Program Introduction:

This qualification prepares a learner to be able to manage risk management plans in support of an organisation's risk framework, which is generally the responsibility of Risk Officers. However, the Risk Practitioners assist the Risk Officers by undertaking or facilitating activities related to the implementation of the plans for managing risk in an organisation. A qualified learner will be able to implement the framework (usually developed by Risk Officers) for managing risk in the business unit.

 

Program Modules

4 Knowledge Modules (28 credits):

Introduction to Risk Management (242208002-KM-01)

Risk Management Framework: Strategy and Policy (242208002-KM-02)

Risk Management Framework: Processes (242208002-KM-03)

Risk Management Enablers (242208002-KM-04)

 

6 Practical Skills Modules (28 credits):

Implement the framework for managing risk (242208002-PM-01)

Create and Sustain Risk Management Partnerships (242208002-PM-02)

Establish the Internal and External Risk Context (242208002-PM-03)

Assessment of Risk (242208002-PM-04)

Preparing and Facilitating Risk Treatment Plans for a Business Unit. (242208002-PM-05)

Monitor, Review and Improve Risk Management Activities and Processes. (242208002-PM-06)

 

6 Workplace Experience Modules (69 credits):                       

Contribute to the Implementation of the Risk Management Framework for Managing Risk in the Business Unit (242208002-WM-01)

Creating and Sustaining Risk Management Partnerships (242208002-WM-02)

Establish the Internal and External Risk Context (242208002-WM-03)

Assessment of Risk (242208002-WM-04)

Prepare and Facilitate Risk Treatment Plans for a Business Unit (242208002-WM-05)

Monitor, Review and Improve Risk Management Activities and Processes (242208002-WM-06)

 

Exit Level Outcomes and Associated Assessment Criteria

1. Implement the framework for managing risk in the business.

• Risk management frameworks of various business scenarios are interpreted and such interpretations to different business contexts is applied.
• Within various business scenarios: what is in place, what needs to be done and which process to support the implementation process will be identified.

 

2. Create and sustain risk management partnerships.

• An understanding of the criteria for identifying risk management partnerships in various business scenarios is shown.
• An understanding of the dynamics, challenges and need for support faced by business managers in fulfilling their risk management roles and responsibilities is shown.
• An understanding about the art of creating rapport and trust in sustaining stakeholders buy-in are shown.

3. Establish the internal and external risk context.

• An understanding of how the internal and external risk contexts influence organisational risk is demonstrated.
• An understanding of how the internal and external risk contexts influence and impact the business and its risk profile is shown.

4. Assess risk in order to produce and update a risk profile for a business unit.

• The what-if- and why scenarios are analysed.
• How to extract and contextualise risk- and control-information is understood.
• A risk register is compiled and updated.

5. Prepare and facilitate risk treatment plans for a business unit.

• The what-if and why scenarios are understood in order for treatment options to be determined.
• Responsive plans are formulated and shown.
• The what-if and why scenarios are understood in order for in-cycle and out-of-cycle to be monitored and reviewed.
• What has to be monitored and reviewed (responsiveness) and how to monitor and review (methodology) is shown.

 

Details of Work Experience Modules

242208002-KM-01, Introduction to Risk Management, L5, Cr5

The main focus of the learning in this knowledge module is to provide an introduction to and overview of risk management history and theory and form a foundation for understanding risk management, its objectives and role in an organisation.

 

The learning will enable learners to demonstrate an understanding of:

• KM-01-KT02: Legislation and Governance (20%)
• KM-01-KT01: Risk Management Aims and Principles (20%)
• KM-01-KT03: Structures, roles and responsibilities for Risk Management in an Organisation (20%)
• KM-01-KT04: Culture of Risk Management (20%)
• KM-01-KT05: Business and Risk Management (Business Partnering) (20%)

 

242208002-KM-02, Risk Management Framework: Strategy and Policy, L5, Cr5

The main focus of the learning in this knowledge module is to understand the components of a risk management framework as it pertains to strategy and policy as per regulatory and good practice requirements.

 

The learning will enable learners to demonstrate an understanding of:

• KM-02-KT01: Risk Management Standards and Guidelines (20%)
• KM-02-KT02: Risk Management Strategy (20%)
• KM-02-KT03: Risk Management Policy (20%)
• KM-02-KT04: Risk Classification and Taxonomy (20%)
• KM-02-KT05: Continuous Improvement Process (evaluation) (CIP) (20%)

 

242208002-KM-03, Risk Management Framework: Processes, L6, Cr10

The main focus of the learning in this knowledge module is to understand different risk management processes (as per ISO 31000) and activities that are required for good risk management.

 

The learning will enable learners to demonstrate an understanding of:

• KM-03-KT01: Communication and Consultation (20%)
• KM-03-KT02: Context, Risk Assessment and Treatment (40%)
• KM-03-KT03: Risk Reporting (10%)
• KM-03-KT04: Monitoring and Review (20%)
• KM-03-KT05: Attributes of Effective Risk Management (10%) 242208002

242208002-KM-04, Risk Management Enablers, L5, Cr8

The main focus of the learning in this knowledge module is to understand the key qualities and elements throughout an organisation that are critical for enabling good risk management.

