COURSE OVERVIEW:

Risk management is the identification, evaluation, and prioritisation of risks (defined in ISO 31000 as the effect of uncertainty on objectives) followed by coordinated and economical application of resources to minimise, monitor, and control the probability or impact of unfortunate events or to maximise the realisation of opportunities.

Organisations face a very wide range of risks that can impact the outcome of their operations. The desired overall aim may be stated as a mission or a set of corporate objectives. The events that can impact an organisation may inhibit what it is seeking to achieve (hazard risks), enhance that aim (opportunity risks), or create uncertainty about the outcomes (control risks). Risk management needs to offer an integrated approach to the evaluation, control and monitoring of these three types of risk.

Risk management also has an important part to play in the success of not-for-profit organisations such as charities and (for example) clubs and other membership bodies.

The risk management process cannot take place in isolation. It needs to be supported by a framework within the organisation. In all cases, the key components of a successful risk management framework are the communications and reporting structure (architecture), the overall risk management strategy that is set by the organisation (strategy) and the set of guidelines and procedures (protocols) that have been established.

There are a range of benefits arising from successful implementation of risk management. These benefits are summarised as compliance, assurance, decisions and efficiency/ effectiveness/efficacy (CADE3). Compliance refers to risk management activities designed to ensure that an organisation complies with legal and regulatory obligations.

By implementing a risk management plan and considering the various potential risks or events before they occur, an organisation can save money and protect their future. This is because a robust risk management plan will help a company establish procedures to avoid potential threats, minimise their impact should they occur and cope with the results. This ability to understand and control risk enables organisations to be more confident in their business decisions. Furthermore, strong corporate governance principles that focus specifically on risk management can help a company reach their goals.

This course provides detailed information on risk management and introduces all of the basic concepts of risk management.

The first part discusses what risk management is. Then explores the different approaches to defining risk. Also, explains the impact of risk on organisations.

The second part examines the different types of risks. Then explains the principles and aims of risk management. Finally, discusses the risk management principles, standards and framework.

LEARNING OUTCOMES:

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

·       The context of risk management

·       The nature of risks

·       The risk management terminology

·       The benefits and features of risk management

·       The future for risk management

·       What are the various definitions of risk and risk management and the usefulness of these definitions?

·       The types of risks

·       How to identify a risk and provide a full risk description?

·       The inherent level of risk

·       The characteristics of a risk

·       How to classify risks according to the nature, source and timescale of impact?

·       What are the options for the attachment of risks to various attributes of an organisation?

·       How to use a risk matrix to represent the likely impact of a risk materialising in terms of likelihood and magnitude?

·       The attitudes to risk

·       The timescale of risk impact

·       What are the nature of hazard, control and opportunity risks? and how organisations should respond to each type?

·       The hazard tolerance

·       The management of hazard risks

·       The uncertainty acceptance of risks

·       The principles (PACED) and aims of risk management

·       What a successful risk management initiative should be?

·       The importance of risk management to operations, projects and strategy

·       The risk management activities

·       The perspectives of risk management

·       What the risk management tools and techniques should achieve?

·       How to implement risk management?

·       The scope of risk management standards

·       The key benefits of risk management in terms of compliance, assurance, decisions and efficiency/effectiveness/efficacy (CADE3)

·       What are the key stages in the risk management process?

·       What are the main components of a risk management framework?

·       The COSO ERM cube

·       The control environment approach

COURSE DURATION:

The typical duration of this course is approximately 3-4 hours to complete. Your enrolment is Valid for 12 Months. Start anytime and study at your own pace.

COURSE REQUIREMENTS:

You must have access to a computer or any mobile device with Adobe Acrobat Reader (free PDF Viewer) installed, to complete this course.

COURSE DELIVERY:

Purchase and download course content.

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”.