Risk Management

Course details

The Risk Management course is designed to provide businesses and institutions with information that will enable them to identify and analyze their risks and make them more manageable. This will help reduce monetary losses and enable businesses to continue their services under normal conditions. In addition, this course will enable institutions to provide better quality services through minimizing the risks low quality activities.

Course Objectives:

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

• Identify and analyze the risks faced by their organization
• Recognize the sources and factors of risk
• Manage risk effectively

Course Outline:

Introduction to Risk Assessment

Scope, Application, Definitions, and Importance

Why Risk Management Is Important for Business Continuity

• Examples and case studies

Risk Source Definitions

Sources of Risk, Effects of Risk, and Strategies to Deal with Risk

A Step-By Step Process for Addressing Risk (8 H)

• Step 1: Establish Risk as a Priority for Every Employee
• Step 2: Designate a Risk Team Leader
• Step 3: Define the Scope and Goals of the Risk Team’s Activities
• Step 4: Establish an Analytical Framework
• Step 5: Recruit Team Members
• Step 6: Identify and Evaluate Risks

1. Identify Risks and Possible Losses
2. Estimate the Frequency and Severity of Losses
3. Identify Potential Strategies
4. Reach Consensus

• Step 7: Plot a Risk Map
• Step 8: Create an Action Plan

1. Assign Priority to Risks and Evaluate Risk Management Strategies
2. Complete and Circulate the Action Plan

• Step 9: Implement and Monitor the Action Plan