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ENT421Management Sciences2 Unitsintermediate

Risk Management

This course introduces students to the fundamental principles of risk management within organizations. It explores the nature and types of risk, including financial, systematic, and operational risks. Students will learn about risk management processes, methods, and the roles of various stakeholders. The course also covers risk detection, evaluation, control, and financing, equipping students with the knowledge to manage risk exposures in both private and public enterprises.

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45h
Study Time
13
Weeks
3h
Per Week
basic
Math Level
Course Keywords
Risk ManagementRisk AssessmentRisk ControlRisk FinancingBusiness Stakeholders

Course Overview

Everything you need to know about this course

Course Difficulty

Intermediate Level
Builds on foundational knowledge
65%
intermediate
➕
Math Level
Basic Math
📖
Learning Type
Theoretical Focus

Course Topics

Key areas covered in this course

1

Nature of Risk

2

Types of Risk

3

Risk Management Process

4

Risk Assessment

5

Risk Control

6

Risk Financing

Total Topics6 topics

Ready to Start

No specific requirements needed

This course is designed to be accessible to all students. You can start immediately without any prior knowledge or specific preparation.

Assessment Methods

How your progress will be evaluated (3 methods)

assignments

Comprehensive evaluation of course material understanding

Written Assessment

tutor-marked assessments

Comprehensive evaluation of course material understanding

Written Assessment

final examination

Comprehensive evaluation of course material understanding

Written Assessment

Career Opportunities

Explore the career paths this course opens up for you

Risk Manager

Apply your skills in this growing field

Insurance Underwriter

Apply your skills in this growing field

Compliance Officer

Apply your skills in this growing field

Financial Analyst

Apply your skills in this growing field

Project Manager

Apply your skills in this growing field

Industry Applications

Real-world sectors where you can apply your knowledge

FinanceInsuranceBankingHealthcareManufacturing

Study Schedule Beta

A structured 13-week journey through the course content

Week
1

Module 1:

3h

Unit 1: Meaning and Nature of Risk

3 study hours
  • •Define risk and its nature.
  • •Differentiate between uncertainty and risk.
  • •Explain the importance of risk management.
Week
2

Module 1:

3h

Unit 2: Types of Risk

3 study hours
  • •Identify and explain different types of risk.
  • •Differentiate between internal and external risks.
  • •Analyze the impact of risks on business operations.
Week
3

Module 1:

3h

Unit 3: Risk and Business Stakeholders

3 study hours
  • •Explain the role of stakeholders in risk management.
  • •Discuss the impact of risk on inside and outside stakeholders.
  • •Analyze the relationship between stakeholders and business risks.
Week
4

Module 1:

3h

Unit 4: People's Attitudes to Risk

3 study hours
  • •Explain objective and subjective elements of risk.
  • •Analyze individual attitudes to risk.
  • •Discuss the relationship between risk aversion and uncertainty.
Week
5

Module 1:

3h

Unit 5: Costs Associated With Risk

3 study hours
  • •Identify and explain costs associated with risk.
  • •Differentiate between private and social costs.
  • •Analyze losses arising from risk.
Week
6

Model 2:

3h

Unit 6: Causes of Risk

3 study hours
  • •Identify and explain various causes of risk.
  • •Differentiate between perils and hazards.
  • •Analyze uncertainties in business operations.
Week
7

MODEL 2:

3h

Unit 7: Scope & Benefits of Risk Management

3 study hours
  • •Explain the scope and nature of risk management.
  • •Discuss the importance and benefits of risk management.
  • •Explain risk communication.
Week
8

MODEL 2:

3h

Unit 8: Process of Risk Management

3 study hours
  • •Discuss the process and principles of risk management.
  • •Explain risk identification, evaluation, and treatment.
  • •Analyze different approaches to risk management.
Week
9

MODEL 2:

3h

Unit 9: Methods of Risk Management

3 study hours
  • •Explain techniques of managing corporate risks.
  • •Discuss risk avoidance, reduction, retention, and transfer.
  • •Identify types of personal risk.
Week
10

MODEL 2:

3h

Unit 10: Agents of Risk Management

3 study hours
  • •Describe the role and responsibilities of risk managers.
  • •Evaluate the need for brokers and consultants.
  • •Discuss monitoring and reviewing risk management processes.
Week
11

MODULE 3:

3h

Unit 11: Risk Detection

3 study hours
  • •Explain the process of detecting risk exposure.
  • •Identify common methods and features of risk detection.
  • •Analyze sources of information for risk detection.
Week
12

MODULE 3:

3h

Unit 12: Risk Evaluation

3 study hours
  • •Explain the process of risk assessment.
  • •Differentiate between potential severity and composite risk index.
  • •Discuss level of risk in relation to self-insurance.
Week
13

MODULE 3:

6h

Unit 13: Risk Control

3 study hours
  • •Explain the control of the level of risk exposure.
  • •Discuss measures for reducing the chances of risk occurring.
  • •Analyze control measures for different risks.

Unit 14: Risk Financing

3 study hours
  • •Explain the costs inherent in incidents of risk.
  • •Discuss the determinants of risk financing.
  • •Analyze corporate risk financing methods.

This study schedule is in beta and may not be accurate. Please use it as a guide and consult the course outline for the most accurate information.

Course PDF Material

Read the complete course material as provided by NOUN.

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Study Tips & Exam Preparation

Expert tips to help you succeed in this course

1

Create concept maps linking Units 3-5 stakeholder concepts.

2

Practice cost-benefit analysis from Units 7-9 weekly.

3

Review all risk management processes from Units 8-10.

4

Focus on key definitions from Units 1-2.

5

Utilize the time between the conclusion of the last study unit and sitting for the examination to revise the entire course.

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