Risk governance: Manage the risks from Coursera

What's inside

Syllabus

Risk management framework

Most people wrongly consider risk management to be a purely defensive activity; they think that risk management is all about risk reduction. On the contrary, risk-taking is essential in any organisation. This week you will learn how to create a risk management framework that both creates and protects value, supporting the achievement of your organisation’s objectives. You will also gain insights into common biases that prevent individuals and organisations from managing risk well, as part of the overall suite of influencing capabilities.

Foreign exchange risk

To better understand the risk management process, you will apply it to a particular risk that affects many firms operating in global markets: foreign exchange risk. This week you will focus on risk analysis, to demonstrate how foreign exchange movements might impact on firm resilience through the balance sheet. Analysis leads naturally to visualisation and communication of risk concepts – crucial tools for influencing risk management decisions.

Governance

Corporate Governance is the framework of rules, relationships, systems and processes by which authority and influence are exercised in corporations. Corporate governance also encompasses crucial issues such as accountability of leaders, protection of stakeholder interests, setting of objectives and risk management. This week you will consider the classical Anglo-American governance model for listed firms with its emphasis on shareholder rights. You will compare this with alternative governance models. Finally, you will also consider some contemporary governance challenges such as the ‘curse’ of short-termism and poor design of incentive schemes.

Risk governance and culture

You will continue your application of the risk management process to foreign exchange risk. This week the focus is on the treatment of risk. You will consider a wide range of options, highlighting the capacity of firms to manage risks through operational decisions rather than relying on derivative contracts. You will conclude with frameworks for risk governance, to ensure that risk is managed effectively.

Operational risks

Future-focussed firms must always have an eye to emerging risks. These risks can be among the most challenging to manage because they are poorly understood and difficult to quantify. You will use Cyber-risk as an exemplar to draw out practical issues of analysis and treatment. In this context you will also consider the conditions when insurance may, or may not be, an effective solution.

Misconduct risk

Unfortunately it’s a fact that staff sometimes violate policies and act in a manner that is not in the long-term best interests of stakeholders. This week you will seek to understand the dark side of risk – why people misbehave at work – and what can be done to minimise the possibility of misconduct. Is it due to individual factors (bad apples), characteristics of the workplace (bad barrels) or perhaps characteristics of the whole industry (bad orchards)? How can we influence ourselves and others to behave ethically?

Good to know

Know what's good

, what to watch for

, and possible dealbreakers

Teaches an industry standard framework for risk management in organizations

Provides a comprehensive examination of risk in a balanced way, including both creation and protection of value

Examines risk through the lens of different risks, including fraud, operational issues, and more

Addresses the challenges of short-termism and poor incentive schemes in modern corporate governance

Explores contemporary ethical issues and their relevance to governance

Reviews summary

Risk management and governance for professionals

Learners say this course provides practical knowledge of risk management and governance with well-structured modules and a great teacher who is an expert in the field. The course is informative, engaging, and uses a variety of learning materials like articles, videos, and case studies. Graduates of this program report gaining a deeper understanding of risk management and being more confident in their ability to implement it.

Course content is well-organized with clear and practical examples.

"The lessons were very informative, attractive and easily understood."

"This is not a light course but very informative and practical."

"A very inspiring course to uncover the importance of Risk at the top of the organizations. Congratulations to Prof Sheedy for the well structured and presented modules..."

Course provides practical knowledge of risk management that can be applied on the job.

"I have learned so much from this course! The practice documents added some true value to this course and the readings were extremely valuable to the learning process and the application of the learning."

"This course teaches you the importance of systems."

"I am grateful to take this course. It helped me open my perspective about big organizations and organizations in general. Managing a lot of people is indeed complex, and it helps to have systems in place."

The professor is knowledgeable and engaging.

"The professor is excellent in establishing a powerful course for risk professionals."

"Professor Elizabeth Sheedy exceeded my expectations."

Course uses a variety of engaging materials like articles, videos, and case studies.

"I really enjoyed going through this course! Elizabeth is an excellent lecturer and I did gain good knowledge about risk management and risk governance, given I had almost non-existing knowledge or experience in this field."

"The content is great, certainly one of the best courses that I took here in Coursera."

