Risk management
Risk management

Start this free course now. Just create an account and sign in. Enrol and complete the course for a free statement of participation or digital badge if available.

Free course

Risk management

4.2 Standardised risk approach

An organisation may choose to define some risks that are present in large parts of (or the entirety of) the organisation in a standardised way that can be applied consistently across the organisation. The benefits of doing this are:

  • Creation of a consistent view of the root causes and consequences.
  • Greater awareness of the presence of the risk in the organisation.
  • Opportunities to reduce silos and seek best practice across the organisation.
  • Reduced waste in documenting risks.
  • It ensures risks are owned in the right place.
  • Greater potential for common treatment and sharing of best practice.

There are, however, some potential pitfalls to be aware of:

  • Business areas may adopt the risk without considering if there are any different circumstances.
  • If the completeness of the risk isn’t identified then the weakness persists across the organisation.
  • Reduced ownership and accountability can occur.
  • Users can become ‘blinkered’ to only the outlined set of risks and may fail to identify other risks.

Take your learning further

Making the decision to study can be a big step, which is why you'll want a trusted University. The Open University has 50 years’ experience delivering flexible learning and 170,000 students are studying with us right now. Take a look at all Open University courses.

If you are new to University-level study, we offer two introductory routes to our qualifications. You could either choose to start with an Access module, or a module which allows you to count your previous learning towards an Open University qualification. Read our guide on Where to take your learning next for more information.

Not ready for formal University study? Then browse over 1000 free courses on OpenLearn and sign up to our newsletter to hear about new free courses as they are released.

Every year, thousands of students decide to study with The Open University. With over 120 qualifications, we’ve got the right course for you.

Request an Open University prospectus371