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Fundamentals of Risk Management 5: Risk Assessment

The output of a risk assessment helps determine a firm's risk appetite and approach to risk management. Therefore, risk assessments are essential.

A risk assessment is a systematic process used to identify risks and evaluate key risk elements which include probablity, impact and the expected value or cost.

Our Risk Assessment Course will help you learn how to assess the probability and impact of risk as well as understand the different methods of analysing it.

Get started Course details
  • 45 Minutes
  • All staff
  • Based on best-practice risk management frameworks and suitable for global audiences.

Learning objectives

  • Perform the overall risk assessment process
  • Estimate the probability and impact of risks
  • Assess the proximity and expected value of risks
  • Use different methods and techniques to assess risks, such as risk matrices and heat maps
  • Distinguish between inherent and residual risk
  • Understand how risk models work and how you can apply them
  • Create a summary risk profile and risk map for any risks you come across in your role

    What can you expect your employees to learn?

Welcome

  • Learning objectives
  • How to complete this course

What is risk assessment?

  • The Management of Risk (MoR) framework

Categories of risk

  • Assessing risk: The basics
  • Examples: Probability
  • Examples: Impact
  • Assessing the probability of risk
  • Case study: Probability assessment
  • You decide: What are the chances?
  • Assessing the impact of risk
  • You decide: What impact would it have?
  • Risk assessment matric
  • Applying the risk assessment matrix
  • Scenario: Calculating the overall score
  • Assessing the proximity of risk

Using methods & techniques to evaluate risk

  • EMV assessment
  • Calculating the EMV: The manufacturing plant
  • Calculating the EMV: The cloud computing company
  • You decide: Calculating the EMV
  • Summary risk profiles
  • Plotting risks on heat maps
  • Inherent versus residual risk
  • You decide: Inherent or residual risk?
  • Probabilistic risk models
  • Probabilistic trees
  • Sensitivity analysis
  • You decide: Techniques to evaluate risk

Summary

Affirmation

Assessment

Does your company have…

Under 50 employees?

We recommend our CoreCompliance, our solution, perfect for smaller teams. Start your training immediately with pre-configured, ready-to-go courses.

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Over 50 employees?

We have a range of flexible pricing plans to suit your unique needs. Choose from off-the-shelf course libraries or a customised, bespoke approach to reach your compliance learning goals.

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Your questions, answered

Common FAQs

Are the courses SCORM-compliant?

Yes. This means they can be delivered via the Skillcast Portal or any other SCORM-compliant Learning Management System.

What other tools are needed beyond training?

A comprehensive compliance solution often needs more than just training. Alongside e-learning, tools like declarations, surveys, and registers that track compliance tasks are usually essential. Skillcast provides full support to help you set up these additional tools.

Can users only view the courses assigned to them?

No. All users can view all the courses in your Portal. Additionally, some of these courses may be mandatory, requiring completion by the given deadline.