Risk Management: Identifying Risks

Learning to identify risks is the first step in the Risk Management process.

Preview the first lesson free — get full access to all 31 lessons.

Course: On-Demand

Intermediate Provider : Andrew Kovacs 5 chapters · 31 Lessons · 3h 13m in Arabic, English, Spanish

Course Description

Identifying risk is often the first step in risk management. This course, “Risk Management: Identifying Risk,” begins with defining risk management and goes on to detail the techniques, strategies, and methods you can use to first identify risk and then mitigate it. Risk management can seem complicated, but by breaking it down into its various types, steps, and processes, this course will teach you how to make a risk mitigation plan for your business. Failure to identify risks leaves businesses vulnerable. You can reduce that potential for vulnerability by using the risk management process and tools discussed in this course.

By watching this course, you will learn about both the concept of risk, and how to classify the various types of risk for your business. After risk identification, you will learn about the risk assessment process and methods that will better enable you to mitigate that risk and protect your company. Finally, this course also details some specific risks that businesses need to plan for, including IP risk, human resources risk, and compliance risk. Being able to identify risk will ultimately reduce your business’s vulnerability to unexpected events. This course will give you the tools and confidence you need to prepare and plan for all possibilities.

What You'll Learn

Define risk management and explain what risk means in business
Identify common areas of risk and classify the various types of risk for your business
Apply risk identification methodology with confidence
Carry out the risk assessment process to better mitigate risk and protect your company
Distinguish among historical, physical, financial, compliance, human resources, and IT risks
Build a risk mitigation plan using risk management methods and tools

Key Takeaways

Identifying risk is often the first step in the risk management process.
Breaking risk management down into its types, steps, and processes makes it possible to create a risk mitigation plan for your business.
Failure to identify risks leaves businesses vulnerable, while using the risk management process and tools reduces that vulnerability.
After identifying risk, the risk assessment process and methods help you mitigate risk and protect your company.
Businesses need to plan for specific risks, including IP risk, human resources risk, and compliance risk.

Frequently Asked Questions

What does this course cover?

The course begins by defining risk management and details the techniques, strategies, and methods used to first identify risk and then mitigate it. It covers the concept of risk, how to classify the various types of risk, the risk assessment process, and specific risks such as IP risk, human resources risk, and compliance risk.

What types of risk does the course teach you to identify?

It covers various types of risk including historical, financial, and physical risk, as well as compliance risks, human resources risks, IT risks, functional risks, project risks, and risks from internal and external sources.

What skills will I gain from this course?

You will gain skills in business risk management, IT risk management, risk exposure management, risk management, risk management planning, and risk management tools.

What will I be able to do after taking this course?

You will be able to identify risk to reduce your business's vulnerability to unexpected events, and gain the tools and confidence needed to prepare and plan for all possibilities.