"Case studies offered such as ISO 31000 standards were helpful."

Grading system was somewhat inconsistent. This was the only significant complaint.

"This course is suitable for a risk manager who has at least 3 year experience. [...] However, the grading system was a bit inconsistent throughout the course, so I gave 4 stars for this course."

Activities

Be better prepared before your course. Deepen your understanding during and after it. Supplement your coursework and achieve mastery of the topics covered in Risk governance: Manage the risks with these activities:

Review general governance practices

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Review key governance mechanisms to prepare for course materials.

Browse courses on Governance

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Review types of Boards of Directors
Summarize the key roles and responsibilities of Boards of Directors
Research risk management frameworks and models

Read 'The Governance of Boards' by Andrew Kakabadse and Nabil Antaki

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Gain deeper insights into the role of Boards of Directors in corporate governance

Browse courses on Corporate Governance

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Read and summarize key chapters of the book
Identify key themes and concepts discussed in the book
Consider the implications for your own organization

Read articles on contemporary governance issues

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Stay abreast of the latest trends in governance to enrich your learning

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Explore scholarly databases to find articles on governance issues
Summarize key findings and recommendations from the articles

Three other activities

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Develop a risk management plan for a fictitious organization

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Apply course concepts and skills to create a comprehensive risk management plan.

Browse courses on Risk Management

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Identify potential risks facing the organization
Analyze and assess the likelihood and impact of each risk
Develop strategies to mitigate and manage the risks

Attend a governance conference

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Network with professionals and gain valuable insights into the latest governance trends

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Identify and register for an upcoming governance conference
Attend sessions and workshops on topics of interest
Network with other attendees

Conduct a risk audit for a non-profit organization

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Enhance your practical skills and make a positive impact by conducting a risk audit.

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Identify a local non-profit organization and secure their permission
Conduct a comprehensive review of the organization's operations and policies
Identify and assess potential risks facing the organization
Develop recommendations to mitigate and manage the risks

Career center

Learners who complete Risk governance: Manage the risks will develop knowledge and skills that may be useful to these careers:

Chief Risk Officer

Chief Risk Officers (CROs) are responsible for overseeing the risk management function of a company. They develop and implement risk management strategies, and they work with management to ensure that the company's risks are managed effectively. Those who wish to become CROs may find the course “Risk governance: Manage the Risks” to be particularly valuable. This course will teach you about the principles of risk management and governance, as well as how to develop and implement a risk management framework.

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Risk Analyst

Risk Analysts identify, assess, and manage risks for a variety of organizations. They work with management to develop and implement risk management strategies, and they provide guidance on how to improve risk management practices. Those who wish to become Risk Analysts may find the course “Risk governance: Manage the Risks” to be particularly valuable. This course will teach you about the principles of risk management and governance, as well as how to identify, assess, and manage risks.

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Risk Consultant

Risk Consultants help organizations identify, assess, and manage risks. They work with clients to develop and implement risk management strategies, and they provide guidance on how to improve risk management practices. Those who wish to begin their careers as Risk Consultants may benefit from the course “Risk governance: Manage the Risks”. The course provides a comprehensive overview of risk management principles and practices. It will teach you how to identify, assess, and manage risks, as well as how to develop and implement a risk management framework. This course will help you build a strong foundation in risk management and prepare you for a career as a Risk Consultant.

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Risk Manager

Risk Managers establish and maintain risk management strategies for various aspects of a company, from finance to operations to information technology. Risk Managers analyze potential risks and develop plans to mitigate them, ensuring that the company is prepared to handle any challenges that may arise. Those who wish to become Risk Managers may find the course “Risk governance: Manage the Risks” to be particularly valuable, as it provides a comprehensive overview of risk management principles and practices. The course will teach you how to identify, assess, and manage risks, as well as how to develop and implement a risk management framework. This course helps build a foundation in risk management and can be useful for those seeking to become Risk Managers or advance their careers in this field.

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Board Director

Board Directors are responsible for overseeing the management of a company. They set the company's strategic direction, and they ensure that the company is operating in a responsible and ethical manner. Those who wish to become Board Directors may find the course “Risk governance: Manage the Risks” to be useful. This course will teach you about the principles of risk management and governance, as well as how to assess and manage risks.

