This course provides students with a variety of tactics and techniques used to analyze and manage business risks. By using real world scenarios in a small group setting which includes role playing and individual work; students will learn how to apply risk management techniques to gather information needed, how to formulate questions, how to organize and map relevant facts, and how to write effective recommendations. At the end of the course, students will be able to analyze and offer recommendations for the best course of action in managing business risks. The knowledge they gain can be applied to operational risk, IT risk, financial risk, HR risk, and other risks in various departments in companies and nonprofit and public entities.
What Will You Learn?
- define the nature of risk and identify the risks facing both individuals and organizations today; describe the principles of risk management and the role of the risk manager; outline the risks associated with loss of income, ownership of property, and legal liability; classify the various types of insurance, which are used to reduce the chance of loss and identify other loss prevention/reductions mechanisms, which may be appropriate; and explain our society's treatment of fundamental risks, the concepts of social insurance used to treat these risks, and surety ship.
define different types of risks, hazards and perils, and explain the adverse effect of risk on economic activity
Understand The Basic Statistical Principles Of Insurance And Identify The Situations Where Insurance May Be Used As A Risk-Sharing Or Risk-Transfer Device
Differentiate Between Private And Social Insurance And Recognize The Respective Needs For Each