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Risk Management: Assessing Risk
Risks are a natural factor in doing business. Risk assessments are an integral part of ensuring your business is ready for the common and not so common issues…Preview the first lesson free — get full access to all 27 lessons.
Intermediate Provider : Andrew Kovacs 5 chapters · 27 Lessons · 1h 37m in Arabic, German, English, Spanish, French, Portuguese, Urdu, Chinese
Course Description
Risks are a natural factor in doing business. Risk assessments are an integral part of ensuring your business is ready for the common and not so common issues that arise in your industry. In this Risk Management: Assessing Risks course you will learn the basics of the risk management process, risk assessment methodologies, and how to analyze risks. Once we have identified the risks, we can begin the process of assessing those risks by determining the potential for occurrence coupled with the significance of that risk from an economic, timeline, and overall profitability perspective. This process involves looking at a wide range of possibilities and determining whether they are probable and to what degree.
What You'll Learn
- Apply the basics of the risk management process and enterprise risk management
- Identify, assess, mitigate, and analyze business and financial risks
- Use data and benchmarks to assess and analyze risk exposures
- Perform both qualitative and quantitative risk analysis
- Build and use a risk matrix to evaluate consequence and impact
- Analyze risk data in Excel and compare statistics across risks
Key Takeaways
- Risks are a natural factor in doing business, and risk assessments help prepare a business for common and uncommon industry issues.
- The risk management process includes identifying, assessing, and mitigating risks, including financial risks.
- Assessing risks involves determining the potential for occurrence together with the significance of the risk from economic, timeline, and overall profitability perspectives.
- Risk assessment uses data, benchmarks, and methods to evaluate the severity and frequency of losses.
- Risk analysis can be performed using both qualitative and quantitative approaches, supported by tools such as a risk matrix.
Frequently Asked Questions
What will I learn in this course?
You will learn the basics of the risk management process, risk assessment methodologies, and how to analyze risks, including assessing risk exposures, qualitative and quantitative analysis, and how to use a risk matrix.
How does this course approach assessing risks?
It covers assessing risks by determining the potential for occurrence coupled with the significance of that risk from an economic, timeline, and overall profitability perspective, looking at a range of possibilities to determine whether they are probable and to what degree.
What skills does this course help build?
It develops skills in business risk management, environmental risk assessment, risk analysis, risk management, risk management planning, and threat assessment.
Does the course include hands-on data analysis?
Yes. It covers data used in risk assessments, using Excel to analyze data, comparing statistics, and both qualitative and quantitative risk analysis.
