Principles of Risk Management

This course aims to provide an understanding of risk and how it can be managed.

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Learning Objectives

LO1 Define the term ‘risk’

LO2 Describe the different types of risk

LO3 Describe the risk assessment process

LO4 Describe how risk may be quantified

LO5 Explain how to use a risk matrix

LO6 Describe accident models and causation

LO7 Describe accident ratios and how they are used in risk management

LO8 Describe the advantages of identifying patterns in risk reduction

LO9 Describe what is meant by the term ALARP

LO10 Explain how human behaviour can affect risk

LO11 Describe how barriers are used to prevent risk

LO12 Describe the term Enterprise Risk Management (ERM)

LO13 Identify the problems that may be encountered when implementing ERM

LO14 Describe a risk response strategy

LO15 Identify the steps in the risk management process

LO16 Describe the internal audit process