Risk Management: Managing Risks In Business

Risk Management in Business

Risk management is the process of the recognition, evaluation and controlling uncertainty or threats to an organization's capital, investment decisions and earnings.

The main purpose of the risk management is to give surety that uncertainty will not create obstacles in the way of reaching business goals.

Effective risk management strategies allow you to do the SWOT analysis of your project and make you alter for the unexpected events;

For a successful project, you need to define how to handle potential risks as it will provide you a way to recognize and mitigate problems at the time of requirement. Winning project managers are familiar with risk management’s importance, because they know that a project’s goals achievement relies on planning, research, results and assessment which contribute most to reach the strategic goals.

Risk management plans provide a catalogue of internal and external risks that consists of the recognized risks, potential influence and planned actions and probability of occurrence. Low risk events typically have a slight or no influence on cost, performance or schedule. Although moderate risks become the reason of an increase in budget, interruption of schedule or degradation of productivity. While high risk events cause a big increase in the cost, disturbance of the schedule or devaluing of performance.

This unit offers an outstanding introduction to the risk management along with its objectives. It typically focuses on the risk management process and evaluates the benefits of the risk management approach in depth.

Along with an exploration of the history of risk management and its key concepts, the elements of risk are also covered. Learn how to determine and manage uncertainty and its relationship to risk and discover the classification of risk.

Risk Management in Business

Objectives:

After the completion of this course learners will be able to:

• Explain what is meant by “Risk Management”
• Evaluate the objectives of risk management for a business
• Discuss a risk management process
• Evaluate the benefits of risk management approach

Program Content:

Lesson(s):

Introduction to Risk Management

Topics:

• Introduction to Risk Management
• The History of Risk Management and its Concepts
• The Element of Risk
• Current Definitions of Risk
• Uncertainty and Its Relationship to Risk
• Classification of Risk
• Types of Pure Risk
• Risk Management
• Benefits of Risk Management in a Nutshell

Course Benefits:

• Full Tutor Support
• Self paced, no fixed schedules
• Available to students anywhere in the world
• 24/7 Access to the LMS ( Learning Management System )
• Easy to understand quality e-learning study materials.

Course Material

All course materials are included in the course price. All your study material will be available on our learning management system for which you will get access once you are enrolled. The material can be downloaded and printed as well.

Our distance learning course materials are specially written for home study and contain a wealth of knowledge in easy to understand language. We use variety of media to help you learn. Your course may use any of the following different media which you can use from home or where ever you choose to study:

• Online course materials
• Question papers
• Additional Supporting Material
• Useful Links

Course assessment

You will be continually assessed throughout the course. Your assignment will be marked by your tutor and independently moderated. The feedback on your assignment will then be sent to you. On receipt of this, you may wish to contact your tutor to discuss the feedback.

Risk Management in Business

• Business owners, managers, entrepreneurs,
• People seeking to expand their career opportunities
• Existing employees looking to develop their CPD
• Office workers at all levels
• Team Leaders and supervisors
• Entrepreneurs planning to start their own business

Risk Management in Business

This is a standalone course and assumes no prior knowledge.

*Note: This is an independent unit not a complete course so does not equalize to a course. This will give you 10 CPD points to add on your CV. At the end of the unit, you can claim CPD Accredited unit by paying £35 accreditation fee and postal charges (£9 for UK students, £15 for outside UK).

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