Risk Management: Dealing with Risk

Overview/Description
The most desirable objective of risk management is to eliminate risk uncertainty, whether for threats or opportunities. But what happens when that's not an option? Even the most thorough planning is subject to risk, and the best leaders are the ones who know how to respond effectively to risk, whether for a threat or an opportunity. This course examines the third stage of risk management – dealing with risk. It provides general strategies for dealing with risk, such as risk exposure adjustment and contingency planning. And it outlines strategies specific to dealing with threats and opportunities.

Target Audience
Decision makers at all levels in an organization interested in learning about the issues relating to risk and risk management

Expected Duration (hours)
1.0

Lesson Objectives

Risk Management: Dealing with Risk

distinguish between the types of responses to threats

distinguish between the types of responses to opportunities

respond effectively to an opportunity

calculate the contingency reserve for a given set of risks

recognize examples of contingent response strategies