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Compliance Manager

Compliance Managers oversee and manage their organization's compliance with laws and industry regulations. They develop and implement compliance programs, conduct risk assessments, and investigate any potential violations. For those seeking to become Compliance Managers, the course “Risk governance: Manage the Risks” may be useful. This course will teach you about the principles of risk management and governance, as well as how to develop and implement a compliance program. The course also provides an overview of the legal and regulatory landscape, which is essential knowledge for any Compliance Manager.

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Internal Auditor

Internal Auditors evaluate a company's internal controls and provide independent assurance that the company's financial and operational processes are operating effectively. They also provide consulting services to help the company improve its risk management and governance practices. Those who wish to pursue a career in Internal Auditing may find the course “Risk governance: Manage the Risks” to be helpful. This course will teach you about the principles of risk management and governance, as well as how to conduct an internal audit. The course will help you build the skills and knowledge you need to be successful as an Internal Auditor.

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Insurance Underwriter

Insurance Underwriters evaluate and assess risks to determine whether to provide insurance coverage and at what price. They also develop and implement underwriting guidelines, and they work with agents and brokers to market insurance products. Those who wish to pursue a career in Insurance Underwriting may find the course “Risk governance: Manage the Risks” to be useful. This course will teach you about the principles of risk management and insurance, as well as how to assess and underwrite risks. The course will help you build the skills and knowledge you need to be successful as an Insurance Underwriter.

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Financial Analyst

Financial Analysts evaluate investments and make recommendations to clients on whether to buy, sell, or hold specific securities. They also provide research and analysis on companies and industries. Those who wish to become Financial Analysts may find the course “Risk governance: Manage the Risks” to be somewhat helpful. This course will teach you about the principles of risk management and finance. It will also teach you how to analyze companies and industries. This course will help you build a foundation in finance and risk management, which can be useful for a career as a Financial Analyst.

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Investment Banker

Investment Bankers provide financial advice to companies and governments on mergers and acquisitions, capital raising, and other financial transactions. They also help companies to list their shares on stock exchanges. Those who wish to work as Investment Bankers may find the course “Risk governance: Manage the Risks” to be helpful. This course will teach you about the principles of risk management, finance, and investment banking. It will also teach you how to analyze companies and industries.

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Corporate Lawyer

Corporate Lawyers provide legal advice to corporations on a variety of matters, including mergers and acquisitions, contracts, and regulatory compliance. They also represent corporations in court and before government agencies. Those who wish to become Corporate Lawyers may find the course “Risk governance: Manage the Risks” to be useful. This course will teach you about the principles of risk management and corporate law. It will also teach you how to analyze contracts and other legal documents.

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Actuary

Actuaries use mathematical and statistical models to assess risks and develop financial plans for insurance companies, pension funds, and other financial institutions. They also provide consulting services to help clients manage risks. Those who wish to become Actuaries may find the course “Risk governance: Manage the Risks” to be useful. This course will teach you about the principles of risk management and insurance. It will also teach you how to use mathematical and statistical models to assess risks. The course may help you in building a foundation in risk management and finance.

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Project Manager

Project Managers plan, execute, and close projects. They also manage project budgets and timelines, and they work with stakeholders to ensure that projects are completed successfully. Those who wish to become Project Managers may find the course “Risk governance: Manage the Risks” to be useful. This course will teach you about the principles of risk management and project management. It will also teach you how to plan, execute, and close projects.

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Quality Manager

Quality Managers oversee the quality of a company's products or services. They develop and implement quality control processes, and they work with employees to ensure that products or services meet customer requirements. Those who wish to become Quality Managers may find the course “Risk governance: Manage the Risks” to be useful. This course will teach you about the principles of risk management and quality management. It will also teach you how to develop and implement quality control processes.

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Operations Manager

Operations Managers oversee the day-to-day operations of a company. They are responsible for ensuring that the company's products or services are produced and delivered efficiently and effectively. Those who wish to become Operations Managers may find the course “Risk governance: Manage the Risks” to be useful. This course will teach you about the principles of risk management and operations management. It will also teach you how to manage a team and how to improve operational efficiency.

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