Risk Management

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About Course

How to identify, assess, and prevent or protect against business threats and risks

What Will You Learn?

  • You will learn about the common risks associated with running a business and common prevention and protection measures used.

Course Content

Introduction to Risk Management in Small Business
Understand the significance of risk management in the context of small businesses. Define and appreciate the importance of implementing effective risk management strategies. Recognize the potential consequences of inadequate risk management through real-world examples.

Small Business Insurance
Insurance is a program into which a business pays a regular premium in return for possible payment of a claim for damages. Many small businesses cannot operate without insurance. A large number of companies paying into an insurance program ensures that there is enough money at any given time to pay out claims for damages suffered by those companies paying into the program.

Financial Risk Management
Most of the time, when businesses fail, they fail because they run out of money. In simple terms, there is less money coming in than money going out. For a short while, this may not be a problem, but if this pattern persists, the total cash will be depleted. For freelancers and gig workers who have short term contract work, there can be a period between contracts without income.

Managing Operational Risks
By incorporating these detailed elements into the operational controls, small businesses can build resilience, maintain efficiency, and mitigate risks across various aspects of their operations.

Communicating Risk Management
An effective Communication Plan is pivotal in ensuring that risk-related information is disseminated accurately, timely, and comprehensively.

Risk Management Scenario Excercises

Staying Current
Risks continue to evolve, so you have to as well.

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