708 Strategic Risk Management

Unit Overview

708 Strategic Risk Management is a critical unit for any leadership roles and responsibilities within the workplace. This makes this a critical unit within the CMI Level 7 module to ensure that the leaders are provided with an understanding of principles and approaches within the workplace. Risk management is critical in ensuring that leaders are able to provide specific interventions to situations that affect the performance of the individuals. The leaders are required to put up measures that forecast risks within the workplace and ensure that it overcomes the issues within the workplace.

It also involves being able to effectively mitigate the effect of the risks once they occur in the various areas of responsibility. Leaders must understand the principles of risk management that include contingency and business recovery plans which ensure that the organisation is hardly hit by the effects of the occurrence of risks within the workplace. The leaders are required to increase the ability of other stakeholders to understand the issue of risk management and facilitate the development of structures that ensure these risk does not affect the productivity of the individuals within the workplace.

708 Strategic Risk Management is a critical unit for leadership roles within the workplace. It facilitates being able to effectively handle the issues of risk assessment and management within the workplace. It helps leaders to acquire the skills and capabilities that are required to oversee the contingency sustainability and ability to recover after eth occurrence of forecasted risks. Within the strategic level, the unit helps to make decisions based on forecasted risks that the organisation could experience to ensure that it avoids the avoidable and manages those that cannot be avoided. The unit is taught in 24 hours of guided learning and contributes 8 credit values towards the completion of the CMI Level 7 module.

Suitability of the Unit

708 Strategic Risk Management is a critical unit within the workplace to ensure that the leaders are able to achieve the desired goal and objectives within the workplace. Risk management is an essential element that involves being able to effectively oversee the success of the organisation amidst a challenging business environment. From t eh strategic level, the leader should be able to forecast future risks based on different principles that are implemented within the leadership practice. they should also help the organisation to avoid those risks that can be avoided and mitigate the impact of those that do not affect the organisation. As such, the unit is significantly suitable for the leaders within the workplace who ensure it is successful in its activities.

The unit is designed for the learning needs of the senior managers within the workplace. These are leaders within the strategic level of the organisation. The leaders are tasked with the duty of implementing strategies and approaches that are aligned with the organisation's needs and goals, as well as ensuring they are able to create structures to overcome the occurrence of risks. The unit is also suitable for other leaders who need to understand the principles of managing risks in their areas of responsibility, including middle managers and team leaders. External consultants also play a critical role in supporting the activities of the organisation by streamlining the decision-making process and can benefit from the activities.

Learning Outcomes

Upon completion of the unit, the learners should be able to:

• Appraise the strategic risk within an organisational context using available information and evidence

• Assess the strategies that can be established within the organisational setting to manage the risks and help to develop a contingency plan and business recovery approach where necessary

• Appraise the leadership skills required for the strategic risk management

• Propose a risk management frameworks that are focused on delivering on the strategic objectives of the organisation

Key Learning Areas

This unit is focused on ensuring that the learners understand the principles of minimising the occurrence of the risks and mitigating the effects of the risk once it has occurred. Some of the main areas covered include:

Strategies for Managing Risk

This area of learning is important in ensuring that the learners understand the concept of risk management. They are guided to understand the strategic element of risks, which involves being able to effectively appraise the needs of their organisation as well as the current and future forms of risks that the organisation could experience. Strategic leaders are required to have the ability to focus on changes in the business environment to understand how to effectively handle any potential occurrences of risks within the organisation. The learners are also guided to understand the specific strategies that they can use in their context to manage risks from the organisational levels. These strategies include analysing the risks and conducting risk assessment which helps to develop sustainable and appropriate risk management processes.

Developing Risk Management Approaches

This area of learning helps the learners to understand their active role in addressing the occurrence of risks within organisations. The area of learning covers critical aspects that include the skills that the individual needs to develop to ensure that they contribute towards meeting the organisational goals and objectives. Learners are guided to understand skills such as forecasting abilities, risk analysis, critical thinking, and innovative solutions that they can implement in their areas of responsibility to ensure that they contribute towards addressing the occurrence of risks within their organisations. The learners are also guided to effectively develop and communicate risk management techniques that are aligned with the strategic needs of their organisation.

Evaluation

On completing this unit, the learners are required to be able to effectively handle the theory and practice associated with strategic risk management. The learners are evaluated to ensure the learning outcomes have been fully covered and achieved. A written assessment is administered to evaluate the learners’ ability to relate to the content that they have learned within the classroom setting. Other forms of assessment that complement the written assessment include simulated exercises and supervised practice,. Here the assessor measures the ability to use the concepts in a practical setting.