Overview
Qualification Grading Type
Graded
Unit Learning Outcomes
1.
Understand the basic elements of risk.
Assessment Criteria
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1.1.
Explain the main categories of risk.
Includes financial / non-financial, pure / speculative, particular / fundamental, homogeneous, emerging risks, reputational risks
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1.2.
Explain the main types of risk.
Includes upside, downside, operational, corporate risk
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1.3.
Evaluate the role of risk in society.
For example, the complexity of modern life creating new risks, volatility: frequency and severity of disasters both natural and man-made, corporate crises, societal risk aversion, compensation culture, government's readiness to introduce legislation
2.
Understand how risk can be identified and analysed
Assessment Criteria
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2.1.
Analyse the need for risk information.
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2.2.
Evaluate methods of collecting risk information.
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2.3.
Explain how and why risks are analysed.
Includes probability, severity, risk mapping.
3.
Understand how risk can be evaluated.
Assessment Criteria
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3.1.
Explain the main criteria for evaluating risk.
Includes risk appetite: financial, legal, moral.
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3.2.
Analyse the use and content of risk registers in risk evaluation, including the importance of regular review.
4.
Understand how risk is managed in practice.
Assessment Criteria
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4.1.
Evaluate different risk control measures.
Timing: before, during, after events and including Nature: prevention, containment, hard/soft.
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4.2.
Explain different risk transfer mechanisms, including the use of insurance.
Insurance: insurability, benefits of insurance, co-insurance. Other risk transfer mechanisms: commercial contracts, disclaimers, self- insurance, alternative risk transfer (ART) and captives.
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4.3.
Explain the generic risk management process and the role of enterprise risk management (ERM).
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4.4.
Analyse risk management services available in the market.