Provide additional risk management training to the in-house risk management team and business units responsible for internal control, audit, finance, strategy and others. Risk managers may conduct it personally or outsource to third party providers. In-depth risk management training should include (this example is based on the actual risk management training provided by Institute for Strategic Risk Analysis and RISK-ACADEMY to some of the largest non-financial companies in Russia):

RISK MANAGEMENT FOUNDATIONS

• Definition of risk
• History of risk management
• International and national risk management standards
• Introduction to finance, project management and process management
• Introduction to statistics
• Insurance basics

RISK MANAGEMENT IN DECISION MAKING

• Identification of risks associated with decision making or goals/KPIs achievement
• Risk analysis in decision making (sensitivity analysis, scenario analysis, Monte-Carlo simulations, decision trees, scoring models)
• Risk mitigation and risk-based decision making
• Disclosure, reporting, monitoring and review

PSYCHOLOGY AND RISK MANAGEMENT CULTURE

• Risk psychology and cognitive biases in decision making
• Risk management culture
• Principles of risk management ethics

INTEGRATING RISK MANAGEMENT INTO THE BUSINESS

• Understanding the organisational appetite for risk
• A roadmap for risk management integration:
  • Developing new and updating existing policies and procedures
  • Integration into decision making, planning, budgeting, purchasing, auditing etc.
  • Risk management roles and responsibilities, risk management KPIs
  • Integrating risk information into management reporting
  • Resources required for the implementation of risk management
• Auditing risk management effectiveness
• Risk management continuous improvement
• Risk management software