As organizations face increasing complexity, both in the marketplace and in their own business operations, they should anticipate and prioritize…
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.
Learning Objectives
- Explain the primary areas of internal risk that organizations face
- Understand the responsibility of leaders in management of internal risk
- Identify the primary areas of risk that organizations face from external forces and events
- Recognize the responsibility of leaders in management of external risk
Skills you’ll gain
Business Risk ManagementEnterprise Risk Management (ERM)External Reporting RiskGovernance Risk Management And ComplianceIT Risk ManagementRisk ManagementWhat You'll Learn
- Explain the primary areas of internal risk that organizations face, such as employee behavior and 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 internal risk
- Recognize the responsibility of leaders in the management of external risk
- Describe the impact of internal and external risks on a company's brand and reputation
- Examine how risks across different areas of an organization are interconnected
Key Takeaways
- Organizations should anticipate and prioritize threats as part of their corporate strategy and consider risk in all management decision-making, from new product development to growth strategies.
- Internal risks can range from employee behavior and misconduct to cyberattacks and data breaches, while external risks include regulatory and operational risk, financial and economic risk, and environmental risk.
- Risks are not always separate and distinct but are interconnected, so a threat in one area of the organization can impact another area.
- Understanding and tracking the relationships between risks can greatly enhance one's ability to control risk.
- To create an effective risk culture, leaders need to be perceptive and diligent in identifying risk and establishing risk management programs, and the role of leaders 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. Internal risks covered range from employee behavior and misconduct to cyberattacks and data breaches, while external risks include regulatory and operational risk, financial and economic risk, and environmental risk.
Who is this course for?
It is designed for leaders, who must be aware of risks from internal and external sources as part of their corporate strategy and who are responsible for identifying risk and establishing risk management programs.
Does the course cover risks to brand and reputation?
Yes. The course addresses how internal and external risks impact a company's brand and reputation, and includes a lesson titled Risks to Brand and Reputation.
What topics or lessons are included?
The course includes lessons on an Introduction, Risks from Employee Behavior, Risks from External Forces and Events, Risks to Brand and Reputation, and a Test Your Knowledge assessment.
What skills does this course help build?
It supports skills in Business Risk Management, Enterprise Risk Management (ERM), External Reporting Risk, Governance Risk Management and Compliance, IT Risk Management, and Risk Management.
Transcript
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(chiming music) What's the first step in mitigating business risks? Many leaders find it helpful to understand the different categories of risks first and then develop strategies for each type separately. Welcome to KnowledgeCity's course on risk management for internal and external risks. This course will help you fortify your HR and people management strategies by understanding risks from employee behavior, monitor your company's public relations with more consideration to risks from brand reputation development, and prepare all levels of your organization for the unknown by understanding how outside forces affect risk management. Get a clearer overall view of the different kinds of risks your company might face with risk management for internal and external risks.
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