Risk Management Strategy – Navigating Risk in Volatile Times
28 - 29 August 2024
Risk Management Strategy – Navigating Risk in Volatile Times
Course Synopsis
Effective risk management is crucial for the sustainable growth and success of small and medium-sized enterprises (SMEs). While it is an inevitable practice for SMEs to navigate uncertainties and protect assets, concept of sustainability has transcended its environmental roots to encompass economic and social dimensions.
This two-day workshop on Risk Management for SMEs aims to equip participants with the knowledge and practical skills particularly in sustainability and climate risk, that implement a robust risk management program tailored to the unique needs of SMEs. Attendees will learn the fundamentals of risk identification, assessment, and mitigation while understanding the significance of embedding risk management into the organization's culture. Through interactive discussions, case studies, and hands-on exercises, participants will gain valuable insights into building a proactive risk management framework to protect their businesses from potential threats and capitalize on opportunities for growth. By the end of the course, participants will be equipped to proactively manage risks and make informed decisions that drive success for their SMEs.
Key Learning Objectives
- Establish a common understanding of risk management concepts and terminology as part of a common language aligned to industry practice.
- Understand the importance of risk management for SMEs and its impact on business resilience and growth.
- Identify and categorize common risks faced by SMEs, including financial, operational, strategic, and compliance risks.
- Learn effective risk assessment techniques to prioritize risks based on severity and likelihood.
- Develop risk mitigation strategies and action plans to address identified risks.
- Integrate risk management principles into the organization's culture and decision-making processes.
- Establish a robust risk monitoring and review system for continuous improvement.
- Implement governance and regulatory compliance measures to mitigate legal risks.
- Enhance financial risk management strategies to safeguard the SME's financial stability.
- Demonstrate an understanding of the inter-relationship of key risk and common controls.
Target Audience
Business owners, SME senior management, line managers and operators who are engaged in or are likely to be engaged in risk management activities in the course of their business.
Participants should preferably:
- Have at least 3 years of working experience or start-up experience
- In leadership roles in organisation
- Be familiar with governance and compliance
- Be familiar with business risks
Program Structure
Day 1:
Introduction to Risk Management for SMEs
- Importance of risk management for SMEs' success and sustainability
- Overview of key risk management principles, frameworks and best practices
- Identifying the unique risk challenges faced by SMEs
Risk Identification and Categorization
- Techniques for identifying and categorizing risks in SMEs
- Understanding financial, operational, strategic, and compliance risks
- Developing risk registers and risk profiles for SMEs
Risk Assessment and Prioritization
- Conducting risk assessments and measurements using qualitative and quantitative methods
- Prioritizing risks based on their potential impact and likelihood
- Identifying critical risks that require immediate attention
- Conducting periodic risk assessments and program reviews
Risk Mitigation and Action Planning
- Developing risk mitigation strategies and action plans
- Implementing risk response strategies to address identified risks
- Integrating risk management with the SME's strategic planning process
Day 2:
Embedding a Risk-Awareness Culture
- Fostering a risk-aware culture within the SME and its workforce
- Encouraging proactive risk reporting and communication
- Training employees on risk management practices and responsibilities
Governance and Regulatory Compliance
- Understanding the governance and regulatory landscape for SMEs
- Identifying relevant governance, regulations, and industry standards
- Developing compliance programs to mitigate governance and compliance risks
Introduction to Financial Risk Management for SMEs
- Identifying and managing financial risks (e.g., liquidity, credit, market risks)
- Assessing financial risk exposure and determining risk tolerance levels using business ratios
Risk Monitoring and Review
- Establishing key performance indicators (KPIs) for risk management effectiveness
- Monitoring risk indicators and early warning signals
Communicate and consult
- Escalating key risk based on trigger points
- Inter-relationship of key risks and common controls
Lecturers
Cher Shen, Chung
Director, Risk Advisory
Deloitte
Cher Shen, Chung
Director , Risk Advisory - Deloitte Risk and Controls Trainer
Cher Shen has more than 19 years of professional and training experience in the areas of risk and controls. He is a current Big4 Risk Advisory Director having worked his way up from an associate. He is a firm believer in using gamification in Adult learning to facilitate workplace learning and specialises in Enterprise and IT Risk and Controls trainings. He is also an associate trainer with a leading training provider in Singapore and has obtained positive feedbacks in his learning methods. He was also a lead author for the inaugural Board Risk Committee Guidebook launched by the Singapore Institute of Directors in assisting Board members to giving oversight for risk management in their companies.
