This course examines the third stage of risk management – dealing with risk.
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.Learning objectives
- 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
- Recognise examples of contingent response strategies