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, delivered on RevisionMate.
- Assessment entry.
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
- Understand the concept of risk
- Understand how risk can be identified and analysed
- Understand how risk can be evaluated
- Understand how risk can be treated
- Understand how risk is managed in practice
- Understand the elements of business continuity and management
- 2 hour exam
- 75 multiple choice questions
- 70% nominal pass mark
- The 2022 pass rate for this unit was 87%
Instructions on accessing your course on RevisionMate will be sent to your registered email address. This is typically within two working days of your order being placed, but may be longer, particularly if payment is made by bank transfer or the unit is available as a pre-order.
Study material - editions available
2024 edition (applicable to exams sat 01 Jan 24 to 31 Dec 2024)
Revision aids available
The revision aids available for this unit are listed below. Find out more details. **Please see individual shop pages for 2024 edition availability**
- Key Facts Booklet
- Knowledge Checker
Note for purchasing revision aids: please make sure you do not already have the revision aid(s) as part of any Enrolment plus purchase.