Module 3: Dealing With Risk

Module Overview

Every organization, either small or large, is significantly vulnerable to risk in different areas; property, operational, market, brand, liability, legal, financial and environmental losses. Any of these can impact negatively or positively every municipality. Therefore, risk management (RM) aids a company in identifying, evaluate, analyze, monitor and mitigate the risk that threatens the general achievement of the firm’s strategic objectives in a disciplined and systematic manner. Further, not only do RM practices can be applied to events as broad and far-reaching as the loss of a significant employer in the community but also a substantial course for training in higher educational institutes and as a career path.

RM can be defined as the culture, progressions, and structures that are considerably directed to the effective management of possible prospects and adverse effects. Further, it is primarily significant for business planning and developing a clear understanding of threats to their company’s accomplishment. In this regard, this course will enlighten both the student trainees and practicing risk managers in identifying, evaluating, and prioritizing risk.

There are three vital steps in dealing with risk. Firstly, an identification aims at developing a comprehensive list of sources of jeopardy and events that may have an impact on the achievement of the firm’s goals. Under the first step, understanding risk categories, RM steps, and performance measurement are vital in the overall project management course. Assessment, it helps in prioritizing the importance of risk to determine if a company should adapt their controls and strategies. The efficacy of mitigation approaches and management, and if adapting is desired. Secondly, by measuring risks, project managers can jump to the third step, which is examining possible solutions, implement them, and lastly monitor their results. Also, this part has been significantly supported with appropriate diagrams and tables to leverage learner’s development of knowledge and skills.  

Learning Outcomes

After studying risk management, learners should be in a position to:

1.  Comprehend the exact path to risk management through identification, assessment, and treatment or mitigation of risk.

2.  Define RM, categorize risks, its steps, and the RM performance measurement.

3.  Understand the step taken in assessing risks, both the qualitative and quantitative risk evaluation.

4.  Comprehensively understand the approaches to risk measuring such as the standard deviation, beta, value at risk (VaR), and lastly conditional value at risk (CVaR).

5.  Examine potential effective solutions that can be employed to reduce the cost of risks in a project.

6.  Closely monitor the implemented solutions to determine their significance and record them for future use.

Emmanuel Addo

Emmanuel Addo is the founder of the Young Global Leaders Network, an international non-governmental organization registered in six (6) countries namely, Ghana, United Kingdom, Nigeria, Sierra Leone, Democratic Republic of Congo, and South Sudan and has a membership strength of over 15,000 young black professionals, students, graduates, and aspiring leaders.

The organization also operates in 25 other African countries. Emmanuel also doubles as the chief convener and founder of the Young African Leaders Summit, one of the largest continental youth summits in Africa.  

Currently works at Kingston University as a Business Engagement Team Member in their Partnerships and Engagement Department. 

He characterizes energy, integrity, result-oriented, and ground-breaking service in each detail of strategic management, change management, stakeholder management, and leadership acquaintances.
Emmanuel owns a core background in Sociology and Psychology from the University of Ghana.

Leveraging his experience as a youth activist and a dynamic young man, Emmanuel founded the Young Global Leaders Network, a youth organization that comprises young diplomats, young politicians, and aspiring politicians, business/entrepreneurial business leaders with the aim of championing a mutual agenda for the African youth and promoting youth participation in governance as well as promoting entrepreneurial culture.
Emmanuel nurtures an environment of teamwork and has expertise in data collection and analysis as well as both quantitative and qualitative methods.

Emmanuel worked as an Associate Lecturer at the London College of Advanced Management where he delivered a wide range of business management courses that involved principles of marketing, leadership, operation management, and research methods. Emmanuel has always maintained high teaching and learning standards to ensure that his students’ stand out in academic achievements and successful progression. As a stout believer and passionate key player in volunteering; Emmanuel creates quality time to giving back gladly to his community what he has learned and to educate individuals with free consultancy on career development. He is a leader anyone would love to look up to and with great integrity, commitment, and passion to make the world a better place.
Emmanuel worked as Qualifications Manager at the Open University in the UK.

Emmanuel is also the founder of Kickstart Innovation Hub Ltd, the entrepreneurial hub of Young Global Leaders Network.