Session 1: Living in a world of risk

Introduction

In this session you will explore risk in the world around you, and be introduced to risk management as a professional discipline. You will see everyday examples of risk, as well as case studies that highlight the causes and impacts of risk in businesses that you may have already seen in the news.

This session includes:

• what is risk?
• examples of the ‘real world’ impacts of risks
• risk-based decision making
• a brief review of the historical background to the emergence of risk management by organisations
• an introduction to common risk management standards.

By the end of this session, you should be able to:

• explain what a risk is (and its different definitions)
• understand the importance of managing risk
• understand how risk-based decisions are part of everyday life.

The Open University would really appreciate a few minutes of your time to tell us about yourself and your expectations for the course before you begin, in our optional start-of-course survey [Tip: hold Ctrl and click a link to open it in a new tab. (Hide tip)] . Participation will be completely confidential and we will not pass on your details to others.

Now begin Session 1.