Risk analysis training
Make sure you are at the top of your game
Buying a copy of Microsoft Word won’t make you a fine poet, PowerPoint won’t make you a good lecturer, Excel won’t make you an expert accountant … and buying risk analysis software doesn’t turn a person into a risk analyst either (but it’s an essential start).
Our software products come with comprehensive help files, online video tutorials and example models to help a person become familiar with the tools and with risk analysis concepts. The material is sufficient for anyone to learn how to use the software if they are able to put in the time and effort. However, many people prefer to learn from a trainer because it is much quicker, and the trainer can respond to questions as they arise.
Most companies that use risk analysis software make the mistake of at most arranging training on how to use the software, perhaps under the naïve assumption that this is the same as learning how to do risk analysis. Our software is quite intuitive to use, and we actually get relatively few requests for training on where to click. We do get a lot of questions about risk analysis itself – “Which distribution should I use?”, for example. More importantly, when we audit risk analysis models we see a lot of ‘rookie’ mistakes with significant effect on the results – which make it clear that the level of knowledge of risk analysis modelling is poor, even amongst people who would be the designated risk analysts in the company.
Types of training
Senior management training
Aimed at managers who are new to risk analysis and want to explore how it can be useful to them. Topics include: what risk analysis is; how to define a risk appetite; how to organize the risk governance structure; how to use the results in decision-making; what to take into account before asking for a risk analysis; how to describe a risk management strategy; and how to assess the robustness of the results. Delivery modes: individual online training; face-to-face group training.
Software familiarization training
Aimed at people who are going to use Vose software products. Courses are usually designed around one or two example problems, gradually introducing software features along the way. This approach helps people understand better what the features are for, as well as providing opportunities to use the software themselves. Delivery modes: group online training; individual online training; face-to-face group training.
Risk analysis modelling training
Aimed at people who want to improve their risk analysis skills. The course can be focused on a specific industry (e.g. pharma, engineering, finance) and types of problems (e.g. discounted cashflow, sales forecasting, reliability modelling). Delivery modes: individual online training; face-to-face group training.
One-to-one training, usually beginning with a short course followed by ad hoc sessions as needed. Delivery mode: individual online training.
Delivery of training
Udemy course on business risk analysis
The least cost training option is to follow David Vose’s subscription course, where you also have the opportunity to earn a Credly badge from VOSE. You will learn the essential techniques for building a high quality business risk analysis with lectures, examples, exercises and optional tests.
Individual online training
Preferred delivery is Skype as one can easily switch who is showing their screen, and easily send example files or problem model. Courses are typically 1 - 3 days in duration. Still quite cost-effective as travel is eliminated, and one can split the course up to suit the client’s calendar and time zone. A good dynamic between trainer and participant can be maintained too. Deliverables: example models, copy of PowerPoint files.
Group online training
Delivered using webinar applications like MS Teams. Courses are typically 0.5 - 1 day in duration. Such courses are the least demanding on cost and time because no travel is required by the trainer or participants, but there are plenty of disadvantages too: there is very little one-to-one communication with the instructor; the instructor is largely unable to gauge the mood and engagement of the group; the instructor is talking into his or her computer screen rather than people so the delivery can be rather flat; and it is almost impossible to incorporate class exercises (which are invaluable to real understanding). The result is that it is very hard for participants to keep their attention for more than a day in total, so group online training courses tend to be at a basic level, mostly about how to use the software or a specific topic in risk analysis. Deliverables: online training session plus a recorded copy.
Face-to-face group training
Generally delivered at the client’s offices, or an off-site location convenient to them. Off-site locations used to be preferred because the participants were not distracted by their daily work pressures, but this is less effective now with smartphones. Courses durations are typically 2-4 days. For groups of 5 or more, they are probably the most cost-effective. These courses are the most productive because people are very engaged as there is plenty of opportunity to ask questions, make jokes, take breaks at suitable moments, try out example problems and even investigate problems that would be valuable to the company to address. Deliverables: example models, copy of PowerPoint files.