Risk Management
- Management Sciences
- 400 level
- 2 credit units
- 180 pages
- 15 units
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.
About this course
- Difficulty
- Intermediate
- Study hours
- 45 hours
- Maths
- Basic
- Content
- Theoretical, case study
- Practical work
- No
- Assignments
- Tutor marked assessments
- Final examination
What you'll read
The real module and unit structure of ENT421, taken from the course material NOUN publishes.
- UNIT 1: MEANING AND NATURE OF RISKPage 11
- UNIT 2: TYPES OF RISKPage 18
- UNIT 3: RISK AND BUSINESS STAKEHOLDERSPage 26
- UNIT 4: PEOPLE’S ATTITUDES TO RISKPage 38
- UNIT 5: COSTS ASSOCIATED WITH RISKPage 46
- UNIT 6: CAUSES OF RISKSPage 53
- UNIT 7: SCOPE & BENEFITS OF RISK MANAGEMENTPage 62
- UNIT 8: PROCESS OF RISK MANAGEMENTPage 73
- UNIT 9: METHODS OF RISK MANAGEMENTPage 84
- UNIT 10: AGENTS OF RISK MANAGEMENTPage 97
- UNIT 11: DETECTION OF RISK EXPOSUREPage 113
- UNIT 12: RISK EVALUATIONPage 128
- UNIT 13: RISK CONTROLPage 143
- UNIT 14: RISK FINANCINGPage 154
- UNIT 15: RISK AND QUALITY CONTROLPage 171
One paragraph, so you can see how it reads
ENT421 · UNIT 1: MEANING AND NATURE OF RISK
There are many definitions of the term risk which are examined herein so that you can appreciate the nature of risk. An array of definitions is reviewed below towards establishing a framework for the discussion of risk.
What you should be able to do
- Define and explain the concept of risk management.
- Identify and classify different types of risks.
- Analyze the impact of risk on business stakeholders.
- Apply risk management processes and methods.
- Evaluate and control risk exposures.
- Develop risk financing strategies.
What it prepares you for
- Risk Manager
- Insurance Underwriter
- Compliance Officer
- Financial Analyst
- Project Manager
- Finance
- Insurance
- Banking
- Healthcare
- Manufacturing
Where it gets hard
The units students slow down on, and what makes each one heavy.
- Module 3:
Unit 12: Risk Evaluation
Advanced calculus integration techniques require strong mathematical foundation.
- MODEL 2:
Unit 9: Methods of Risk Management
Complexities of insurance policies and legal implications require careful analysis.
A suggested way through it
13 weeks, about 42 hours in total. Yours will differ.
- Week 1Module 1:
Unit 1: Meaning and Nature of Risk · 3 hours
Define risk and its nature.. Differentiate between uncertainty and risk.. Explain the importance of risk management..
- Week 2Module 1:
Unit 2: Types of Risk · 3 hours
Identify and explain different types of risk.. Differentiate between internal and external risks.. Analyze the impact of risks on business operations..
- Week 3Module 1:
Unit 3: Risk and Business Stakeholders · 3 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 4Module 1:
Unit 4: People's Attitudes to Risk · 3 hours
Explain objective and subjective elements of risk.. Analyze individual attitudes to risk.. Discuss the relationship between risk aversion and uncertainty..
- Week 5Module 1:
Unit 5: Costs Associated With Risk · 3 hours
Identify and explain costs associated with risk.. Differentiate between private and social costs.. Analyze losses arising from risk..
- Week 6Model 2:
Unit 6: Causes of Risk · 3 hours
Identify and explain various causes of risk.. Differentiate between perils and hazards.. Analyze uncertainties in business operations..
- Week 7MODEL 2:
Unit 7: Scope & Benefits of Risk Management · 3 hours
Explain the scope and nature of risk management.. Discuss the importance and benefits of risk management.. Explain risk communication..
- Week 8MODEL 2:
Unit 8: Process of Risk Management · 3 hours
Discuss the process and principles of risk management.. Explain risk identification, evaluation, and treatment.. Analyze different approaches to risk management..
- Week 9MODEL 2:
Unit 9: Methods of Risk Management · 3 hours
Explain techniques of managing corporate risks.. Discuss risk avoidance, reduction, retention, and transfer.. Identify types of personal risk..
- Week 10MODEL 2:
Unit 10: Agents of Risk Management · 3 hours
Describe the role and responsibilities of risk managers.. Evaluate the need for brokers and consultants.. Discuss monitoring and reviewing risk management processes..
- Week 11MODULE 3:
Unit 11: Risk Detection · 3 hours
Explain the process of detecting risk exposure.. Identify common methods and features of risk detection.. Analyze sources of information for risk detection..
- Week 12MODULE 3:
Unit 12: Risk Evaluation · 3 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 13MODULE 3:
Unit 13: Risk Control · 3 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 hours
Explain the costs inherent in incidents of risk.. Discuss the determinants of risk financing.. Analyze corporate risk financing methods..
Preparing for the exam
- Create concept maps linking Units 3-5 stakeholder concepts.
- Practice cost-benefit analysis from Units 7-9 weekly.
- Review all risk management processes from Units 8-10.
- Focus on key definitions from Units 1-2.
- Utilize the time between the conclusion of the last study unit and sitting for the examination to revise the entire course.
Questions students ask about this course
What is ENT421 about?
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.
How many units does ENT421 have?
ENT421, Risk Management, has 15 units across 1 module, over 180 pages of course material. You can read it one unit at a time.
How many credit units is ENT421?
ENT421 carries 2 credit units, at 400 level in Management Sciences.
Is ENT421 hard?
ENT421 is rated intermediate level, with basic mathematical content. It is mostly theoretical and case study work.
How long does ENT421 take to study?
About 45 hours of study, spread across its 15 units.
How is ENT421 assessed?
ENT421 is assessed by assignments, tutor marked assessments and final examination.
What can I do with ENT421?
Risk Manager, Insurance Underwriter, Compliance Officer, Financial Analyst and Project Manager.