Quality is Free – But How do We Measure the Cost?
Customers demand quality. We expect quality in what we do and in what we consume. In 1985, Philip Crosby told us that quality is free. We will examine Crosby's statement and look at the four aspects of the cost of quality – prevention, appraisal, internal failure, and external failure. What are the true costs associated with each of these elements? How do we determine the way in which each aspect can be measured? We will test the adage that an ounce of prevention is worth a pound of cure to see if this 16:1 relationship holds true. Quality matters, and we need to know how to evaluate the true cost of quality and the value.

Topics Discussed:

• What do we mean by quality?
• Why does quality pay off?
• Total quality management, including lean and six sigma
• The four elements of the cost of quality
• Practical prevention activities
• The necessity of appraisal and why quality cannot be inspected into a process
• Sources of internal failure and other sources you may not have considered
• External failure and the hidden costs of 'shortcuts'
• Creating an effective and actionable cost of quality report

Understanding and Mitigating External and Internal Risks: How?
Risk is everywhere, but which risks matter? In the dynamic landscape of modern business, the role of a Chief Financial Officer (CFO) extends far beyond financial management. It encompasses navigating an array of external and internal risks that can impact organizational performance and sustainability. This seminar will empower professionals with the foresight and practical tools needed to understand, anticipate, and mitigate both external and internal risks. We must be aware and anticipate. If we do not adequately prepare, the organization will be exposed to avoidable and onerous risk. This course is essential for leaders and organizations that want to survive and thrive.

Topics Discussed:

• Defining risk as it impacts organizations
• Understanding external and internal risks
  • Examples of these risks
  • How do we identify and assess?
  • What can be done about the risks?
• Developing a risk mitigation strategy and plan
• Monitoring and mitigating risk

Insurance – How to Manage Your Insurance Program
At its core, insurance is risk management. What insurance does the organization need? What types? What limits should we buy? How large a deductible should we accept? What is the difference between a deductible and a self-insured retention? What do I need to know about insurance contracts? What should I expect of my insurance broker? What coverage is available and what do I need to buy? This is specifically designed for any leader responsible for insurance and risk. The insurance function is critical to the ongoing viability of an organization. We will review a practical approach to managing insurance.

Topics Discussed:

• How are risks managed?
  • What is risk transfer?
• What does a broker do, how do we choose a broker, and how should we pay them?
• What can insurance protect against?
• Deductibles, self-insurance, and captives
• Issues affecting different classes of insurance regarding claims and accessibility
• Actions you need to take in addition to securing insurance
• Umbrella policies and how they attach above the primary

Effective Implementation of Enterprise Risk Management
Many have tried to implement ERM, and many have failed. This seminar will provide a route map of how to implement an effective ERM program without disrupting the organization by building ERM practices into everyday management and planning.

Topics Discussed:

• What is ERM and why is it important?
• What is your risk appetite and risk tolerance?
• The COSO framework for ERM and its recent updates
• The ERM Steering Committee – what is it for and what does it do?
• Risk heat maps – evaluating what is hot and what is not
• Risk owners and the risk control plan
• Measuring the effectiveness of the implementation
• The role of leading and lagging indicators - KRIs
• Making it part of everyday management
• The need to integrate ERM into strategic planning

Managers who want to develop a thoughtful approach towards risk and a method to optimize a practical strategy towards managing risk; corporate financial leaders, financial managers, CEOs, CFOs, controllers, accountants, board members, advisors, and consultants; CPAs in public practice and CPAs in industry; business owners, entrepreneurs, and professionals interested in managing risk and understanding the value of quality.