Risk management

Risk management is the process of identifying, assessing, and prioritizing potential risks that could impact an organization’s operations, assets, or stakeholders. It involves the development and implementation of strategies to mitigate or avoid those risks, as well as monitoring and reassessing risk factors over time.

Beginner competence definition

Beginner-level risk management involves identifying and assessing potential risks that could impact an organization’s operations, assets, or stakeholders. This process helps the organization develop strategies to mitigate or avoid those risks.

Intermediate competence definition

Intermediate individuals have a comprehensive understanding of the potential risks they face in order to effectively manage risk. This involves identifying and assessing risk factors, prioritizing those risks based on their likelihood and potential impact, and developing and implementing strategies to mitigate or avoid them. Risk management is an ongoing process that requires regular monitoring and reassessment of risk factors over time.

Advanced competence definition

Effective risk management at the advanced level requires a proactive and strategic approach to identifying and addressing potential risks. It involves not only identifying and assessing risks, but also developing and implementing comprehensive risk management strategies that take into account the organization’s goals and objectives, as well as the potential impact of different risk scenarios. We have also found it involves regular monitoring and reassessment of risk factors, and a willingness to adapt and revise risk management strategies as needed based on changing circumstances.