COURSE OVERVIEW:

Welcome to the Effective Risk Assessment & Management Techniques course. This program will equip you with the analytical frameworks, classification systems, tools, and strategic methods required to identify, evaluate, and manage risks across organisational contexts. You will explore how risk assessment supports decision-making, how to interpret and use risk matrices, how to classify risks effectively, and how to apply both defensive and opportunity-focused risk management practices. This course also examines continuity planning, disaster recovery, and the role of business impact analysis in strengthening organisational resilience.

This course begins by exploring the importance of risk assessment as a critically important stage in the risk management process. You will examine key risk assessment considerations, the different approaches to risk assessment, and the techniques used to analyse, quantify, and prioritise risks. This section highlights the importance of the risk matrix and explains how it is used to visualise likelihood and impact, guide risk responses, and support organisational decision-making. You will explore how a risk matrix can indicate the dominant risk response for each quadrant—avoid, reduce, transfer, or accept—and how it reveals an organisation’s risk appetite, whether risk averse or risk aggressive.

The next learning area focuses on risk identification and classification. You will explore the purpose of risk identification and the key features of the best-established systems for structured and systematic assessment. This section examines risk perception and risk appetite, and how organisational culture shapes the way leaders interpret and respond to uncertainty. You will explore risk classification systems, the distinction between short-, medium-, and long-term risks, and the purpose of classification in supporting prioritisation and resource allocation. This area introduces the FIRM risk scorecard (Financial, Infrastructure, Reputational, and Marketplace risks) and the PESTLE risk classification system (Political, Economic, Social, Technological, Legal, and Environmental), including its advantages and disadvantages. You will also examine hazard, control, and opportunity risks, and how each type influences risk strategy.

A further learning area focuses on evaluating risk likelihood and impact. You will explore the inherent and current level of risk, the 4Ts of risk response (Tolerate, Treat, Transfer, Terminate), and how to determine risk significance and risk capacity. This section examines how to measure risk magnitude, how to identify the effects of major events before mitigation, and how to use loss-control actions to reduce the impact of high-magnitude events. You will explore hazard risks in detail and examine loss prevention, damage limitation, and cost containment as the main components of loss control. This area also introduces product recall risk management and key techniques for mitigating risks related to defective or unsafe products.

The program then shifts to the upside of risk and opportunity management. You will explore the riskiness index and how it helps quantify exposure. You will also examine the practical application of alternative approaches for strategy, projects, and operations, including techniques that identify opportunities arising from uncertainty. This section highlights how opportunity management complements hazard-based risk management and contributes to innovation and strategic flexibility.

The final learning area focuses on business continuity and disaster recovery. You will explore business continuity planning (BCP) and disaster recovery planning (DRP), including their importance in sustaining operations during major disruptions. This section examines leading business continuity standards and the factors that contribute to successful BCP and DRP implementation. You will explore the business impact analysis (BIA), the approach taken during a BIA, and the purposes it serves, including identifying critical processes, assessing recovery timeframes, and determining resource dependencies. This area concludes with the key features of a business continuity plan and how BIA findings support continuity planning by aligning risk information with operational priorities.

By the end of this course you will be able to conduct structured risk assessments, use risk matrices and classification systems effectively, analyse likelihood and impact, apply the 4T risk response framework, implement loss control measures, evaluate opportunity risks, design continuity plans, conduct business impact analyses, and apply risk management techniques to strategy, projects, and operations to strengthen organisational resilience and performance.

LEARNING OUTCOMES:

By the end of this course, you will be able to understand:

• The importance of risk assessment as a critically important stage in the risk management process
• Risk assessment considerations
• The approaches to risk assessment
• The risk assessment techniques
• The importance of the risk matrix
• How to use a risk matrix to indicate the dominant risk response in each quadrant?
• How to use a risk matrix to indicate the risk appetite of an organisation and whether the organisation is risk averse or risk aggressive?
• The purpose of risk identification
• The key features of the best-established systems
• Risk perception and risk appetite
• The risk classification systems and their importance
• What are the short, medium and long-term risks?
• The purpose of risk classification systems
• The FIRM risk scorecard
• The PESTLE risk classification system
• The advantages and disadvantages of a PESTLE analysis
• Hazard, control and opportunity risks
• Risk likelihood and impact
• The inherent and current level of risk
• The 4Ts of risk response
• Risk significance and risk capacity
• Risk likelihood and risk magnitude
• How to use the loss-control actions to reduce the impact of an event that has a large magnitude before mitigation?
• The hazard risks
• Loss prevention, damage limitation and cost containment
• The main components of loss control as loss prevention, damage limitation and cost containment
• Product recall risk management
• The upside of risk
• The riskiness index
• The practical application of alternative approaches for strategy, projects and operations
• Opportunity management
• Business continuity planning
• The importance of business continuity planning BCP and disaster recovery planning DRP
• Business continuity standards
• The successful BCP and DRP
• The business impact analysis (BIA)
• The approach taken during a business impact analysis
• The purposes of the business impact analysis
• How the business impact analysis supports business continuity planning?
• The key features of a business continuity plan

COURSE DURATION:

The typical duration of this course is approximately 2-3 hours to complete. Your enrolment is Valid for 12 Months. Start anytime and study at your own pace.

ASSESSMENT:

A simple 10-question true or false quiz with Unlimited Submission Attempts.

CERTIFICATION:

Upon course completion, you will receive a customised digital “Certificate of Completion”.