Risk Management Fundamentals

Level: Beginner

Why you need this course:
After completing this course, you’ll understand how the risk management process works.

Upon successful completion of this course, you should be able to:

• Describe risk management and its broad scope.
• Identify the costs and benefits of risk management for a particular organization and for the entire economy.
• Identify the steps in the risk management process.
• Describe the four types of loss exposures.
• Describe the methods of identifying loss exposures.
• Explain how to analyze loss exposures along the dimensions of loss frequency, loss severity, total dollar losses, timing, and data credibility.
• Describe the following risk control techniques:
  • Avoidance
  • Loss prevention
  • Loss reduction
  • Separation
  • Duplication
  • Diversification
• Describe the risk financing techniques of transfer and retention.
• Explain how to select appropriate risk management techniques.
• Describe the technical and managerial decisions that must be made to implement the selected risk management techniques.
• Identify reasons why a risk management program may need to be revised.

Risk Management Fundamentals Topics Include:

• Risk management and its broad scope
• Costs and benefits of risk management
• Steps in the risk management process
• Four types of loss exposures
• Methods of identifying loss exposures
• Analyzing loss exposures along the dimensions of loss frequency, loss severity, total dollar losses, timing, and data credibility
• Avoidance, loss prevention, loss reduction, separation, duplication, and diversification as risk management techniques
• The risk financing techniques of transfer and retention
• How to select appropriate risk management techniques
• The technical and managerial decisions that must be made to implement the selected risk management techniques
• Reasons why a risk management program may need to be revised

Additional Course Resources

• Try a demo of Institutes Online learning

Additional Knowledge Solutions

• View the Institutes’ full catalog
• See all the Institutes’ offerings

E-mail: customerservice@TheInstitutes.org

Phone: (800) 644-2101

Fax: (610) 640-9576

Customer Service hours are Monday through Friday, 8:00 a.m. to 6:00 p.m. eastern time.