Provide additional risk management training to the in-house risk management team and business units responsible for internal control, audit, finance, strategy and others. Risk managers may conduct it personally or outsource to third party providers. In-depth risk management training should include (this example is based on the actual risk management training provided by Institute for Strategic Risk Analysis and RISK-ACADEMY to some of the largest non-financial companies in Russia):

RISK MANAGEMENT FOUNDATIONS

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• Definition of risk
  
  
• History of risk management
  
  
• International and national risk management standards
  
  
• Introduction to finance, project management and process management
  
  
• Introduction to statistics
  
  
• Insurance basics
  
  

RISK MANAGEMENT IN DECISION MAKING

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• Identification of risks associated with decision making or goals/KPIs achievement
  
  
• Risk analysis in decision making (sensitivity analysis, scenario analysis, Monte-Carlo simulations, decision trees, scoring models)
  
  
• Risk mitigation and risk-based decision making
  
  
• Disclosure, reporting, monitoring and review
  
  

PSYCHOLOGY AND RISK MANAGEMENT CULTURE

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• Risk psychology and cognitive biases in decision making
  
  
• Risk management culture
  
  
• Principles of risk management ethics
  
  

INTEGRATING RISK MANAGEMENT INTO THE BUSINESS

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• Understanding the organisational appetite for risk
  
  
• A roadmap for risk management integration:
  
  
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  • Developing new and updating existing policies and procedures
    
    
  • Integration into decision making, planning, budgeting, purchasing, auditing etc.
    
    
  • Risk management roles and responsibilities, risk management KPIs
    
    
  • Integrating risk information into management reporting
    
    
  • Resources required for the implementation of risk management
    
    
  
  
  
• Auditing risk management effectiveness
  
  
• Risk management continuous improvement
  
  
• Risk management software