Risk Management

Projects

The identification, analysis, assessment, control, and avoidance, minimization, or elimination of unacceptable risks.“ (Business dictionary)

Purpose

• Create awareness of Risk Management basic principles and practices;
• Familiarize leaders with useful tools, applicability, roles & responsibilities;
• Create an example by solving a real situation that a solid company wants to create/improve.

Objectives

• To be defined based on organizational needs and expectations.

Learning architecture

• Understanding the definitions, basic principles and applicable international standards;
• Examples of tools (Case Studies) in various real organizational contexts;
• Practice and challenge the understanding of the tools by solving a real example that a company wants to create / fix / improve (e.g. knowledge retention in case of high regrettable turnover;
• How to prevent work related accidents from happening and how to react if they happen etc.).

Basic principles

• Risk assumption – Practice of absorbing minor losses (such as due to petty larceny) but protecting against catastrophic losses (such as due to robbery or fire) by buying insurance cover;
• Risk avoidance – Involves taking steps to remove a hazard, engage in alternative activity, or otherwise end a specific exposure;
• Risk retention – A form of self-insurance employed by organizations which have determined that the cost of transferring a risk to an insurance company is greater over time than the cost of retainin the risk and paying for losses out of their own reserve fund;
• Risk transfer – Shifting risk from one party to another; examples include purchasing insurance coverage or issuing debt.

Examples of tools

• Risk assessment;
• Business continuity planning;
• FMEA & Control Plans;
• Root Cause Analysis;
• Situational and behavior observation;
• Cause & Effects Matrix;

Related topics

• RM & HSE;
• RM & Financial markets;
• RM & the digital world;
• RM in business practices;
• RM and QMS (ISO 9001; ISO/TS;
16949; ISO 31000);

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