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Risk Management for Internal and External Risks
Learn how to manage internal and external risks in your organizationPreview the first lesson free — get full access to all 5 lessons.
Advanced Provider : Andrea Terrell 5 Lessons · 14m in Arabic, German, English, Spanish, French, Portuguese, Chinese
Course Description
As organizations face increasing complexity, both in the marketplace and in their own business operations, they should anticipate and prioritize threats to their organization as part of their corporate strategy. They should consider risk in all management decision-making, from new product development to growth strategies. They should develop risk management programs that identify all sources of risk. Sources may be the behavior of their own employees or external forces and events, and they can cause problems for a company’s brand and reputation.
In the course, Risk Management for Internal and External Risks, you will learn how to identify and explain the primary areas of risk that organizations face, both internally and externally as well as their impact on brand and reputation. You will learn that internal risks can range from employee behavior and misconduct to cyberattacks and data breaches. You will also learn that, as part of their corporate strategy, leaders must be aware of risks from external sources.
These include risks that are easily observable and those that are more difficult to determine, including regulatory and operational risk, financial and economic risk, and environmental risk. You will realize that these risks are not always separate and distinct but are interconnected. A threat in one area of the organization can impact another area, and understanding and tracking these relationships can greatly enhance one’s ability to control risk. You will learn that, in order to create an effective risk culture in organizations, leaders need to be perceptive and diligent in identifying risk and establishing risk management programs. You will see that the role of leaders in risk management is intensifying.
What You'll Learn
- Explain the primary areas of internal risk that organizations face, including employee behavior, misconduct, cyberattacks, and data breaches
- Identify the primary areas of risk that organizations face from external forces and events, including regulatory, operational, financial, economic, and environmental risk
- Understand the responsibility of leaders in the management of both internal and external risk
- Recognize how risks to brand and reputation arise from internal and external sources
- Describe how different areas of risk are interconnected, so that a threat in one area can impact another
Key Takeaways
- As organizations face increasing complexity, they should anticipate and prioritize threats and consider risk in all management decision-making as part of their corporate strategy.
- Internal risks can range from employee behavior and misconduct to cyberattacks and data breaches.
- External risks include regulatory and operational risk, financial and economic risk, and environmental risk, some easily observable and others more difficult to determine.
- Risks are not always separate and distinct but are interconnected, so a threat in one area of the organization can impact another area.
- To create an effective risk culture, leaders need to be perceptive and diligent in identifying risk and establishing risk management programs, and their role in risk management is intensifying.
Frequently Asked Questions
What will I learn in this course?
You will learn how to identify and explain the primary areas of risk that organizations face, both internally and externally, as well as their impact on brand and reputation, and the responsibility of leaders in managing internal and external risk.
What internal risks does the course cover?
The course explains that internal risks can range from employee behavior and misconduct to cyberattacks and data breaches.
What external risks does the course cover?
The course covers risks from external forces and events, including regulatory and operational risk, financial and economic risk, and environmental risk.
What topics are included in the lessons?
The lessons cover an Introduction, Risks From Employee Behavior, Risks From External Forces and Events, Risks to Brand and Reputation, and a Test Your Knowledge assessment.
What is the role of leaders in risk management according to this course?
The course explains that leaders must be aware of risks from both internal and external sources, be perceptive and diligent in identifying risk and establishing risk management programs, and that their role in risk management is intensifying.
