Risk Management: The Risk Management Process

In Risk Management: The Risk Management Process, you'll learn ...

• How to identify the components and applications of the risk management process
• The definitions and terms used in risk management
• A review of each step of the risk management process

Overview

Credit: 1 PDH

Length: 28 pages

THIS COURSE SHOULD NOT BE TAKEN TO FULFILL PDH REQUIREMENTS IN THE FOLLOWING STATES: NY, IL, MD, MI, NE

This course is part of a series of six (6) courses covering the topic of Risk Management. There are no pre-requisites needed for any of the courses. If you have limited knowledge of risk management, you would benefit most by starting with the course “The Risk Management Process”.

The remaining courses can be taken in any order or as a “stand-alone” course, based on your needs and interests. The most logical course order if you are seeking to expand your overall knowledge in the field of risk management would be:

1. The Risk Management Process
2. Risk Identification Methods
3. Risk Analysis Methods
4. Risk Control Methods
5. Risk Financing Methods
6. Risk Management Program Administration, Review and Evaluation

This course, “The Risk Management Process” is designed to provide the basic concepts of risk management for the project engineer or risk management department members. The application of risk management practices can lead to reduced risk exposures, improved project or business efficiencies, and the potential of increased profits from business enterprises through the reduction, control and elimination of exposures to financial loss during a project or within a business venture.

The concepts presented in this course will assist with the development and implementation of a risk management program for your organization. This course provides the necessary knowledge to begin or help with the integration of the risk management process within an organization.

Through this course the reader will obtain a basic understanding of the definitions used in risk management, risk management guiding principles, identification of the components of the risk management process, a review of each step of the risk management process, benefits and objectives of a risk management program, costs of a risk management program, and management of risk within the organization.

Upon completion of this course, the reader will be positioned to begin the efforts needed to develop, complete, and implement a risk management program or to start to be an active member of the organization's risk management team or department.