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The Open University

Understanding and managing risk

The Open University via OpenLearn

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Overview

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This free course, Understanding and managing risk, provides an introduction to financial risk management. The processes of risk identification, risk measurement and risk management are explored. The course then goes on to examine reputational risk and operational risk. It concludes with an examination of the subject of behavioural finance and what this can contribute to our understanding of risk taking and risk management.

Syllabus

  • Introduction
  • Learning outcomes
  • 1 Risk and the financial crisis
  • 1 Risk and the financial crisis
  • 1.1 Risk management
  • 1.2 The financial crisis – the cost of risk management failures
  • Audiovisual activity
  • Case study
  • 2 A helicopter overview of risk
  • 2 A helicopter overview of risk
  • 2.1 Defining risk
  • 2.2 The risk management process
  • Stage 1: Identify risk exposures
  • Stage 2: Measure and estimate risk exposures
  • Stage 3: Assess effects of exposures
  • Stage 4: Form a risk mitigation strategy
  • Stage 5: Evaluate performance
  • Summary
  • 3 Operational risk
  • 3 Operational risk
  • 3.1 The implications of operational risk
  • 3.2 Operational risk management
  • 3.3 IFRS and operational risk
  • Summary
  • Audiovisual resource
  • Conclusion
  • Glossary
  • References
  • Acknowledgements

Tags

Reviews

5.0 rating, based on 2 Class Central reviews

4.3 rating at OpenLearn based on 23 ratings

Start your review of Understanding and managing risk

  • Profile image for Enrique Enriquez
    Enrique Enriquez @EEnriquez
    17
    Engaging with this course provided a rigorous framework for comprehending the multifaceted nature of organizational risk. Its exploration extends beyond mere financial hazards to encompass operational, reputational, and strategic exposures, delivering a holistic perspective essential for modern management. The structured risk management process—identification, measurement, assessment, mitigation, and evaluation—offers a actionable methodology. Material on the financial crisis and case studies like UBS and Barings serve as potent illustrations of systemic and operational failure, transforming theory into tangible cautionary narratives.
  • Anonymous
    well formulated and designed for a helicopter view on Risk Management which is lucid and easy to understand
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