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 company’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 management is an important part of overall organisational risk management. It should also be a core element of the organisation’s financial strategies and should be explicitly dealt within the medium Term Expenditure Framework. Financial risk has had its profile raised recently due to events in the international banking sector and the general economic downturn.
These events have stressed the need to effectively mange the risks associated with an organisation’s debt and investments. But the global downturn has shown clearly that there are risks wider than those inherent in treasury management. 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.
The programme will deal with budgetary, trading, propriety, fiscal and treasury management risk setting out the techniques for identifying, assessing and mitigating these risks. 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.
The programme incorporates all the necessary approaches and activities required to identify and control exposure to any type of financial risk which could detrimentally impact on the achievement of your organisation’s key objectives.