Level 3 Risk Management Diploma

Course Content

Level 3 Risk Management Diploma Unit 1 – What is Risk Management?

Murphy states that ‘what can go wrong, will go wrong!’ Risk can be minimized by being prepared for every problem and issue, or knowing what to do if something does go wrong or not as expected. This unit will introduce the types and background to modern concepts of risk management (RM) skills, and how these can change and develop within a business management context. It examines the way RM evolves, how to assess and set guidelines or processes to mitigate difficulties, and the risk manager’s role in this process. The unit concludes with a range of guidelines and frameworks (often called re-engineering risk) on how to implement new skills and behaviors in order to reduce practical risk issues, by looking at effective RM e.g., using SWOT analysis or SMART objectives.

Level 3 Risk Management Diploma Unit 2 – The Individual as a Risk Manager

The best way to learn is by using an actual example, Cortal-plc Corp, to examine the role and focus on some essential core skills for a risk manager, with tips and techniques for successful risk management. Risk goal-setting, risk problem-solving, effective risk resolution meetings, risk interviewing, working with others e.g., through training and giving or receiving risk-related feedback are addressed. Relevant IT tools, systems, and applications are explored, including risk landscape analysis. The role of a risk manager to set procedures, be clear and open, try not to under-risk and lead or involve others to manage risk is explored.

Level 3 Risk Management Diploma Unit 3 – Risk Structure and Environment, RiskSE

The key issues and components covered to assess RiskSE are vision, strategy, design, plan, implementation, analysis, and lessons learned post-project. This unit includes an assessment of different features and types of risk organization structure and the various environments within which risk organizations operate. This unit assesses recent trends, available support such as IT packages or activities one can use, and the move towards the use of risk integration. Strategies and directions on how to transform and analyze risk initiatives, and the effects to anticipate a risk organization future evolution is discussed. The various roles and tasks involved such as for e.g., Risk Architecture, Risk Planner, Analyst, or Manager are explored.

Level 3 Risk Management Diploma Unit 4 – Managing Risk Processes

A company that had tried to introduce a Risk Total Quality and improved processes to improve quality and value-for-money, but failed for 2-3 years is used as a real case study sample. The company’s internal features of a risk organization, including planning and strategy, risk costs and budgets, and the benefits of understanding the risk processes is considered. A consultant was recruited to assess and implement the required change within a six-month period. They developed a customized Risk product development life cycle. The findings, plans, reviewing these with staff, amending, implementation design, testing, monitoring, and outcomes will be explored. Practical advice is provided on facilitation of workshops, in the context of risk process improvement.

Level 3 Risk Management Diploma Unit 5 – Managing Risk Projects

If a project overruns and costs escalate, those in management will be blamed. Companies have a legal duty to disclose such failings early and quickly. The unit asks ‘What is a risk project?’, providing a step-by-step breakdown of the key phases for managing risk projects successfully. It provides advice on financing risk projects, and on quality risk assessment. The unit provides guidance on risk project team roles and effective brainstorming for problem-solving. Presently in the UK, Tesco, a large supermarket chain, has misled shareholders and the public about their profit forecasts, and failure to do this is illegal and fails certain regulatory obligations. Planning and estimating costs and risks, and how to evaluate them, will be assessed.

Level 3 Risk Management Diploma Unit 6 – Managing Risk Diversity, MRiskD

Diversity in terms of risk is discussed because no matter the type of diversity, it has to be managed professionally with attention to detail so that the performance is measured in terms of Risk/Change strategy. Companies need to embrace the increasingly diverse UK, EU, US, and global risk mandates and the business case for managing by diversity-unification principles, and this is discussed. Key risk issues and legislation issues will be examined, including common challenges and potential conflicts in real business examples, and diverse risk themes of international regulatory styles will be explored, e.g., a company specializing in Wireless and Broadband is able to offer training to East European countries undergoing cultural, risk management, and technological change using its unique MRiskD methodology.

Level 3 Risk Management Diploma Unit 7 – Risk and Change

There are a vast number of laws and regulations concerning Corporate Risk, non-compliance, and some of these are addressed with regard to Governance in the management of change since those in power will determine what will be managed. Risk and change may be regarded as a ‘chicken and egg principle’ – which comes first? Often organizations are challenged to change in order not to be penalized, but it can also be a reason to e.g., improve performance, restructure and change the organizational culture, and how this can be done is investigated. Accordingly, a review of risk-caused/affecting organizational changes, managing the risk-change process, and dealing with individual resistance and cultural issues is included. The use of coaching, mentoring, and facilitation development is explored in a context of companies never quite managing to meet every legislative and internal change required, so change in small sections or as distinct projects is advocated. The role of every individual in an organization is discussed in terms of strategic goals and business objectives.

Level 3 Risk Management Diploma Unit 8 – Quality and Risk

If you cannot size it, you cannot measure it, and if you cannot measure it, you cannot improve it – this is a quality and risk axiom. Every business hopes to deliver quality in terms of the service and products it offers. Risk control as a measure for quality performance will be discussed. The use of risk goals, related risk performance indicators, service level agreements, and benchmarking will be considered, along with a review of quality-risk management improvement. Countless frameworks, standards, techniques, and concepts e.g., a quality management computer system for improving product or service quality and some examples will be investigated in the contexts of companies and business environments.

Level 3 Risk Management Diploma Unit 9 – Audit and Risk

It is impossible to guess how a business, product, process, or a person is performing and the only way to assess this is using evaluation through an audit using pre-determined criteria. If you cannot audit it, you cannot measure it, and if you cannot measure it, you cannot improve it – this is an audit and risk axiom. Historically, audits were conducted to assess, guarantee, and gather financial information about a business, but today audits are a general measure of objects with information on e.g., IT- and environment systems and risk program implementation. The use of audit objectives, related risk-audit performance indicators, service level agreements, and benchmarking are considered, along with a review of audit-risk management improvement. Auditors are generally conducted by independent people who must adhere to standards set by governing professional bodies that regulate business. This helps to provide assurance for a third party that the audit reports present ‘fairly’ a company’s financial condition and results of operating performance. Internal auditors are also employed for larger companies and they evaluate performance, manage output, and mitigate risks on a daily basis.

Level 3 Risk Management Diploma Unit 10 – Ethics and Risk

The rise of corporate and banking scandals continues to headline our news due to fraud, dishonesty, oversight, and corruption. With this, the number of compliance measures for Risk and Misconduct reduction, rules, and regulations grow, are developed and enforced, yet they fail to deter and totally stop the scandals. This unit examines recent trends in business ethics which arose out of historic values to encourage people not to ‘do bad business, steal and rob their neighbors’, corporate governance and wisdom, environmental issues, and social responsibility. Practical advice is provided with tips and guidance on making ethics and risk presentations so that every employee is aware of business risk and ethics. Finally, the course review is done to reflect on the learning and also to help think about career goals and next steps.