EXPERIENCE:
ERM trainings and implementation for International Baccalaureate (IB) – Project Director and Trainer
Implemented a customised ERM framework and enterprise risk register that leveraged on existing risk management activities with trainings on the key components of risk and controls in the education industry.
ERM trainings for a Southeast Asia Bank with its headquarter in Singapore – Trainer Delivered advanced risk management trainings to several batches of Information System engineers in the bank, focusing on ERM and IT risks and controls to prepare them for their role and enabling them to handle any request from its internal auditors.
Associate Trainer with NTUC learninghub – Trainer
Strong track record of delivering risk management courses including certifications for information security auditing and enterprise risk management.
ERM and system controls training for the largest industrial landlord in Singapore – Trainer
Conducted customised programme trainings for its diversified industry that included Estate Facilities Management and industries transformation.
Qualifications
- Chartered Accountant (Singapore)
- Advanced Certificate in Learning and Performance (IAL)
- Certified Internal Auditor
- Certified Information Systems Auditor (ISACA)
- Certified Risks in Information Systems and Controsl (ISACA)
- Certified Digital Risk Manager (IRM)
- SAP Predictive Analytics Associate
Guan Seng Khoo, PhD
APAC Advisory Council Member, Singapore Economic Forum
Guan Seng Khoo, PhD
APAC Advisory Council Member, since 2020 Singapore Economic Forum
https://www.linkedin.com/in/guan-seng-khoo-phd-632204/
APAC Advisory Council Member, since 2020 Singapore Economic Forum – APAC Summit & EU-ASEAN Centre
https://singaporeforum.org/advisory-board
Advisory Board Member of Global SWF (& SWF Academy in partnership with LBS since Jan 2021)
https://globalswf.com/swf-academy
Academic Advisory Board, Fintech cos (*Kamakura Corporation, Tetmon, All Index2.0, *Value3, QBRICS, *PredictWallStreet, *NCS Digital, *Eyemine (Silicon Valley)), *Past
Dr Guan Seng Khoo has over 28 years’ of experience in the design and implementation of enterprise wide investment, banking and risk management models, systems and processes incl. ESG/Responsible Investing. He gained deep practical insights from a career spanning across financial institutions in the USA, Canada, UK and Singapore, including the UK-listed Man Group where he was the Principal Scientist, designing and running an algorithmic AI-based hedge fund, at American Bourses Corporation which provided robo-based analytical solutions and financial info-utilities to traders and investors in the USA and N Asia, at ATOS Origin, RHB Capital, Singapore Exchange, Standard Chartered Bank, Temasek Holdings, Alberta Investment Management Corporation (AIMCo), CAI, the global airport investment arm of Changi Airport Group (CAG) and AEPW (Alliance to End Plastic Waste). He holds a PhD in Computational Physics (Material Science) from the National University of Singapore, with post-doc R&D in AI-based data mining and applications in Japan and America. He was also a co-founder of the NTU Centre for Financial Engineering and the MSc in Financial Engineering programme in collaboration with Carnegie Mellon University, Pittsburgh in 1999.
ESG & Sustainable Finance Experience
When he was the Head of ERM/GRC at AIMCo, he was also the Head of Proxy Voting and a member of the investment committee involved in approving investments via Relationship Investing/Stakeholder Engagement, e.g., in ERM (Environmental Resources Management) and Glass-Lewis, and also, helping to establish the Responsible Investing (RI) Unit in 2011. For the last few years, he has also been leading some initiatives in sustainability-related project and impact financing and education incl. sustainability reporting at AEPW and at sustainable investing seminars for the institutional & investment management and banking industry, at SMU, private and wholesale banks in the ASEAN region and the SWF Academy at the London Business School (Dubai and London campuses) including on harnessing AI in investing.
Previously, when he was an academic at NTU from 1993 to 2000, together with his Science Faculty colleagues, he co-designed and launched the first Environmental Science module (as a free elective for all the NTU undergrads) in 1997, including teaching on the effects of climate change on human society and biodiversity. Prior to that, he had published a Nature Guide on the Flora and Fauna of Schools in Singapore in 1991 and also participated in a Malayan Nature Society Scientific Expedition to the Endau-Rompin Nature Reserve in Malaysia in 1989 to investigate and research on the changing state of biodiversity due to climate change and human interactions. As an academic, he had also published over 70 papers in renowned academic journals and conference proceedings on materials science, education, banking, investment and risk management topics.
