risks
    • Integration of risks
    • (Re-) Assessment of risks
    • Treatment/Monitoring

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

Day 3

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

Day 4

Evaluating Risk Governance in Your Company (Contd.)

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?

Compliance:

  • Example Compliance measures that affect most companies
    • IFRS9
    • ISO measures
  • Example Compliance that affects mostly financial institutions
    • Basel II & III compliance
    • MiFID II
  • Overnight Case Study Assignments

Day 5

Discussion of Case Studies

Summary of Concepts

Concluding Remarks

Experts

Maurice Ewing

Maurice is a global management consultant, former banking executive and experienced, public company board member that has worked in over 60 countries. He has been an advisor and consultant to boards and executive teams with numerous, major banks, investment banks, central banks and investment fun...

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Strategic Governance, Risk & Compliance at Euromoney Learning Solutions

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