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Fundamentals of Risk Management 3: Risk Identification

Risk identification is a process carried out to obtain a holistic view of the risks a company is exposed to.

This process aims to understand the company's overall risk profile and factor this into risk decision-making when working to achieve business objectives.

In our Risk Identification course, you'll learn about the different types of risks you face as well as the methods and techniques you can use to identify them.

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Learning objectives

  • Understand the importance of risk identification within the context of the
    Management of Risk (MoR) framework
  • Identify various types of risks using different methods and techniques
  • Describe risk in terms of events, causes and consequences
  • Understand where and how to document the outputs of a risk identification exercise
  • Recognise the key challenges involved when identifying risk

    What can you expect your employees to learn?

Welcome

  • Learning objectives
  • How to complete this course

What is risk identification?

Categories of risk

  • Financial risk
  • Strategic risk
  • Operational risk
  • External risk
  • Describing risk: Events, causes & consequences
  • You decide: True or false?
  • Additional ways to identify &consider risk

The MoR framework

  • Scenario: Empitour's expansion plans
  • Scenario: Fraud risks & company expansion

Using methods & techniques to identify risk

  • Methods & techniques to identify risk
  • Group communication techniques
  • Scenario: What methods should Paul use?

Strengths, weaknesses, opportunities & threats (SWOT) analysis

  • Using SWOT analysis to understand fraud risk.

PESTLE analysis

  • You decide: PESTLE analysis

Documenting the outputs of a risk identification exercise

Challenges with identifying risk

  • Avoiding too much focus on history
  • Scenario: Recognising the challenges

Summary

Affirmation

Assessment

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Your questions, answered

Common FAQs

Are Skillcast courses SCORM-compliant?

Yes. This means they can be delivered via the Skillcast Portal or any other SCORM-compliant Learning Management System.

What other tools are needed beyond training?

A comprehensive compliance solution often needs more than just training. Alongside e-learning, tools like declarations, surveys, and registers that track compliance tasks are usually essential. Skillcast provides full support to help you set up these additional tools.

Is our training content still compliant with the latest legislation?

  • You can check the latest course content updates in our library updates page: https://www.skillcast.com/compliance-course-library-updates
  • For major legislative changes, we:
    • Will send you email alerts to ensure you are notified
    • Offer you a free trial of newly created or updated content
    • Host webinars with compliance experts to explain the changes and how our training supports your ongoing compliance

Can you translate our content into other languages?

Yes, we offer translations in a wide range of languages. Let us know your needs, and we’ll confirm availability or work with you to plan translations for your selected modules.

How can I give employees a secure way to record suspicious activity so we can act quickly?

Our Suspicious Activity Register allows staff to log concerns or irregularities they observe, helping you detect potential issues early. The secure register can be reviewed by compliance teams, enabling prompt investigation and action.

What file types are supported by the Skillcast system?

Features

Supported file types and details

File Exchange

File types: PDF, Excel spreadsheets, Word documents, SCORM and xAPI files, and compressed zip files. Max file size: Default is 1GB, can be increased to a max of 2GB

SCORM files

Versions: SCORM 1.2, SCORM 1.2 for Moodle, SCORM 2004 2nd, 3rd and 4th Edition. Max file size: 1024MB

xAPI file

Max file size: 2GB

Videos

File types: MP4 or MOV. Videos must be optimised, with a max file size of 100MB. If the file is bigger, our Design Team can help

Images

File types: jpg, png and gif. The file size should ideally be 100KB, but it can be up to 250KB

CPD evidence

File types: Word, PDF, Excel and CSV. File size: the limit should be whatever the portal config option is set to. Servers are set to max 2GB

Policy documents

PDF or Word File size: the limit should be whatever the portal config option is set to. Servers are set to max 2GB

Offline activities evidence

File types: PDF, DOC, DOCX, XLS, XLSX, CSV, PNG, GIF, JPEG, JPG, PPTX and MSG. File size: the limit should be whatever the portal config option is set to. Servers are set to max 2GB

Client logo files

File types provided by client: EPS, PDF, AI and SVG

Registers

PDF, DOC, DOCX, XLS, XLSX, CSV, PPT, PPTX, POT, PPA, PPS, JPG, JPEG, PJEPG, PNG, BMP, GIF, MP4, MOV, WMV, CPTX, CP, TXT, ZIP and MSG files

Declarations

JPG, JPEG, PNG, GIF, XLS and XLSX files