Objective Centric Risk and Certainty Management (OCRCM) is a revolutionary new approach to risk governance that produces dramatically better results than traditional risk centric/risk register based ERM and point-in-time internal audits of internal controls.
Executives and boards are asking for better information on risk status and certainty of achieving strategy and top value creation and preservation objectives.
Moving risk management and internal audit efforts to an OCRCM methodology allows organizations to:
- Focus on top value creation and preservation objectives.
- C-Suite and Board decide on how much effort should be invested in assessing risk/certainty status and how much independent assurance they want on the data.
- Improves key decisions - acceptability of current residual risk and certainty status and whether current risk treatments are "optimized" i.e., lowest cost possible combination.
- Focus on better decisions to drive long term success.
- Align risk management and internal audit efforts on the key objectives based on the board and management expectations.
In this course you will learn about the common objections people express about switching to an OCRCM approach and how to overcome them including:
- Three legs for ERM/IA success
- What is “Demand driven” ERM/IA?
- Objections to Demand Driven ERM/IA
- What is “Strong 1st Line” ERM/IA?
- Objections to Strong 1st Line ERM/IA
- What is “Objective Centric” ERM/IA?
- Objections to Objective Centric ERM/IA
- Objections from Regulators
- Objections from External Auditors
- Objections from the IIA/Risk Institutes
- Responding to the biggest unspoken objection: We don’t want to change
Delivery Method: Self Study
CPE Hours: 1.5
Format: Videos and Slides
Tim is founder and Managing Director at Risk Oversight Solutions. His focus for the past 30 years has been promoting the business case for, and helping organizations implement, strong management driven objective centric risk and certainty management. He has received awards for outstanding contributions from CPA Ontario, IIA, ACFE and OCEG. His work in the field of strategy and risk governance has been recognized by articles published by Harvard and Columbia Universities, London School of Economics, the IIA, Conference Board, and many others.
He has taught tens of thousands of board directors, senior executives, risk specialists and internal auditors around the globe. In December 2019 Richard Chambers named Tim to his list of the top 10 internal audit and risk thought leaders of the decade globally.
He has provided training and advice to major corporations around the world including Mobil, Shell, Telstra, NAB, KPMG, RBC, CIBC, MBNA, Manulife, Canadian federal government, BellSouth, Sonera, Rabobank, Telecom Italia, ABN Amro, Novartis, TMX, City of Burlington, public sector organizations at all levels, SVG Capital, and hundreds of others.