The paper will enable detailed learning of all business processes individually and establish linkages across processes. To make the learning experience relevant we will provide this overview, cutting across industry segments like retail, manufacturing, services, hospitality, banks and telecom, among others.
It will also cover nuances in each business process for various industry verticals such as Retail, Service, Hospitality, Financial Services, Telecom, and Manufacturing. Effective depiction of any organization’s current business processes makes for easy and accurate understanding, and is often the first step to getting to recognize gaps, risk and potential improvement opportunities.
The paper will bring out the best practices in internal audit execution methodology, including developing an internal audit plan, scoping, interactions with auditee stakeholders, elements of process understanding, interviewing techniques, 5W analysis, sampling techniques, effective use of analytics in audit, work-paper documentation, importance of management and executive leadership reporting, including format and guidelines, attending management committee and audit committee meetings.
The paper will focus on bringing out risks in typical business processes – source to pay, order to cash, inventory, fixed assets, human resource & payroll and best practice controls to mitigate the business risks effectively.
The curriculum also includes appreciation of the elements called out in this paper in different industry segment context, similar to the explanations for Business Value Chain and operating models.
The paper will include various concepts of risks, such as inherent risk, residual risk, impact/ likelihood and velocity of risks, and effective use of controls as risk mitigants. It would also touch upon concepts of risk tolerance and the development of risk scales for an organization, and monitoring and reporting practices of risks in an organization.
The curriculum covers evolution of strategy, contemporary competing views of strategy, strategic management failure, strategic planning, learning domains and models used for strategic thinking, relationship between organizational environment and strategy and critical attributes to emerge as a strategic leader.
The learning experience will take students through the entire journey of preparing Risk Heat Maps capturing Inherent and Residual Risks, including drivers for movement of Inherent Risk to Residual Risk and implications of residual risk being higher than the risk tolerance level of the organization for a particular type of risk. GRMI prides itself that this would be the kind of domain expertise gained from experiential learning that sometimes even senior leaders in consulting and corporates in India and globally currently struggle in.
The key focus of this paper is to ensure that PGDRM graduates should never have to struggle trying to operate around the information system of an organization instead of operating through the information system.
It would also cover the risk of potential disruption or misdirection of services that the organization provides due to a failure to protect its Information systems.
Along with ERM,we consider this paper to be one of our significant differentiators in terms of what it does to enhance analytical thinking in risk and business context. It is the ability to link the impact of error across various links of a business value chain, and the ability to convert mass of mega data into intelligent and relevant information for effective risk decision making.
Given that Risk Management in the financial services world is quite evolved, we will have optional specialization papers, should students choose to pursue any specific area such as Market or Credit Risk in greater depth.
The paper will focus on regulatory requirements for managing such risks, and development and execution of control frameworks to assess, mitigate and monitor such risks. It will also bring out the concept of four lines of defense in an enterprise, role of the Board of Directors and CXOs in Risk Management, and the liabilities of Directors.
The paper will include the best in class digitized tools and techniques currently being used by organizations to give a practical perspective.
We are partnering with industry majors to ensure that all our students get to do internships with large corporates wherein they actually get to implement their classroom learnings by participating in live projects.
We see this as a mutually-beneficial arrangement between the students and the industry partners.
TOTAL CREDIT HOURS-120