Understanding the Risk Management Process

Level: Intermediate

Why you need this course:
After completing this course, you’ll be able to evaluate the effectiveness of the risk control and risk financing techniques your organization uses.

Upon successful completion of this course, you should be able to:

• Identify the steps in the risk management process.
• Describe the four types of loss exposures.
• Describe the methods of identifying loss exposures.
• Explain how to analyze loss exposures along the dimensions of loss frequency, loss severity, total dollar losses, timing, and data credibility.
• Describe the following risk control techniques:
• Avoidance
• Loss prevention
• Loss reduction
• Separation
• Duplication
• Diversification
• Describe the risk financing techniques of transfer and retention.
• Explain how to select appropriate risk management techniques.
• Describe the technical and managerial decisions that must be made to implement the selected risk management techniques.
• Identify reasons why a risk management program may need to be revised.

Cost: $20 per Professional Development Hour (PDH). Information on Professional Development Hours (PDH) provided can be found here.

Understanding the Risk Management Process Topics Include:

• The Steps in the Risk Management Process
• The Four Types of Loss Exposures
• Methods of Identifying Loss Exposures
• How to Analyze Loss Exposures Along the Dimensions of Loss Frequency, Loss Severity, Total Dollar Losses, Timing, and Data Credibility
• Avoidance, Loss Prevention, Loss Reduction, Separation, Duplication, and Diversity as Risk Control Techniques
• Transfer and Retention as Risk Control Techniques
• Technical and Managerial Decisions That Must Be Made to Implement Selected Risk Management Techniques
• Why a Risk Management Program May Need to Be Revised

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