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Unit 5021 Operational Risk Management

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CMI Level 5 Diploma in Management and Leadership
Unit 5021 – Operational risk management

CARE 4 ME
Angela Jackson

Content

1. Be able to understand the concept of risk management 2. Be able to understand the identification of risk and risk probability 3. Be able to understand the management of risk response approaches

1.Be able to understand the concept of risk management

1.1 - Discuss the meaning of risk to an organisation
Good risk management awareness and practice at all levels is a critical success factor for any organisation. Risk is inherent in everything that an organisation does: treating patients, determining service priorities, project management taking decisions about future strategies or even deciding not to take any action at all.

Risk management is the process of identifying, quantifying and managing the risks that an organisation faces. As the outcome of business activities are uncertain, they are said to have some element of risk. These risks include strategic failures, operational failures, financial failures, market disruptions, environmental disasters and regulatory violations. When it is impossible that companies remove all risk from the organisation, it is important that they properly understand and manage the risks that they are willing to accept in the context of the overall corporate strategy. The management of the company is primarily responsible for risk management, but the stakeholders; external auditor and other professionals can play critical roles. An example is a factory; they can be dangerous places to work so it is important that companies implement appropriate risk management processes. An example of this is that a company can reduce the likelihood of an accident by limiting work schedules so reducing employee fatigue, locating equipment in areas that are less vulnerable to damage, performing...

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