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Basics of Risk and Risk Management Process
1 students

Basics of Risk and Risk Management Process

Practical Guide on Risk Management for Risk, Cybersecurity, Finance, Compliance, and Audit Professionals and Students
Created byGovernance Risk and Compliance GRC by GRC Professional
Last updated 12/2025
English

What you'll learn

  • Learn about Risk, Risk Events, Risk Management with examples
  • Learn about Fraud, Fraud Losses, and Types of Fraud Risk Assessment FRA
  • Understanding Relevance of Customer Risk Assessment CRA, Product Risk Assessment PRA , and Delivery Channel Risk Assessment DRA in Fraud Risk Assessment
  • Comprehensive 'Methodology and Risk Prioritization Matrix' for Fraud Risk Assessment FRA , Step-by-Step Approach to Fraud Risk Assessment and Output,
  • Case Studies - Application of Risk Assessment Methodology and 5 by 5 Risk Matrix to Calculate Risk Scores. Documenting Risk Register for Risk Assessment.
  • Assignment - To test your knowledge of 'Identifying Risks', 'Perform Risk Assessment', Apply Risk Assessment Methodology and Matrix' and 'Prepare Risk Register'
  • DOWNLOAD Financial Services Risk Document - At the end of the course you can download Financial Services Risks, Mapping of Risks with Processes and Reviewers
  • Key Risks faced by Financial Services Institutions such as Banks, Money Service Businesses MSBs, Gateways and Fintechs.
  • Risks Mitigation Controls Implemented by Financial Services Institutions such as Banks, Money Service Businesses MSBs, Gateways and Fintechs to Prevent Losses

Course content

8 sections • 31 lectures • 2h 49m total length

  • Introduction1:25

Requirements

  • No or basic level knowledge of Risks and Risk Management.

Description

Hello

Welcome to the 'Basics of Risk and Risk Management Process' Course.


WHY SHOULD YOU ATTEND THIS COURSE

In today's dynamic and digital world with increasing risks and incidents such as Online Frauds, Cyberattacks, AML/CFT breaches, Data Misuse, etc., one of the major challenges for organisations, institutions, companies, and businesses is to effectively 'Identify' and 'Assess' their key or significant risks. Institutions, companies, and businesses around the world establish robust Risk Management Functions/Departments to implement strong 'Risk Culture' and 'Robust Risk Management Practices'. They hire an experienced and skilled 'Risk Management Team' to identify, assess, prioritise, and manage risks.


  • If you are working in the Risk Management Function or pursuing a career in Risk Management such as Enterprise Risk Management ERM, Compliance Risk Management CRM, Operational Risk Management ORM, Financial Crime Risk Management, Cybersecurity Risk Management, Fraud Risk Management, or Internal Controls then you must have knowledge and skills necessary to work in Risk Management field and help people/departments in your institution/organization, in performing risk management activities as per regulatory requirements and standards.


  • This course will teach you;

    • Fundamental knowledge and skillset necessary for a 'Risk Management Professional'.

    • Key topics and concepts such as Risks, Risk Types and Trigger Points,

    • Risk Cultures and Risk Sources,

    • Causes of Risks,

    • Key Risks and Mitigation Controls in Financial Services Institutions,

    • Risk Management Process,

    • Risk-Assessment Process including

      • Application of Risk Assessment Methodology,

      • Risk Prioritisation, and

      • Risk-Mitigation,

    • 'Key Risks' and 'Mitigation Controls' in Financial Services Institutions scuh as MSBs, Banks, and Gateways,

    • How Risk Statements are drafted and documented in Risk Registers with Risk Mitigation Controls,

    • Case Studies on Risk Management.

    • From 'Downloadable Resources'

    • Through 'Assignment'.


THE 'IMPORTANCE' OF 'RISK ASSESSMENT AND RISK MANAGEMENT'

  • Risk Management Methodologies are rapidly evolving from outdated patchwork approaches to 'dynamic risk assessments'.

  • Performing Risk Assessment is not a one-time activity. It is an ongoing process.

  • Risk Assessment and Management are mandatory across all types of organisations, companies, institutions, and businesses.

    • Regulated Entities such as Digital Payment Companies, E-Commerce Companies, Gateways, Banks, Technology Companies, FinTechs, Manufacturing sectors, etc. routinely conduct Risk Assessments and report the findings to their Board of Directors and Senior Management.

