Risk management

The course is the result of collaboration between The Open University and Rolls-Royce PLC. This collaboration has ensured that contemporary theories about risk management are explored within the context of an international company that is required to apply these theories in its business practices.

Recent decades have seen an array of news stories where risk management failings have undermined an organisation and dented the credibility of its management. These failings have led to the demise of some companies – for example Lehman Brothers, World Com and Enron. Worse than this in many instances the failings have resulted in deaths and injuries – as with the Piper Alpha oil platform disaster in the North Sea in 1988 or the BP Deepwater Horizon explosion and oil spill in 2010.

Successful organisations embed a culture of risk management in all areas of their activities. To achieve this requires effective and practical risk management education. The course particularly benefits all those engaged as risk managers, those seeking to develop their risk management capabilities and those, like board members, who have ultimate responsibility for risks within their organisations. Additionally all those with, or seeking, a career in management in any organisation will benefit from the understanding of risks and how to manage them.

This eight-session course examines how to practise good risk analysis and then apply successful processes to manage it. The course is supported by case studies and audio-visual materials to help explain the varied and often complex risk management practices employed at Rolls-Royce and widely elsewhere.

Enrolling on the course will give you the opportunity to earn an Open University digital badge. Badges are not accredited by The Open University but they’re a great way to demonstrate your interest in the subject and commitment to your career, and to provide evidence of continuing professional development.

Once you are signed in, you can manage your digital badges online from My OpenLearn. In addition, you can download and print your OpenLearn statement of participation – which also displays your Open University badge.

Course learning outcomes
After studying this course, you should be able to:

• Identify and understand the risks faced by organisations
• Know how to assess and measure the impact of risks on organisations
• Understand the different ways that risks can be managed or mitigated
• Understand how organisations can apply 'Enterprise Risk Management'
• Understand the importance of effective monitoring and reporting of risks.

Introduction and guidance

• Session 1: Living in a world of risk
• Session 2: Establishing the context
• Session 3: Risk identification
• Session 4: Risk assessment
• Session 5: Risk treatment
• Session 6: Monitoring and review
• Session 7: Managing risks: communicating and reporting
• Session 8: Risk specialisms

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