N/A

The module covers fundamentals of risk: features of risk, factors involved, categorisation of types, and risk management processes including the use of traditional risk management and enterprise risk management (ERM). We will consider the role of risk management and risk culture in the organisation, explain the functions of risk management including transfer/insurance, analyse the factors affecting a person’s response to risk, apply techniques for decision making under conditions of risk and uncertainty. We consider risk control options, review the need for contingency planning, discuss the means of planning for loss of a computer system, supply chain disruption and the specific requirements for cyber contingency and incident management. The rationale and preconditions for “captive insurance companies” are analysed. Consideration of risks requires a persepective from the micro, organisational level to a macro, market or global perspective and will encompass the Environmental, Social and Governance risks that may damage corporate reputation.

LO1: Critically review the theory and models underpinning of risk management and how these approaches can be applied in practice
LO2: Critically analyse the impact of human behaviour on attitudes to risk and risk mitigation
LO3: Critically appraise the factors risk managers need to take into account in order to prevent and manage the consequences of risk
LO4: Critically assess contemporary issues in risk management strategy, culture, and operations and implications for organisational resilience
LO5: Critically analyse risk issues and present this analysis for an informed audience using appropriate media