A risk and finance consultancy firm, Ferm Continental, has organized a two-day enterprise risk management training with the aim of assisting companies and businesses address their key risks in a consistent, integrated and quantitative manner.
Ferm Continental Lead Consultant Dr. Lyton Chithambo said in an interview that traditional risk management, while well-established, has its limitations and that its high time organizations began to address risk holistically.
“Traditional risk management approaches are typically done on a “silo” basis. Each risk type is usually handled in isolation like a financial risk in the investment department; technology risk in the IT department; talent management risks in the H.R. department. Only the financial risks have commonly received robust quantification.”
“As a result, what has generally been lacking is the ability for companies and businesses to address all their key risks on a consistent, integrated basis and in a quantitative manner,” said Chithambo.
“Without this, companies and businesses have struggled to prioritize and manage their individual key risks and also understand the integrated impact of multiple risks occurring simultaneously,” added Chithambo.
He said enterprise risk management (ERM) is a significant advancement in the field of risk management, and provides a process for companies and businesses to identify, measure, manage and disclose all key risks to increase value to stakeholders.
“This two-day course on Enterprise Risk Management is designed to meet the demands of both the risk and potential risk professional by bridging the gap between theory and practice in the subject.”
“It is designed for people who are currently championing risk or planning to champion risk management activities in their organizations. In particular the course will detail out practical steps to be taken when setting up or enhancing an ERM structures in an organization,” explained Chithambo.
The course will be held on November 5 and 6, 2015 at Ryalls Hotel in Blantyre and the main speakers include Dr. Madhu Acharyya, a PhD Enterprise Risk Management holder and Chartered Insurer at Glasgow Caledonian University, London.
Others will include Chithambo, a holder of PhD in Accounting & Finance from Bournemouth University in the United Kingdom and Ted Misomali, a risk management and internal audit specialist.