Risk Management Essentials

Audit, Governance, and Risk

Unit Code
Level 5
Distance Learning
Class Room
Unit Code
Level 5
Distance Learning Fee
Face to Face Fee
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Total Fee £1600

£2360 (£1600 during the tuition waiver period)

Please see the Tuition Fee section to see if you are eligible for a scholarship.
Course Overview

This course prepares learners for working in a commercial environment by providing an insight into the different risk profiles from both an organisation’s and an individual’s perspectives. The three units are understanding business risk, managing risk and innovation and creativity. The aim is to provide learners with an understanding of what makes an effective organisation in balancing out opportunity with change.

This course will involve the learner in developing risk profiles and identifying risk management strategies for selected case studies. These will be available online as used as a means to illustrate the different ways organisations approach change. The course material will be closely linked with creativity and innovation.

Course Content

Introduction to the module

Business risk

  • Understanding business risk
  • Types of business risks
  • Risk profiles

Managing business risk

  • Risk management in business
  • Identifying business risks
  • Assessing business risks
  • Planning risk management
  • Risk management strategies

Innovation and risk

  • Innovation and risk
  • Why does innovation involve risk?
  • What is the link between innovation and risk?
  • How does risk management promote innovation?

Employee roles in managing operational risk

  • Role of employees with respect to operational risk management
  • Types of operational risk
  • Measuring and managing operational risk

The Operational Risk Management Framework

  • Components of risk management framework
  • Steps of the operational risk management process
  • Principles for effective risk management
  • How do you implement an operational risk framework?
Learning Outcome & Assessment Criteria

1.  Review organisations risk tolerance in different environments

  1. Identify and evaluate different business environments and the likely risks of those environments
  2. Provide examples of organisation’s tolerance to risk taking and evaluate how organisations can measure tolerance

2.  Develop skills to identify and assess the risk profiles of organisations

  1. Produce a risk profile for an organisation
  2. Review and comment on risk profiles of organisations in different industries
  3. Discuss enterprise wide risk and the benefits and drawbacks of such an approach

3.  Investigate how innovation can be used to reduce risk aversion in growing organisations

  1. Analyse the possible risks of innovation in an organisation
  2. Produce examples of how to manage innovation risk so that innovation can be used to create advantage
  • The assessment strategy for this course is designed to test all the learning outcomes.
  • Learners must demonstrate successful achievement of all learning outcomes to pass the course.
Assessment Marking Criteria


Citizens of the following countries are eligible for a 50% scholarship upon writing a personal statement. All scholarships are to be approved by the Academic Board. The list of countries are: Sri Lanka, Indonesia, Philippines, Bhutan, Morocco, Vietnam, Papua New Guinea, Laos, Cambodia, India, Nigeria, Ghana, Bangladesh, Laos, Myanmar, Pakistan, Nepal and South Africa. Please talk to your student counselor and ask for the Coupon Code to get the 50% Tuition Waiver.

  • The assessment criteria for a pass will be presented with the summative exercise.
  • Further information and guidance on the assessment will be made available through the tutor.
Unit Pass Requirements

To pass the unit a 40% overall grade must be achieved.

Frequently Asked Questions
What is included in the cost of my programme?
  • All course material, including online modules and written assignments
  • Unlimited personal tutor support with online sessions
  • Dedicated student support
  • Access to an online community learning forums
  • Assignment marking and feedback
Am I eligible for this programme?

You are eligible if you meet our stipulated entry requirements.

Standard ROUTE

Easy Monthly Payments


Access to LMS

Easy 12 instalments

Complete in 12 months

Unlimited tutor support

Requires submitting 1 assignment per month



Easy Monthly Payments


Access to LMS

Easy 6 instalments

Complete in 6 months

Priority support

Unlimited tutor support

Requires submitting 2 assignments per month

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Access to LMS

No monthly payments

Complete at your own pace

Priority support

Unlimited tutor support

Dedicated counselor

No additional bank charges

Career guidance & advise

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