Globally, the most commonly adopted definition of risk is that it is the “effect of uncertainty on objectives” (ISO Guide 73). We therefore manage risk to better achieve our objectives. Sufficient understanding of uncertainty is clearly required in order to make consistently good decisions about how to cope with the volatile, uncertain, challenging and ambiguous conditions of business performance. Specifically, decision makers must understand the nature and source of the uncertainty, the related potential deviations which could occur, the likelihood of such deviations and the impact of those deviations on expected outcomes.
Risk is the tangible representation of the outcome(s) of unexpected or undesired events. It exists against a background of uncertainty; being a state of deficiency of information, understanding or knowledge. This state of deficiency, even partial, pertains to a circumstance, situation or event, its consequence or its likelihood. Risk can therefore be understood as being the effect of a deviation from what we expect or desire to happen, based on factors over which we have insufficient or inadequate control; due to a state of deficiency. In reality this is understood more simply as “what, where, why, how can something go wrong and how much will it cost”. Risk is part of strategy, enterprise objectives and the critical mass around the achieving of the organisational objectives.
The purpose of the programme is to introduce the concept of risk and risk management to students or people in the workplace in order to highlight the importance and relevance of risk effecting the objectives within their work environments. The practical implementation of the international standards pertaining to risk management to drive better business, corporate governance and decision making is a key focus of this short learning programme.
MSA Attendance based short learning programme
Anybody who is dealing with risk and is involved in standards at work to comply.
Specific learning outcomes of this short learning programme are to: