Risk Management Introduction

Risk management plays a central role at the heart of every organisation. Almost every decision a business makes from the day it is established constitutes a risk of some kind. Once operational, risk becomes an everyday part of running the business and takes a variety of forms. As risk cannot be avoided, it must be managed proactively and effectively. Risk breeds reward, which is why capable risk managers are such valuable assets in the business world. To master the art of risk management it to know exactly how to capitalise on every opportunity that presents itself, safely and confidently.

This introductory tutorial has been designed for business owners, senior managers and anyone with an interest in risk management. Explore a brief history of risk management its associated concepts, including the element of risk, current risk definitions, the relationship of uncertainty to risk and various key risk classifications. Study pure risk, the benefits of risk management and how risk management fits into the wider organisational framework.