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Fundamentals of Risk Management (M67)

The objective of this unit is to explore the principles of risk management and the role of insurance within these principles.

The default Enrolment option for this unit includes:

  • Latest version of the core learning content, in digital format only.
  • Assessment entry.

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Fundamentals of Risk Management (M67) explores how people and organisations can anticipate and deal with risk and uncertainty. How a formal structure can help to identify risks, establish how often they are taken, and measure potential consequences if risks materialise. Then we look at risk management, how risk taking can be avoided or reduced, and what can be done to soften the effects when a risk goes wrong. Finally, we study some examples of well-publicised major losses to see what lessons can be learnt.

Building a successful career in insurance

This course is ideal for anyone seeking a career in insurance or looking to gain knowledge and understanding of the fundamentals of risk management and develop their knowledge and skills for a rewarding career in the insurance profession or in a support role.

Fundamentals of Risk Management (M67) counts towards a Diploma in Insurance. It may also count towards the Advanced Diploma in Insurance.

Please note it is assumed that you already have knowledge of the fundamental principles of insurance as covered in Insurance, Legal and Regulatory (IF1) or equivalent examinations.

Summary of learning outcomes 

  1. Understand the meaning of risk.
  2. Understand the role and purpose of risk management
  3. Understand the core elements of the risk management process.
  4. Understand the different categories of risk.
  5. Understand current trends in risk management.
  6. Understand the position of insurance within risk management.
  7. Understand the key risk management lessons learnt from major loss events.

Assessment

  • Coursework assignment with 10 compulsory short answer questions; and a 60 minute exam comprising 50 multiple-choice questions (MCQs)
  • 60% coursework nominal pass mark
  • 65% exam nominal pass mark
  • The average pass rate for those completing Diploma in Insurance mixed assessment units in full is currently 91.7%

Study material - editions available

2021-22 edition (applicable to exams sat 01 May 2021 to 30 Apr 2022).