How will you benefit?

Improve stakeholder confidence and trust through the use of risk techniques
Identify and minimize potential losses identified by threats / risk analysis using the application of man-agement system controls
Identify risk methods to find opportunities and there-fore improve management systems and organization-al resilience

Learning Outcomes

Describe the concepts, approaches, methods and tech-niques allowing an effective risk management according to ISO 31000
Discover the relationship between the risk management and the compliance with the requirements of different stakeholders of an organization
Acquire the competence to implement, maintain and manage an ongoing risk manage-ment program according to ISO 31000
Acquire the competence to effectively advise organizations on the best practices in risk management

Quintessence Enterprises Ltd, as an Accredited Vocational Training Centre, awards 14 Continuous Professional Development credits (CPD).

Risk is the effect of uncertainty on the achievement of objectives, and Risk Management is for those who want to understand the uncertainty involved in achieving their objectives and who want to manage their risks so as to ensure a successful outcome.

If Risk is defined as the "probability or threat of a damage, injury, liability, loss, or other negative occurrence that may be neutralized through pre-mediated action", then Risk Management according to ISO 31000 is exactly that pre-mediated action that reduces risk to an acceptable minimum. It regulates the requirements of the risk management process and introduces the methodology of risk analysis.

Risk Management covers risks, both operational and strategic in nature, with a special focus on their interaction and development over time. It is a tool for companies and any business sector that would like to use their management system to identify and analyze risks at an early stage, in order to make them controllable. The implementation of Risk Management increases both the awareness of risk and of opportunity, and their pro-active approach helps to ensure positive business development in the future. Thus the management of risk is woven into the organizational fabric and culture across the organization.

Petros Florides is an honours graduate in Accountancy, a Chartered Management Accountant, a diploma-holding member of the Institute of Directors and a Certificant of the Institute of Risk Management. He sits on the Ethics & Risk and Human Resource & Training Committees of the Cyprus Investment Funds Association. He is a co-founder of the CISI’s Cyprus National Advisory Council (NAC).