The Institute of Enterprise Risk Practitioners (IERP®) is the world’s first and leading certification institute for Enterprise Risk Management (ERM).

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Post-Conference Masterclass – Managing Black Swans and Emerging Risks

  /    /  Post-Conference Masterclass – Managing Black Swans and Emerging Risks

Managing Black Swans and Emerging Risks

Course Synopsis

It is the natural behaviour of human beings to only see the things that are directly in front of us. Whilst traditional risks are easily predictable and straightforward, emerging risks are influenced by several characteristics that distinguish them from traditional risks. They are highly ambiguous, uncertain in nature and dynamic. The challenge with emerging risks is that they may take place, quickly, at unexpected times, or not at all – which make them difficult to identify and prepare for. This module provides practical guidance to participants on how to drive the proactive evolution of risk management methodologies from compliance-based, reactive, and linear to proactive, risk-based, iterative and future proof. The module also covers Black swans – often described as highly unpredictable events that occur beyond what is expected for the situation, with potentially severe consequences. A number of events over the last century described as black swan include World Wars 1 and 2, the September 11 incident and the 2008 financial crisis – but is this definition and analysis correct? The most recent debate is whether the COVID-19 pandemic is a black swan event. On the one hand, the threat of a pandemic has been known to risk experts. On the other, the unpreparedness of organisations and countries has shown that it was considered an outlier event and did not need proper preparation for. Content includes what black swan events really are, why and how it affects your organisation, and several methods of reducing the effects of black swan events.

Course Objectives

  • Demonstrate effective emerging risk identification techniques;
  • Illustrate the true nature of Black Swan events;
  • Elucidate the key characteristics of Emerging Risk and Black Swans;
  • Design practical emerging risk maps;
  • Establish effective processes for tackling emerging risk;
  • Analyse, assess, improve and monitor organisational processes for dealing with Black Swans;
  • Design, define, and identify effective processes to deal with Black Swans;
  • Recognise and identify the various indicators (red flags) as warning signals of potential emerging risk and Black Swans; and
  • Understand and apply the concept of emergence, synthetic thinking and syncretic thinking to Black Swans.

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    Target Audience

    • Chairman, President
    • Board Directors and Board Committees
    • Executive Directors, Managing Directors
    • CEO, CFO, CRO, CSO, CIO, COO, CISO, CTO
    • Company Secretaries
    • Senior VPs, Executives VPs, VP
    • Legal Counsels, Advisors
    • Regulators
    • General Managers, Senior Managers, Managers, Senior Executives of:Enterprise Risk Management, Risk Management, Strategic / Corporate Planning, ESG, Sustainability, Climate Change, Compliance, Internal Audit, Internal Control, Corporate Strategy, Governance, Business Continuity, Information Technology, CyberSecurity, Human Resource, Innovation, Finance, Business Analyst, Etc.

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