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

8 Summary of Session 3

In Session 3 you have looked at risk identification and the importance of creating a comprehensive risk statement, covering all root causes of a risk, the risk event and all the consequences of a risk. You have also looked at risk categorisation and its benefits. You have considered the use of standardisation in the risk identification activity to support improved understanding of risks.

Moving on from the risk statement, you also looked at how individuals, groups and organisations can identify risks. The risk toolkit covered the use of a number of methods by which risk could be identified from simple ‘brainstorming sessions’ to more advanced risk ‘bow ties’.

Concluding Session 3 you covered best practice in documenting risks using a risk register and looked at some of the human factors involved in risk identification.

The main learning points that have been covered in this session are:

  • risk statement (Cause, Event, Consequence)
  • methods of identifying risk – brainstorming, interviews, checklists, PESTLE, SWOT
  • different types of risk
  • risk registers.

Now move on to Session 4 [Tip: hold Ctrl and click a link to open it in a new tab. (Hide tip)] to focus on risk assessment.


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