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Fundamentals of Risk Management 5: Risk Assessment

The output of a risk assessment helps determine a firm's risk appetite and approach to risk management. Therefore, risk assessments are essential.

A risk assessment is a systematic process used to identify risks and evaluate key risk elements which include probablity, impact and the expected value or cost.

Our Risk Assessment Course will help you learn how to assess the probability and impact of risk as well as understand the different methods of analysing it.

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Learning objectives

  • Perform the overall risk assessment process
  • Estimate the probability and impact of risks
  • Assess the proximity and expected value of risks
  • Use different methods and techniques to assess risks, such as risk matrices and heat maps
  • Distinguish between inherent and residual risk
  • Understand how risk models work and how you can apply them
  • Create a summary risk profile and risk map for any risks you come across in your role

    What can you expect your employees to learn?

Welcome

  • Learning objectives
  • How to complete this course

What is risk assessment?

  • The Management of Risk (MoR) framework

Categories of risk

  • Assessing risk: The basics
  • Examples: Probability
  • Examples: Impact
  • Assessing the probability of risk
  • Case study: Probability assessment
  • You decide: What are the chances?
  • Assessing the impact of risk
  • You decide: What impact would it have?
  • Risk assessment matric
  • Applying the risk assessment matrix
  • Scenario: Calculating the overall score
  • Assessing the proximity of risk

Using methods & techniques to evaluate risk

  • EMV assessment
  • Calculating the EMV: The manufacturing plant
  • Calculating the EMV: The cloud computing company
  • You decide: Calculating the EMV
  • Summary risk profiles
  • Plotting risks on heat maps
  • Inherent versus residual risk
  • You decide: Inherent or residual risk?
  • Probabilistic risk models
  • Probabilistic trees
  • Sensitivity analysis
  • You decide: Techniques to evaluate risk

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