Introduction to risk management

An introduction to the RMBC and what we're going to cover.

Your journey starts here!

Risk and risk discussions are often hampered by inconsistent terminology and a high degree of subjectivity. But we need a consistent way to talk and think about risk if our risk management system is going to be effective.

This session lays out a basic concept for risk using the ISO definition and explains how to break an individual risk into its three main components. The session also covers how to explain a risk using risk statements and quantitative values.

These concepts form the basis for all subsequent risk discussions and lay the groundwork for the risk assessment methodology we cover in session 2.

The risk assessment lies at the core of risk management. Without a clear understanding of the risks faced, none of the other risk management activities can be undertaken meaning that the organization will remain reactive instead of being able to take proactive steps informed by risk-based decision making.

This session outlines a five-step process for planning and conducting a risk assessment to ensure that the assessment is effective and efficient.

Now you've learned about the risk assessment in theory, here's an example of what completing an assessment might look like

Once an organization’s risks are understood, it is important that appropriate action is taken to address these risks to ensure that the organization's objectives are protected or enhanced. Some risks are severe enough to require immediate action. Others can be dealt with in the short term whereas some risks require longer-term attention over months or even years.

This session explores the key ideas and terms associated with addressing risks and outlines the steps to take to ensure that the appropriate action is taken once a risk is identified concentrating on five main options: avoid, tolerate, treat, transfer and terminate (A4T).