The management of risk is fundamental to the efficient and effective implementation of policy and programmes for government and its agencies, as well as for the ongoing success of an individual organisation’s strategy, business development and operations. In today’s global economy, it is a formal requirement underpinning international standards, corporate governance and quality assurance measures.
Financial risk has had its profile raised recently due to events in the international banking sector and the general economic downturn. Organisations have seen turnover fall in key areas, bad debt rise and, in government’s case, the cost of social support programmes soar. All of these are examples of risks materialising, often in ways that were not previously well understood.
This programme will deal with budgetary, trading, propriety, fiscal and treasury management risk, setting out the techniques for risk identification, assessment and mitigation. We will examine the roles of managers, financial managers and internal and external audit in managing risk and the governance arrangements that support and enforce the management of risk.