This short, self-paced course provides fundamental knowledge on modern Enterprise Risk Management (ERM) good practices. The strategic goal of ERM is to understand and manage enterprise risks (including compliance, IT, HR, finance, project, and reform-related risks) in a holistic, structured, and systematic fashion. ERM informs strategy and planning and thus improve the quality and viability of strategies and organizational performance. ERM seeks to ensure that significant organizational risks (which can also be thought of as barriers, threats, or obstacles) are recognized. It also ensures that where required, and to the extent possible, these risks are mitigated to acceptable levels and possibly turned into opportunities.
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This short, self-paced course provides fundamental knowledge on modern Enterprise Risk Management (ERM) good practices. The strategic goal of ERM is to understand and manage enterprise risks (including compliance, IT, HR, finance, project, and reform-related risks) in a holistic, structured, and systematic fashion. ERM informs strategy and planning and thus improve the quality and viability of strategies and organizational performance. ERM seeks to ensure that significant organizational risks (which can also be thought of as barriers, threats, or obstacles) are recognized. It also ensures that where required, and to the extent possible, these risks are mitigated to acceptable levels and possibly turned into opportunities.
This short, self-paced course provides fundamental knowledge on modern Enterprise Risk Management (ERM) good practices. The strategic goal of ERM is to understand and manage enterprise risks (including compliance, IT, HR, finance, project, and reform-related risks) in a holistic, structured, and systematic fashion. ERM informs strategy and planning and thus improve the quality and viability of strategies and organizational performance. ERM seeks to ensure that significant organizational risks (which can also be thought of as barriers, threats, or obstacles) are recognized. It also ensures that where required, and to the extent possible, these risks are mitigated to acceptable levels and possibly turned into opportunities.
The course includes many practical ERM tools, methodologies, and templates that help participants implement what they learned.This course is a joint initiative of four international organizations: Inter-American Center of Tax Administrations (CIAT), Intra-European Organisation of Tax Administrations (IOTA), International Monetary Fund (IMF), and Organisation for Economic Co-operation and Development (OECD).
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Learning objectives
- Upon completion of this course, participants should be able to:
- Define the concept of enterprise risk management and its benefits for tax administrations.
- Appreciate the strategic role of erm.
- Outline the enterprise risk management framework.
- Describe the enterprise risk management process.
- Determine the necessary organizational and governance arrangements needed for erm.
- Explain the role of senior leaders of a tax administration in enterprise risk management.
- Identify specific issues developing countries need to address to begin their erm journey.
- Identify critical success factors of erm.
- Upon completion of this course, participants should be able to:
- Define the concept of enterprise risk management and its benefits for tax administrations.
- Appreciate the strategic role of erm.
- Outline the enterprise risk management framework.
- Describe the enterprise risk management process.
- Determine the necessary organizational and governance arrangements needed for erm.
- Explain the role of senior leaders of a tax administration in enterprise risk management.
- Identify specific issues developing countries need to address to begin their erm journey.
- Identify critical success factors of erm.
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Activities
Review ERM Concepts
Show steps
Strengthen foundational understanding of ERM concepts before starting the course.
Browse courses on
Enterprise Risk Management
Show steps
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Visit the COSO website and study their Enterprise Risk Management (ERM) framework.
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Review the International Standard on ERM issued by the International Organization for Standardization (ISO 31000).
Review accounting and finance basics
Show steps
Review accounting and finance fundamentals to establish a foundation for understanding ERM.
Browse courses on
Financial Management
Show steps
-
Revise basic accounting principles, including debit and credit
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Refresh concepts of financial management, such as budgeting and forecasting
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Review the role of finance in risk management
Form a study group with peers
Show steps
Engage in group discussions and knowledge sharing to reinforce ERM concepts.
Show steps
-
Identify and connect with peers interested in ERM
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Establish regular study sessions
-
Discuss course materials, case studies, and practical applications
Five other activities
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Complete practice exercises
Show steps
Increase your comfort level with the concepts covered in this course by completing practice exercises.
