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Classify risks into categories using recognised frameworks and models, describe options for classifying risks according to the nature, source, timescale,

Fundamentals of Risk Management: Understanding, Evaluating and Implementing Effective Risk Management

Identify the various risks facing organisations, produce a range of definitions of risk and risk management, describe the usefulness of the various definitions and list the characteristics of a risk that need to be identified in order to provide a full risk description; 


  • Classify risks into categories using recognised frameworks and models, describe options for classifying risks according to the nature, source, timescale, impact and consequences of the risk; and introducing reputational risk; 

  • Understand and critically apply models and frameworks designed to measure and model different business risks including scenario planning. 

  • Recommend ways by which organisations can manage and reduce risk exposures including describing the importance of risk assessment as a critically important stage in the risk management process; summarizing the most common risk assessment techniques; summarizing the alternative approaches to defining upside of risk and the application of these approaches for core processes; identifying the key features of an enterprise-wide approach; summarizing the importance of risk appetite as a planning 


tool in a risk management initiative; and describing the risk response options in terms of tolerate, treat, transfer and terminate explaining how these can be shown on a risk matrix.

  • Describe the nature and purpose of internal control and the contribution that internal control makes to risk management; summarize the importance of the control environment in an organization and provide a structure for evaluating the control environment (CoCo); explain the importance of governance, risk and compliance (GRC) and the relationship to the three lines of defence model; describe the steps involved in the successful implementation of a risk management initiative, together with the barriers and enablers; and outline developments associated with managing emerging risks, resilience and the changing face of risk management. 

  • Use quantitative and qualitative models to assess risk while stimulating an enquiring, analytical and creative approach to Risk Management issues and to encouraging independent judgement and critical self-awareness. (C7) 


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