Course description

Businesses are exposed to many different risks. They do not have the resources to implement all possible risk mitigation strategies, so they have to prioritise. They also need to know what actions will minimise risk or reduce it to an acceptable level. Many factors affect risk and many risk factors are not easily quantifiable. Therefore, managers require risk assessment skills that allow them to accommodate multiple factors that affect risk and their relationships, account for uncertainty in risk factors, and evaluate risk management options. This requires skills in causal risk assessment whereby the relationships between risk factors are causally mapped, probabilities are applied to these causal relationships to develop a risk model and the risk model is used to evaluate risk management options. This course equips students with these skills.

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