Articulating Program Objective – Defining the purpose of the training helps with planning. The best practice is to conduct a strategic gap analysis and seek out fresh perspectives consulting external experts can help design programs appropriate for the organizations. This would help foster risk-taking culture and decide further action to improve enterprise risk management. The ultimate goal should be to bridge the gap between the current and desired knowledge.
Aligning Expectation – Start with bringing clarity about expected outcomes and results and the stakeholders involved. It is not enough that only participants understand this but equally important for a trainer. A pre-training conversation or dialogue with the trainer is paramount to achieving desired outcomes and results.
Discovering the Partner – The Parter you choose for the programme influences the nature of the training program. Identification and selection of the right Institute are crucial to program effectiveness. Several organisations around the globe and in India have partnered with the Institute of Risk Management, world’s leading professional body for ERM exams and training across 140+ countries. Considering the ever-changing risk landscape it is important to associate with professionally accredited institutions for continuous training, mentorship, guidance and thought leadership beyond what is provided by consulting firms. IRM’s certifications are the gold standard in ERM. Companies that IRM has trained globally and in India include Vodafone, World Bank, NATO, Kuwait Petroleum, EY, Deloitte, PwC, Tata Steel, HDFC Mutual Fund, Bosch, Aramco, Barclays, FCA, NHS, Global Affairs Canada, Cipla, TEVA, Ampleon, Encube Ethicals, SBI General Insurance, McKinsey and many others.
Targeting Right Audience – The screening of stakeholders can turn out to be a puzzle. Identification of participants requires careful consideration. It is unwise to entrust individuals with enterprise risk management responsibility without providing the training and support they need to succeed. Engaging the right stakeholders enhances understanding of program objectives which could include internal as well as external stakeholders.
Using Multiple Channels – In the context of a hybrid work environment and keeping with the spirit of including all stakeholders, organize programs using a variety of channels including classroom training, online training, e-learning modules, etc. Make it two-dimensional designing as an interactive module to deepen penetration.
Assigning Priority – Incorporate the program as part of the organization’s overall training practices. Set up a schedule for the nature of the programs required along with a timeframe. Allocate adequate time for stakeholders across the length and breadth of the organization to participate in the program. Apprise board members and regularly update them about the organization’s enterprise risk management training program.
Continued Learning – Standalone program (one-off events) fails to meet the organizational objective and stakeholders’ expectations. The program design should be systematically intended for continuous learning. Make sure the learning process is sustained.
Adapting to Change – Training should be a core component of enterprise risk management strategy. Change in types and levels of risks is synonymous with the rapid transformation taking place in the business environment. As the risk protocols and mitigation strategies change, the stakeholders need to be updated. Seeking professional expertise to adjust your risk training program is a must.
Monitoring Advancement – Tracking enterprise risk management training initiatives is crucial to long-term effectiveness and success. Check for knowledge gaps with noticeable improvements in the quality of decision-making of the participants. It will help figure out which education and awareness efforts are meeting the needs and refresh required in future training programs.
Thinking Differently – Avoid staying with preconceived notions (training failures, budgetary constraints, etc.). Rethink the existing approach. Do not dither to invest in building the requisite capability. A well-designed program aligned to needs and goals supported by a robust enterprise risk management plan paves the way for creating risk awareness and an effective enabler to create enterprise value while supporting strategic goals.
A enterprise risk management training program is an essential part of enterprise risk management activity. The huge interconnectedness and interdependence in this fast-paced world are making stakeholders’ roles increasingly important. It not only brings risks in the shape of threats but also opportunities where not just the risk team but every business champion and department must be involved in the training.
Having a comprehensive set of policies, procedures, frameworks, etc. is rendered ineffective unless it is understood and embraced by stakeholders as to how it works.
Blog Author: Arup Chakroborty, Seasoned Risk and Audit Professional