Risk management courses – Enterprise Risk Management:

Risk management can be defined as the identification, assessment, and ranking (prioritization) of risks and the allocation of resources reduce, monitor and control effect (impact) of negative (undesirable) events or to increase (maximise) the realisation of positive events (opportunity).

Has it ever occurred to you what risk really means? In relation to a project, risk is an uncertain event or condition that, should it occur, will have an impact on at least one of the project objectives (deliverables). The likelihood of a risk materialising which is the probability multiplied by the resulting cost or benefit is used to get the expected value of a project.

Risk management should be taken seriously by organisation; as their ability to continue in business as a going concern is dependent on how effectively risks are managed. Risk can arise from diverse ways including; uncertainty in financial market, variability of foreign exchange, environmental risks, litigation risks, credit risks, fraud risks, audit risks and so on.

Risk events are divided into two; risks that result in undesirable outcomes which are called threats and risk that result in desirable outcomes which are called opportunities. Effective risk management policies must be put in place to mitigate the materialization of risks that will result in negative or undesirable outcomes. Also, effective risk management policies should be put in place in order to harness the opportunities of risks that result in positive or desirable outcome.

The following risk management policies can be applied to managing threats (risks that result in negative outcome):

  • Fall-back
  • Avoid
  • Accept
  • Reduce
  • Transfer
  • Share

 

The following risk management policies can be applied to managing opportunities (risks that result in positive outcome):

  • Share
  • Exploit
  • Enhance
  • Reject

Different people have different perspectives about risk management. For external auditors, they are only concerned with audit risk. At strategic levels, organisation should be concerned with enterprise risk management.

Certifycheap.com which is an online trading name for Harrybaker Training- a training provider provides you with risk management training and exam online. The risk management course that we are accredited to train is called the Management of Risk (MoR) course; which is a methodology for enterprise risk management. We offer a range of training mode for this risk management course.

 

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