Managing Risk

Risk is a natural part of business and should be welcomed, as risk promotes business growth and development whilst also highlighting areas for improvement. Managing risk is the process of identification, assessment and prioritisation of risks, followed by a process of resource allocation to minimize or control its impact. Often risk can be a positive in maximising business opportunities, with this qualification focuses upon understanding the basics of risk, levels of risk and processes to control risk to protect the business from potential harm.

Course Content

• Explain what is meant by business risk
• Analyse business risk identification theories and models
• Explain measures and techniques to mitigate business risk
• Explain their own level of authority in managing risk
• Monitor work in line with organisational risk procedures
• Identify potential risks using agreed risk criteria
• Assess identified risks, their potential consequences and the probability of them happening
• Communicate to stakeholders the likelihood of the risk occurring and its potential consequences
• Implement risk management plans in accordance with organisational requirements
• Assess identified risks, their potential consequences and the probability of them happening
• Communicate to stakeholders the likelihood of the risk occurring and its potential consequences
• Develop risk management plans and processes that are proportionate to the risk and the available resources
• Explain organisational business risk management policies
• Monitor on-going risk-related developments and amend plans in the light of changing circumstances
• Keep stakeholders informed of any developments and their possible consequences
• Evaluate the effectiveness of actions taken, identifying possible future improvements

Employees Benefits

• Identify potential risks using agreed risk criteria
• Monitor work in line with organisational risk procedures
• Communicate to stakeholders the likelihood of the risk occurring and its potential consequences
• Analyse business risk identification theories and models

Employers Benefits

• Monitor on-going risk-related developments and amend plans in the light of changing circumstances
• Keep stakeholders informed of any developments and their possible consequences
• Evaluate the effectiveness of actions taken, identifying possible future improvements