1 Explain what is meant by business risk

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1 Explain what is meant by business risk

ML41 Manage business risk

Outcome 1 Understand the management of business risk

The learner can:

1 explain what is meant by business risk

2 analyse business risk identification theories and models

3 explain measures and techniques to mitigate business risk

4 explain their own level of authority in managing risk

Outcome 2 Be able to address business risk

The learner can:

1 monitor work in line with organisational risk procedures

2 identify potential risks using agreed risk criteria

3 assess identified risks, their potential consequences and the probability of them

happening

4 communicate to stakeholders the likelihood of the risk occurring and its potential

consequences

5 explain organisational business risk management policies

Outcome 3 Be able to mitigate business risk

The learner can:

1 develop risk management plans and processes that are proportionate to the risk and the

available resources

2 implement risk management plans in accordance with organisational requirements

3 monitor on-going risk-related developments and amend plans in the light of changing

circumstances

4 keep stakeholders informed of any developments and their possible consequences

5 evaluate the effectiveness of actions taken, identifying possible future improvements