Enterprise Risk Management domain introduces participants to ERM concepts, principles, processes and applications as outlined below quote:

“Enterprise risk management is a process, effected by an entity’s board of directors, management and other personnel, applied in strategy setting and across the enterprise, designed to identify potential events that may affect the entity, and manage risk to be within its risk appetite, to provide reasonable assurance regarding the achievement of entity objectives.”

Source: Excerpted from Committee of Sponsoring Organizations of the Treadway Commission Report, September 2004.

This domain covers general Enterprise Risk Management principles and practices outlined in COSO, ISO 31,000, and FAA Safety Risk Management standards.  ERM is now being deployed in commercial and government operations, such as being integrated into FAA SMS.  ERM concepts are also being integrated into new ISO 9001 (2015), NIST, and ANSI standards, such as i.e. ISO 27K, ISO 28K, and NIST 800’s.

The domain helps participants to understand and develop enterprise risk management skills and to apply what they have learned to real-life ERM projects.  Participants will learn how to implement enterprise and programmatic risk management in their organizations.  Participants will learn why management is adopting and developing a portfolio view of multiple views of risk-controls within their organizations and into the supply stream.  

Learning Objectives:

• Learn what is ERM and risk management.
• Learn how to implement ERM successfully in different organizations including aerospace organizations and build a business case for deployment.
• Learn ISO 31,000, COSO ERM, FAA Risk Management frameworks and standards.
• Learn how to identify risk tolerance for operational decision-making.
• Learn and apply the operational risk management process.
• Learn and apply ERM and SMS identification, analysis, mitigation, tracking, and monitoring practices.
• Learn how to apply ERM and SMS controls to mitigate operational risks.
• Learn how ERM has been applied in organizations.
• Develop a ‘Next Steps Strategy’ to design & deploy an ERM system.

Domain Outline:

• Key enterprise risk terms and definitions.
• Introduction to ERM frameworks, risk rules, risk planning, etc.
• COSO ERM, ICAO/FAA SRM, ISO 31K, & other risk frameworks.
• FAA SRM Framework and Guide for Applying the Safety Risk Management including safety risk assessments, hazard tracking and risk mitigation, etc.
• Applying the enterprise frameworks.
• Enterprise Risk Management: Risk assessment/control techniques.
• Enterprise Risk Management: Risk control techniques, risk registries.