 

The learning will enable learners to demonstrate an understanding of:

• KM-04-KT01: Change Leadership (20%)
• KM-04-KT02: Information Management (Information Communications Systems) for Risk Management. (20%)
• KM-04-KT03: Principles of Project Management (20%)
• KM-04-KT04: Customer Stakeholder Relationship Management (CSRM) (20%)
• KM-04-KT05: Communication (10%)
• KM-04-KT06: The Basic Principles of Research and Analysis (10%)

 

Details of Practical Skill Modules

242208002-PM-01, Implement the framework for managing risk, L6, Cr5

The focus of the learning in this module is on providing the learner an opportunity to develop, implement, monitor and review a risk management plan in support of the implementation of a risk management framework.

 

The learner will be required to:

• PM-01-PS01: Develop a risk management plan that is aligned to the risk management framework.
• PM-01-PS02: Coordinate the implementation of a Risk Management Plan.
• PM-01-PS03: Monitor the implementation of the Risk Management Plan.
• PM-01-PS04: Review and update the risk management plan.

 

242208002-PM-02, Create and Sustain Risk Management Partnerships, L6, Cr5

The focus of the learning in this module is on providing the learner an opportunity to ensure Risk Management and Business work together to achieve risk management and sustainability objectives.

 

The learner will be required to:

• PM-02-PS01: Assist business managers to fulfil their risk management role and responsibility.
• PM-02-PS02: Develop the competence of employees to integrate risk management principles with business processes

 

242208002-PM-03, Establish the Internal and External Risk Context, L5, Cr3

The focus of the learning in this module is on providing the learner an opportunity to determine the business of the organisation and what factors have an effect on the business.

 

The learner will be required to:

• PM-03-PS01: Determine the business of the organisation.
• PM-03-PS02: Describe the internal context of the organisation.
• PM-03-PS03: Describe the external context of the organisation.

 

242208002-PM-04, Assessment of risk, L6, Cr8

The focus of the learning in this module is on providing the learner an opportunity to assess the risks that an entity faces.

 

The learner will be required to:

• PM-04-PS01: Identify Risks.
• PM-04-PS02: Analyse risks
• PM-04-PS03: Evaluate risks 242208002 - Organisational Risk Manager: (Risk Practitioner) Page 14 of 87

 

242208002-PM-05, Prepare and Facilitate Risk Treatment Plans for a Business Unit, L5, Cr2

The focus of the learning in this module is on providing the learner an opportunity to facilitate the development of risk treatment plans to ensure the improvement of risk management occurs.

 

The learner will be required to:

• PM-05-PS01: Develop a risk treatment plan.

 

242208002-PM-06, Monitor, Review and Improve Risk Management Activities and Processes., L6, Cr5

The focus of the learning in this module is on providing the learner an opportunity to facilitate the monitoring and review of risk management activities and processes with the aim of continual improvement.

 

The learner will be required to:

• PM-06-PS01: Monitor risk management performance.
• PM-06-PS02: Review effectiveness and value of risk management.
• PM-06-PS03: Facilitate the improvement of risk management.

 

Details of Workplace Experience Modules

 

242208002-WM-01, Contribute to the Implementation of the Risk Management Framework for Managing Risk in the Business Unit, L6, Cr15

The focus of the work experience is on providing the learner an opportunity to get exposure to the implementation of a risk management framework by helping draft a risk management plan and manage the plan for at least one full quarter of the lifespan of the plan.

 

The learner will be required to:

• WM-01-WE01: Compile a risk management plan for a given scope or organisation substructure as part of a bigger plan that is aligned to the risk management framework
• WM-01-WE02: Coordinate the implementation of a risk management plan
• WM-01-WE03: Monitor implementation of the risk management plan
• WM-01-WE04: Review and update the risk management plan

 

242208002-WM-02, Create and Sustain Risk Management Partnerships, L6, Cr10

The focus of the work experience is on providing the learner an opportunity to facilitate risk management activities to help business integrate risk management with their business processes.

 

The learner will be required to:

• WM-02-WE01: Conduct engagement and awareness sessions to facilitate risk management buy-in and integration of principles in specific business processes.

 

242208002-WM-03, Establish the Internal and External Risk Context, L5, Cr10

The focus of the work experience is on providing the learner an opportunity to conduct an analysis on the internal and external factors leading to identification of risks

 

The learner will be required to:

• WM-03-WE01: Conduct internal and external analysis of a particular scope or organisation substructure

 

242208002-WM-04, Assessment of risk, L6, Cr16

The focus of the work experience is on providing the learner an opportunity to assess the risks that a particular scope or organisation substructure faces.

 

The learner will be required to:

• WM-04-WE01: Identify risk to a particular scope or organisation substructure
• WM-04-WE02: Analyse identified risks
• WM-04-WE03: Evaluate the risks

 

242208002-WM-05, Prepare and Facilitate Risk Treatment Plans for a Business Unit, L6, Cr8

The focus of the work experience is on providing the learner an opportunity to facilitate the development of risk treatment plans to ensure the improvement of risk management occurs

 

The learner will be required to:

• WM-05-WE01: Facilitate the development of risk treatment plans with relevant stakeholders

 

242208002-WM-06, Monitor, Review and Improve Risk Management Activities and Processes, L6, Cr10

The focus of the work experience is on providing the learner an opportunity to monitor risk management performance and determine trends and changes in the risk profile

 

The learner will be required to:

• WM-06-WE01: Monitor risk management performance
• WM-06-WE02: Determine trends and changes in the risk profile