No matter the size, the activity, or sector of business, risk-taking is an implicit aspect of all its undertaking…
The risk-reward tradeoff is easily misunderstood, ‘taking a risk’ in business must be about calculated risks, not recklessness. Even when under control, risks can never be eliminated because there is always the threat of residual risk. Thus, it is important to have an effective framework in place for systematically selecting a cost-effective approach for making informed decisions about minimizing the threats and/or exploiting identified opportunities.
Course Overview
This course introduces risk standards (ISO 31000) as a guide/benchmark for improving the identification of opportunities and threats. It also covers the 4 stages of a risk management cycle: the tools and techniques that can be used to identify risk, analyze and quantify risk; discusses respond strategy, and the framework(s) that can be used for keeping risks within control.
Business Lab
This course includes exercises, simulations, and case study that will allow you to apply the ideas from this course and develop the required skills in the following areas:
Analyzing the risk in a business case
Carrying out quantitative and qualitative analysis for prioritizing risk in different types of business case(s)
Developing response actions for risks in your chosen business case
