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Unit 43: Manage business risk L/506/2004
Learning Outcome - The learner will:Assessment Criteria - The learner can:
1. Understand the management of business risk
1.1Explain what is meant by business risk1.2Analyse business risk identification theories and models1.3Explain measures and techniques to mitigate business risk1.4Explain their own level of authority in managing risk
2. Be able to address business risk
2.1Monitor work in line with organisational risk procedures2.2Identify potential risks using agreed risk criteria2.3Assess identified risks, their potential consequences and the probability of them happening2.4Communicate to stakeholders the likelihood of the risk occurring and its potential consequences2.5Explain organisational business risk management policies
3. Be able to mitigate business risk
3.1Develop risk management plans and processes that are proportionate to the risk and the available resources3.2Implement risk management plans in accordance with organisational requirements3.3Monitor on-going risk-related developments and amend plans in the light of changing circumstances3.4Keep stakeholders informed of any developments and their possible consequences3.5Evaluate the effectiveness of actions taken, identifying possible future improvements
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