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Module 26: Risk and Opportunity

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Instructional Objectives:

  • Develop and implement a risk management framework. 
  • Identify risks and opportunities 
  • Assess the probability and impact of risks and opportunities 
  • Select strategies and implement response plans to address risks and opportunities 
  • Evaluate and monitor risks, opportunities and implemented responses 

RISK AND OPPORTUNITY

Integration and control of all activities is described in the competence element Plan and control (Practice 10).  Apart from that, the individual has to identify, prioritise and mitigate the main Risk and opportunity (Practice 11) and to assess, and engage with, Stakeholders (Practice 12).

The Risk and opportunity (Practice 11) competence element enable the individual to understand and effectively handle risks and opportunities, including responses and overall strategies. 

Instructional Objectives:

  • Develop and implement a risk management framework. 
  • Identify risks and opportunities 
  • Assess the probability and impact of risks and opportunities 
  • Select strategies and implement response plans to address risks and opportunities 
  • Evaluate and monitor risks, opportunities and implemented responses 

Lesson 1 : Develop and implement a risk management framework

  • Identify potential risk management models.
  • Develop a risk management framework.
  • Ensure that this framework is applied consistently.

45min.

Lesson 2 : Identify risks and opportunities

  • Name the sources of risks and opportunities.
  • Identify risks and opportunities.
  • Record these in the register.

1hr. 10min.

Lesson 3 : Assess the probability and impact of risks and opportunities

  • Carry out a qualitative analysis.
  • Carry out a quantitative analysis.
  • Use a risk/opportunity decision tree.

2hrs. 27min.

Chapter 4 : Select strategies and implement response plans to address risks and opportunities

  • Explain how you can manage risks and opportunities.
  • Assess the possible risk responses.
  • Develop alternatives.
  • Ensure that the necessary people and resources are available.
  • Implement and communicate the risk plan.

2hrs 1min.

Chapter 5 : Evaluate and monitor risks, opportunities and implemented responses

  • Monitor and manage the risks and opportunities.
  • Communicate about the risks and opportunities.

1hr. 35min.

INTEGRATION AND CONTROL OF ALL ACTIVITIES IS DESCRIBED IN THE COMPETENCE ELEMENT PLAN AND CONTROL (PRACTICE 10). APART FROM THAT, THE INDIVIDUAL HAS TO IDENTIFY, PRIORITISE AND MITIGATE THE MAIN RISK AND OPPORTUNITY (PRACTICE 11) AND TO ASSESS, AND ENGAGE WITH, STAKEHOLDERS (PRACTICE 12).

The Risk and opportunity (Practice 11) competence element enable the individual to understand and effectively handle risks and opportunities, including responses and overall strategies.

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