Risk Based Decision Making

Introduction  |  Fees & Locations

Learn to cultivate risk-based decision-making skills to help protect yourself and your organization against uncertain situations today and in the future.

As managers we make many decisions despite our uncertainties; however we also face the consequences of making the wrong decision. This fear can, over time, prevent us from making critical decisions entirely.

The Risk-Based Decision Making course offered by the Schulich Executive Education Centre will introduce participants to a set of cutting-edge tools that provide help and guidance for making efficient and effective decisions about such things as implementing strategies, managing performance or expectations, supply chain partners, new projects, compliance, reporting, negotiations, managing change, and human resources, or dealing with innovative ideas.

The course will help every manager cope with the elements of varying degrees of uncertainty, complexity, rationale and degree of control. Understanding these principles is what distinguishes a risk-based decision from strategic or rules-based decisions.

PROGRAM TAKE-AWAY - A HANDS-ON DECISION APPROACH

Participants will learn to align the inputs and necessary outcomes of a decision by utilizing simple Decision Tools and Approaches that allow them to look at their options through a shared set of assumptions.  The method learned will enable one to understand, adapt and manage the process in order to reach the ‘right decision’.

Through case studies, participants simulate real environments to make critical strategic and operational decisions.

PROGRAM CONTENT

The program is structured around 6 distinct elements that interact in the risk-based decision making process. Each component is interactive and includes hands-on exercises designed to give participants the decision making toolkit needed to successfully navigate through uncertain situations.

1.		Understanding the distinction between strategic decisions, rule-based decisions and risk-based decisions Differentiate between the ‘science and art of managing decisions’ and rules-based decision making Assess the impact of the anticipated decision versus outcomes of the process
2.		How organizational culture and its leadership affect the quality of risk-based decision making Evaluate your ‘risk culture’ and understand its effect on decision-making Compare various decision processes in managerial situations and leadership roles – how to decide which is the right one for your situation
3.		Understanding the impact of risk styles on decision-making Examine the impact of business complexity and uncertainty on decision making styles Manage uncertainty and conflicting interdependencies to achieve decision outcomes
4.		Decisions in a risk averse versus entrepreneurial organization Assess how entrepreneurial your approach can be given the current environment of your organization Achieve a balance of conservatism, innovation and/or entrepreneurialism in decision making
5.		Prioritizing the factors that determine the risk in your decisions Understand how your changing organizational priorities impact the decision making process Determine the consequences of decisions made and their effect on strategic initiatives
6.		Using a decision matrix for quality decisions and outcomes Gauge the urgency of decisions to be made Ensure that decisions are continually verified for validity against objectives, strategies and assumptions and accountability

YOUR COURSE FACILITATOR

Dragica Grbavac, B.Comm, FICB, ACIC, ORMP

Dragica Grbavac is a results-oriented thought leader and business advisor. She guides organizations through key decisions that involve Strategic Planning, Organizational Change and achieving Operational Effectiveness. She works with executives and managers to help them understand and define how best to achieve the highest level of strategic effectiveness and integration of people, processes, and systems.

Dragica is an active speaker, author, and internationally recognized authority for optimizing the effectiveness and productivity of Business Operations and Decisions while managing Strategic and Operational Risks.

Dragica is a principal of riskWaves corp. and the Program Director for the Centre of Excellence in Enterprise Risk Management at the Schulich School of Business. She is a speaker for the Conference Board of Canada, a Fellow of the Institute of Canadian Bankers, an Associate of the Credit Institute of Canada and a Director of the International Centre for Operational Risk Management (ICORM).

Session Dates