1.1 Analyse standards relating to the management of business risk

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1.1 Analyse standards relating to the management of business risk

Unit 44: Establish business risk management processes J/506/2048

Learning Outcome - The learner will:

Assessment Criteria - The learner can:

1. Understand business risk management models and techniques

1.1
Analyse standards relating to the management of business risk
1.2
Analyse the factors influencing different types of risk
1.3
Evaluate the relationship between risk management, business continuity and crisis management
1.4
Evaluate a range of scenario planning and crisis management models
1.5
Analyse methods of calculating risk probability
1.6
Analyse the effectiveness of a range of risk monitoring techniques
1.7
Analyse the significance of risk governance structures and ownership

2. Be able to develop business risk management processes

2.1
Review periodically the effectiveness of risk management strategy, policy and criteria
2.2
Take action to ensure that risk profiles remain current and relevant
2.3
Develop viable and affordable risk management processes that are consistent with business needs and the degree of potential impact 

of the risk
2.4
Develop contingency and business disruption processes that are commensurate with the degree of risk to business as usual and 

organisational reputation

2.5
Take action to ensure that risk management processes are integrated into operational plans and activities

3. Be able to evaluate the effectiveness of business risk management processes

3.1
Appraise the suitability of a range of risk evaluation techniques to business risk management
3.2
Evaluate risk using valid quantitative and qualitative information
3.3
Identify areas for improvement in identifying and managing risk
3.4
Encourage a culture that accepts and manages risk