Show steps
-
Review the provided practice exercises
-
Attempt to answer the practice questions on your own
-
Check your answers against the provided solutions
-
Review the solutions for any questions you answered incorrectly
-
Repeat until you are confident in your understanding of the concepts
Practice identifying and evaluating risks
Show steps
Develop proficiency in identifying and evaluating risks through repetitive exercises.
Browse courses on
Risk Identification
Show steps
-
Obtain practice exercises or scenarios
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Identify and analyze risks in each scenario
-
Evaluate the likelihood and impact of identified risks
Identify and Analyze Organizational Risks
Show steps
Practice identifying and analyzing various types of organizational risks.
Browse courses on
Enterprise Risk Management
Show steps
-
Brainstorm a list of potential risks that your organization faces.
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Use a risk matrix to prioritize these risks based on their likelihood and impact.
Develop an ERM risk assessment framework
Show steps
Create a practical framework for identifying, assessing, and mitigating risks in an ERM context.
Show steps
-
Establish risk assessment objectives
-
Identify potential risks and their impact
-
Develop criteria for risk evaluation
-
Design a risk assessment template or tool
Mentor aspiring ERM practitioners
Show steps
Share your ERM knowledge and expertise while supporting the development of future practitioners.
Browse courses on
Career Development
Show steps
-
Identify opportunities to mentor individuals seeking ERM guidance
-
Provide guidance on ERM concepts, tools, and best practices
-
Support mentees in developing their risk management skills and knowledge
Review ERM Concepts
Show steps
Strengthen foundational understanding of ERM concepts before starting the course.
Browse courses on
Enterprise Risk Management
Show steps
- Visit the COSO website and study their Enterprise Risk Management (ERM) framework.
- Review the International Standard on ERM issued by the International Organization for Standardization (ISO 31000).
Review accounting and finance basics
Show steps
Review accounting and finance fundamentals to establish a foundation for understanding ERM.
Browse courses on
Financial Management
Show steps
- Revise basic accounting principles, including debit and credit
- Refresh concepts of financial management, such as budgeting and forecasting
- Review the role of finance in risk management
Form a study group with peers
Show steps
Engage in group discussions and knowledge sharing to reinforce ERM concepts.
Show steps
- Identify and connect with peers interested in ERM
- Establish regular study sessions
- Discuss course materials, case studies, and practical applications
Complete practice exercises
Show steps
Increase your comfort level with the concepts covered in this course by completing practice exercises.
Show steps
- Review the provided practice exercises
- Attempt to answer the practice questions on your own
- Check your answers against the provided solutions
- Review the solutions for any questions you answered incorrectly
- Repeat until you are confident in your understanding of the concepts
Practice identifying and evaluating risks
Show steps
Develop proficiency in identifying and evaluating risks through repetitive exercises.
Browse courses on
Risk Identification
Show steps
- Obtain practice exercises or scenarios
- Identify and analyze risks in each scenario
- Evaluate the likelihood and impact of identified risks
Identify and Analyze Organizational Risks
Show steps
Practice identifying and analyzing various types of organizational risks.
Browse courses on
Enterprise Risk Management
Show steps
- Brainstorm a list of potential risks that your organization faces.
- Use a risk matrix to prioritize these risks based on their likelihood and impact.
Develop an ERM risk assessment framework
Show steps
Create a practical framework for identifying, assessing, and mitigating risks in an ERM context.
Show steps
- Establish risk assessment objectives
- Identify potential risks and their impact
- Develop criteria for risk evaluation
- Design a risk assessment template or tool
Mentor aspiring ERM practitioners
Show steps
Share your ERM knowledge and expertise while supporting the development of future practitioners.
Browse courses on
Career Development
Show steps
- Identify opportunities to mentor individuals seeking ERM guidance
- Provide guidance on ERM concepts, tools, and best practices
- Support mentees in developing their risk management skills and knowledge
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