Program Date & Venue
28-29 August 2024
Shaw Foundation Alumni House
Duration: 14 hours
Program Fee
S$1,900 (subject to 9% GST)
Note: Please hold payment/SkillsFuture Credit claims until further instructions.
SSG Funding
This program is eligible for SkillsFuture Singapore (SSG) funding claims subject to all eligibility criteria being met.
Participants must pass all assessment components to be eligible for SSG funding.
| PROGRAM: | Risk Management Strategy – Navigating Risk in Volatile Times | ||||||
|---|---|---|---|---|---|---|---|
| International Participants | Singapore Citizens1 | Singapore PRs | Enhanced Training Support for SMEs3 | ||||
| 39 years old or younger | 40 years old or older2 | ||||||
| Full Program Fee | $1,900.00 | $1,900.00 | $1,900.00 | $1,900.00 | $1,900.00 | ||
| Less: SSG Grant Amount | $0.00 | $1,330.00 | $1,330.00 | $1,330.00 | $1,330.00 | ||
| Nett Program Fee | $1,900.00 | $570.00 | $570.00 | $570.00 | $570.00 | ||
| 9% GST on Nett Program Fee | $171.00 | $51.30 | $51.30 | $51.30 | $51.30 | ||
| Total Nett Program Fee Payable, Including GST | $2,071.00 | $621.30 | $621.30 | $621.30 | $621.30 | ||
| Less Additional Funding if Eligible Under Various Schemes | $0.00 | $0.00 | $380.00 | $0.00 | $380.00 | ||
| Total Nett Program Fee Payable, Including GST, after additional funding from the various funding schemes | $2,071.00 | $621.30 | $241.30 | $621.30 | $241.30 | ||
1All self-sponsored Singaporeans aged 25 and above can use their SkillsFuture Credit to pay for the program. Click here to view the program (Course Reference Number: TGS-2023040121).
2Mid-Career Enhanced Subsidy (MCES) - Singapore Citizens aged 40 and above may enjoy subsidies of up to 90% of course fees. MCES subsidy applies if you turn 40 on the year that you take the course, even if the course is completed on or before your birthday. More info.
3Enhanced Training Support for SMEs (ETSS) - SME-sponsored employees (Singaporean Citizens and PRs) may enjoy subsidies up to 90% of the program fee. More info.
Registration
Frequently Asked Questions
Registration
How do I register for the course?
Click here to register.
Note: Please hold payment until further instructions.
- Click ‘Add to Cart’
- Click Checkout and follow the instructions to submit your particulars / register for an account with NUS Online Application Portal.
What should I do after I have registered?
Once the class is confirmed (i.e. reached its minimum class size and other factors) we will be in touch to confirm the class and payment details.
Funding/Payment
How much is the workshop fee?
Please see below for the general guideline.
| Total Nett Programme Fee Payable, Including GST, after additional funding from the various funding schemes | |
| International Participants | S$2,071.00 |
| Singapore Citizens - 39 years old or younger | S$621.30 |
| Singapore Citizens - 40 years old or older | S$241.30 |
| Singapore PRs | S$621.30 |
| Enhanced Training Support for SMEs | S$241.30 |
When do I need to make payment?
Please make payment only after receiving a confirmation email from RMI.
How do I make payment?
We will send you the payment details as soon as the class is confirmed.
Can I utilise my SkillsFuture Credit to offset the remaining fee for this course?
Yes, all self-sponsored Singaporeans aged 25 and above can use their SkillsFuture Credit to pay for the program.
Note: Please hold SkillsFuture Credit claims until further instructions.
How do I know if my company is qualified for the Enhanced Training Support for SMEs?
Click here for the complete details.
Document required:
- CPF Statement (Locals) and SDL Statement (Foreigners) showing the number of employees they are making contribution for; or
- Audited Financial Statement (showing their revenue); or
- Declared Income and Expenditure statement to IRAS for tax purpose.
Other Matters
Where is the venue of the workshop?
National University of Singapore, Shaw Foundation Alumni House (SFAH), 11 Kent Ridge Dr, Singapore 11924.
The nearest carpark to SFAH is Carpark 15, near Temasek and Eusoff Halls (map). Information on visitor's parking charges is available here.
Will I receive a certificate to acknowledge my attendance?
Yes, all participants will receive a certificate of participation upon completion.
Can I only attend one day of the workshop?
The individual will not be eligible for the course fee subsidy nor the certificate of participation if he/she drops out halfway through the workshop.
For other enquiries, please email sinta@nus.edu.sg
For enquiry, please contact rmitraining@nus.edu.sg