Today’s business professionals are witnessing significant changes in society, operations, and technology. These changes all pose threats to businesses. Businesses must be able to tackle the threats and risks to their resources, employee safety, and organizational performance. To do so, employees have to be trained to identify and document risks, invent risk mitigation strategies, and determine the course of action to treat organizational risks effectively. These elements are all parts of a risk management framework. The IntelBench™ curriculum is designed to provide a framework for effective risk management, based on the ISO 31000 Risk Management Standard. Risk management is a major topic, as recognized by the Project Management Institute, the National Institute of Standards and Technology, actuarial societies, and ISO. All these organizations have developed their risk management standards. According to Forbes.com, risk management industry includes more than 30,000 companies and generates $6 billion in revenue annually.
The Risk Management Professional identifies and evaluates potential risks that could prevent a company from achieving its primary goals and objectives. Once these risks are analyzed, the Risk Management Professional selects and implements risk treatments designed to mitigate or eliminate the risks. A reviewing process helps the Risk Management Professional to determine if the risk treatment successfully treated the risk without harming existing organizational processes. The Risk Management Professional continuously reviews the risk management system and makes improvements that match changing company objectives and goals.
A Risk Management Professional's job tasks include:
- Identifying financial, safety or security risks that the client company or organization may face
- Preparing action plans to decrease risk factors
- Gathering confidential financial information from client such as income, assets and debts
- Managing company insurance policies
- Performing risk evaluation, which assesses the way the company previously handled risks
- Making risk-avoiding adjustments to current methods of operation in order to minimize their future risks
- Preparing a risk-management budget
- Providing training and certification for organization staff so that they can be aware of risks and try to avoid them
Work Activities summarize the kinds of tasks that may be performed across multiple occupations. Work activities are an aggregation of similar job tasks or behaviors for the accomplishment of major work functions.
A Risk Management Professional's include:
- Designing and implementing an overall risk management process for the organisation, which includes an analysis of the financial impact on the company when risks occur
- Performing a risk assessment: Analysing current risks and identifying potential risks that are affecting the company
- Performing a risk evaluation: Evaluating the company’s previous handling of risks, and comparing potential risks with criteria set out by the company such as costs and legal requirements
- Establishing the level of risk the company are willing to take
- Preparing risk management and insurance budgets
- Risk reporting tailored to the relevant audience. (Educating the board of directors about the most significant risks to the business; ensuring business heads understand the risks that might affect their departments; ensuring individuals understand their own accountability for individual risks)
The Risk Management Professional curriculum is designed to provide students with a comprehensive approach to Enterprise Risk Management. This curriculum presents students with the materials, tools, and resources they need to manage risk within an organization successfully. After completing this curriculum, students shall understand how to use the principles and techniques of enterprise risk management to mitigate or eliminate both internal and external risks.
To learn more about our AnalysisBench curriculum click here