      • Regulated Entities or Organisations that fail to adopt a 'proactive approach to risk assessment' and 'risk management' face increased exposure to;

        • regulatory non-compliance,

        • financial losses, and

        • reputational damage.


COURSE TOPICS, CASE STUDIES, AND ASSIGNMENT INCLUDED IN THIS COURSE

Risk Concepts Foundation

  • Risks and Risk Events

  • Types of Risks and Risk Significance

  • Sources of Fraud Risks

  • Key Risks Being Faced by Organisations

  • Key Risks in Financial Services Institutions

Risk Sources and Risk Management

  • Risk Sources and Purpose

  • Fundamental Steps of a Risk Management Process

  • Examples - Application of Risk Management Process Steps

Key Risks and Mitigation Controls in Financial Services Institutions

  • Key Risks faced by Financial Services Institutions such as Banks, Money Service Businesses MSBs, Gateways and Fintechs.

  • Risks Mitigation Controls Implemented by Financial Services Institutions such as Banks, Money Service Businesses MSBs, Gateways and Fintechs.

Risk Assessment RA Comprehensive Methodology and Matrix

  • Understanding Risk Assessment

  • Understanding 'Risk Levels' with Examples

  • Understand the concepts of Inherent and Residual Risk Assessment - Likelihood and Impact Analysis with Examples

  • Understanding and Using Risk Matrix - '5 by 5' Risk Matrix and 'Application of Matrix' for 'Risk Score Calculation'.

  • Documenting Cause and Effect Risk Statements, for Risk Assessment and Checking the Operating Effectiveness of 'Controls' mapped with 'Risks'

  • Preparing a Risk Register after Inherent and Residual Risk Assessments

CASE STUDIES

  • Case Scenario 1: Performing a Risk Assessment, considering a 'Risk' Example

  • Case Scenario 2: Application of Risk Assessment Methodology, Performing Inherent and Residual Risk Assessments, and Documenting Risks and Controls in Risk Register

ASSIGNMENT

Work assignment to test your knowledge and skills in the identification of risks, documenting risks, and performing risk assessment. 


DOWNLOADABLE RESOURCES

  • Downloadable Risk Assessment Matrix - '5 by 5' Risk Matrix

  • Downloadable 'Risk Levels with Examples'


Other Benefits

  • Lifetime access to the course

  • Certificate of completion of the course,

  • Skillset and knowledge to work in or apply for jobs in the Risk Management Department or Risk Management Consulting, etc.


Who Is This Course For?

If you are working in any of the following job roles or domains or, if you are a student learning Risk Management, then this course is for you;

  • Professionals working in Financial Institutions, Regulatory Bodies, Technology Companies, FMCGs, E Commerce, etc.

  • Risk Management Heads, Risk Analysts,

  • Operational Risk Management ORM Professionals,

  • Risk Assessors, Risk Reviewers,

  • Risk Management Consultants,

  • Compliance Professionals including Compliance Risk Analysts, and Compliance Risk Management Professionals,

  • Fraud Risk Management professionals including Fraud Investigation, Monitoring and Fraud Risk Management Professionals,

  • GRC Head, GRC Analyst and Managers, Cyber Security Risk Analysts,

  • Finance, Audit, and Risk Management Students, including CA, ACCA, CPA, FRM, ACAMS, ICA, and Other  Students learning Risk Management,

  • Anyone who wants to learn about Risk, Risk Assessment, and Risk Management is welcome to this course.

Thank you

Happy learning.

Who this course is for:

  • Risk Management Professionals including Risk Heads, Risk Analysts, Risk Management and Compliance Consultants, Risk Assessors, and Risk Reviewers,
  • Professionals working in Risk Management function in Regulatory and Supervisory Bodies or Institutions,
  • Fraud Investigation and Monitoring Professionals, Fraud Risk Management Professionals, Operational Risk Management ORM Professionals,
  • Compliance Professionals including Chief Compliance Officers (CCOs), Compliance Analysts, GRC Analysts and Managers, Cyber Security Risk Analysts,
  • Compliance Analysts, Compliance Risk Management Professionals, MLROs, Cyber Security Risk Analysts,
  • Company / Business Owners, Senior Leadership and Board of Directors
  • Finance, Audit, Risk, and Internal Controls Professionals/Students,
  • Students of Risk Management and Compliance including CA, ACCA, MBA, BBA, ACAMS, and others learning or want to learn Risk Management

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