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Level 3

Overview

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Introduction to Risk Management (I11)

Introduction to Risk Management (I11) provides a comprehensive introduction to the world of risk management by outlining the important issues surrounding risk management and the many factors that might increase an organisation's exposure to risk.

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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This study text introduces risk management by asking: 'What is risk?', 'How do we perceive and measure risk?' and 'How do we describe risk?' before considering 'What can we do about risk?'

We will look at tools used to identify, classify, value and manage risk and how risk management has developed as a discipline within an organisation's structure and culture.

Risk is not always a bad thing. Good things can come out of taking a risk and modern risk management approaches take account of this. Organisations recognise that their continued success relies on identifying and controlling risks. Risk professionals identify, describe and record risks faced by their organisation and then analyse and evaluate the risks to formulate a strategy to deal with them.

Steps to mitigate some risks include ensuring funds are available to meet the cost. For other risks, the cost of the risk occurring can be transferred to someone else. The traditional way of taking this latter approach is through insurance and this remains a useful and popular response.

Building a successful career in insurance

This course is relevant for anyone seeking to develop their knowledge and skills for a rewarding career in the insurance profession or in a support role. Introduction to Risk Management (I11) counts towards achieving the Certificate in Insurance. It may also count towards the Diploma in Insurance and the Advanced Diploma in Insurance.

Summary of learning outcomes 

  1. Understand the concept of risk
  2. Understand how risk can be identified and analysed
  3. Understand how risk can be evaluated
  4. Understand how risk can be treated
  5. Understand how risk is managed in practice
  6. Understand the elements of business continuity and management

Assessment

  • 2 hour exam
  • 75 multiple choice questions
  • 70% nominal pass mark
  • The 2020 pass rate for this unit was 85%

Study material - editions available

2021 edition (applicable to exams sat 01 Jan 21 to 31 Dec 2021)