Risk Management

Start taking a proactive approach to risk and learn how to spot opportunity and threat.

Course Overview

Too often risk management is seen as reactive, but nothing could be further from the truth. In this course you will learn to work through a proactive approach to risk threat and opportunity. You will address how to identify, quantify, control and respond to risk management in the context of the project life-cycle. Learn qualitative and quantitative techniques and tools for assessing the impact of risk. Through interactive exercises and case studies, participants will be able to apply risk management theories, concepts and principles to real-world situations.

Course Topics

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1. Introduction to Risk
   1. Definition and characteristics of "risk"
   2. Elements and factors of risk
      • Event (future occurrence)
      • Probability (uncertainty)
      • Impact (amount at stake)
   3. Types of risk
   4. Components of risk management
      • Identification
      • Quantification
      • Response development
      • Response control
2. Risk Management Planning and Identifying Risks
   1. Risk management planning
   2. Risk identification
   3. Idea generation tools and techniques
3. Analysis Fundamentals
   1. Probability and impact
   2. Presenting risk
      • Narrative
      • Qualitative
      • Quantitative
   3. Probability analysis
4. Analysing and Prioritising Risk
   1. Determining risk tolerances
   2. Analysing risks
   3. Establishing and evaluating profitability
   4. Risk-based financial tools and techniques
   5. Expected-value analysis
   6. Decision trees
   7. Prioritising risks
5. Risk Response Planning
   1. Risk response strategies for opportunities and threats
   2. Risk acceptance
   3. Risk avoidance
   4. Risk mitigation
      • Probability minimisation
      • Impact minimisation
      • Transference
   5. Establishing reserves
6. Execution, Evaluation and Update
   1. Risk Response monitoring and control
   2. Execute risk strategies
   3. Contingency plans and work-arounds
   4. Risk evaluation
   5. Reassessing risk
   6. Risk documentation