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Managing Risks

Course Details

Description

Risk management, quite literally means, managing risks. A risk can arise in any shape and manner – market uncertainty, credit risks, accidents or natural disasters. Managing risks involves assessing and identifying risks and then developing plans to mitigate the negative impact.

Risk management as a concept is not new. You can find literature references from as far back as 1920s. Most of the initial research in risk management was related to the finance and insurance sectors. But now, you can find risk management procedure and approach being utilised in every industry and sector.

Managing risks has long been a key part of project management and it has also become an increasingly important part of organisational best practices. Corporations have realised that effective risk management can not only reduce the negative impact of crises; it can provide real benefits and cost savings.

The risk management framework provided in this course is flexible enough for any organisation. You can apply it to a single project, or a department, or use it as a basis for an enterprise-wide risk management program.

Learning Outcomes

Define risk and risk management
Describe the COSO ERM cube and ISO 31000
Establish a risk management context
Describe the 7 R’s and 4 T’s that form the framework of risk management activities[;
Design and complete a basic risk assessment
Determine the appropriate response to risks and create a plan for those responses
Describe the key components of reporting, monitoring, and evaluation of a risk management program

Topics

Understanding risk
Risk management
Assessing risk
Responding to risks
Resourcing controls
Reaction planning
Reporting and monitoring
Reviewing and evaluating the framework

Requirements

Computer, tablet or mobile
Internet Connection
Edge, Safari, Chrome
Est. Completion Time | 3 Hours

Course Delivery

Online Learning

Course Access

12 Months

CPD Hours

0.5 Hours

Assessment

Multiple Choice

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