1.1 Explain what is meant by business risk

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1.1 Explain what is meant by business risk

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

1.1
Explain what is meant by business risk
1.2
Analyse business risk identification theories and models
1.3
Explain measures and techniques to mitigate business risk
1.4
Explain their own level of authority in managing risk

2. Be able to address business risk

2.1
Monitor work in line with organisational risk procedures
2.2
Identify potential risks using agreed risk criteria
2.3
Assess identified risks, their potential consequences and the probability of them happening
2.4
Communicate to stakeholders the likelihood of the risk occurring and its potential consequences
2.5
Explain organisational business risk management policies

3. Be able to mitigate business risk

3.1
Develop risk management plans and processes that are proportionate to the risk and the available resources
3.2
Implement risk management plans in accordance with organisational requirements
3.3
Monitor on-going risk-related developments and amend plans in the light of changing circumstances
3.4
Keep stakeholders informed of any developments and their possible consequences
3.5
Evaluate the effectiveness of actions taken, identifying possible future improvements