Empathy and Data in Risk Management from Coursera

What's inside

Syllabus

Course Orientation

Risk Management and Innovation develops your ability to conduct empathy-driven and data-driven analysis in the domain of risk management. This course focuses on the process of managing enterprise risk, in which understanding both data and stakeholder enriches each step. The course introduces the three lines of defense, tools to identify and assess risks, risk responses, key risk indicators, and risk reporting. You will use tools like risk statements, bowtie analysis, matrices, and heat maps to apply these concepts, and use data visualization in Tableau to practice applying data analysis to better manage risks.

Module 1: There’s Risk, Now What Should We Do about It?

In this module, you will examine risk management in organizations, with a focus on understanding stakeholders, such as customers, employees, and society at large. The course introduces frameworks to identify, assess, respond to, and report on risk within an organization, and tools to link these risk management activities to data analysis and stakeholder needs. This course illustrates these concepts in two important areas: 1) Cybersecurity, and 2) diversity, equity, and inclusion. Finally, the course provides practice with data visualization tools.

Module 2: How Bad Could It Be? Issues in Measuring Risk

In this module, you will examine ways to measure risk. This module introduces key risk indicators and the tradeoffs between using qualitative or quantitative indicators. You will learn how to use bowtie analysis to identify measures of risk. You will also transition from risk measurement to risk assessment and different approaches to define risk likelihood and risk magnitude.

Module 3: Communicating Risk

In this module, you will explore artificial intelligence, algorithms, and risk management. This module will introduce the basic types of algorithms and the special problems represented by the use of algorithms in organizations. You will discuss psychological issues in using inputs from algorithms, including situations leading to over-utilization or underutilization of algorithmic input.

Module 4: Risk Management in a Changing World

In this module, you will examine risk reporting and monitoring. This module discusses the use of heat maps and risk dashboards to communicate risk information to stakeholders. You will also discuss the importance of risk monitoring and ways organizations evaluate how risks change. Finally, you will examine common principles of persuasion as a way to enhance the effectiveness of communication.

Good to know

Know what's good

, what to watch for

, and possible dealbreakers

Taught by Justin Leiby, who is recognized for their expertise in risk management

Develops a student's analytical abilities in empathy, data analysis, and risk management, which are core skills for managing risk in organizations

Examines risk management in the areas of cybersecurity and diversity, equity, and inclusion, which are highly relevant to current industry trends

Introduces students to key risk indicators, risk responses, and risk reporting, which are fundamental concepts for risk management professionals

Teaches students how to use tools like risk statements, bowtie analysis, matrices, and heat maps, which are industry-standard tools for risk management

Provides practice with data visualization in Tableau, which is a valuable skill for risk managers

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 Empathy and Data in Risk Management with these activities:

Read 'Risk Management: A Practical Guide' by David Hillson

Show steps

Expand your understanding of risk management principles and practices by reading David Hillson's book, which provides comprehensive insights and real-world examples to enhance your learning.

View Making Risky and Important Decisions on Amazon

Show steps

Obtain a copy of the book 'Risk Management: A Practical Guide'.
Read the book thoroughly, taking notes and highlighting important sections.
Reflect on the concepts discussed in the book and how they relate to your understanding of risk management.

Understand the Three Lines of Defense

Show steps

Review tutorials on risk management frameworks to build a solid understanding of the different lines of defense and their roles in managing risks.

Browse courses on Risk Management Framework

Show steps

Search for tutorials on 'Three Lines of Defense' or 'Risk Management Frameworks'.
Watch or read the tutorials to gain insights into the concepts and practical applications.
Take notes and summarize the key points to enhance understanding and retention.

Develop a Risk Statement Table

Show steps

Create a risk statement table to practice identifying, describing, and categorizing risks effectively, improving your risk analysis skills.

Browse courses on Risk Identification

Show steps

Review the concept of risk statements and their importance.
Identify potential risks relevant to a specific context or scenario.
Develop descriptive risk statements that clearly articulate the risks.
Categorize the risks based on their likelihood and impact.

Four other activities

Expand to see all activities and additional details

Show all seven activities

Participate in a Risk Management Case Study Discussion

Show steps

Engage in a case study discussion with peers to analyze a real-world risk management scenario, sharing insights, perspectives, and solutions to enhance your understanding and critical thinking.

Browse courses on Risk Management

Show steps

Join a peer study group or find a partner to discuss the case study.
Read and analyze the case study provided.
Discuss the risks identified in the case study, their potential impact, and alternative solutions.
Present your analysis and recommendations to the group.

Utilize Risk Assessment Matrix

Show steps

Engage in practice drills using a risk assessment matrix to enhance your ability to evaluate and prioritize risks effectively, contributing to better decision-making in risk management.

Show steps

Familiarize yourself with the principles and components of a risk assessment matrix.
Gather data and information on potential risks.
Assign likelihood and impact values to each risk.
Plot the risks on the matrix and identify high-priority risks.

Attend a Workshop on Data Visualization for Risk Management

Show steps

Attend a workshop on data visualization techniques to enhance your ability to communicate risk information effectively, enabling better decision-making and stakeholder engagement.

Browse courses on Data Visualization

Show steps

Research and identify workshops on data visualization for risk management.
Register and attend the workshop.
Actively participate in the workshop, taking notes and asking questions.
Apply the techniques learned to visualize risk data and communicate it to stakeholders.

Conduct a Risk Assessment for a Small Business

Show steps

Undertake a project to conduct a risk assessment for a small business, applying the concepts and techniques learned in the course to identify and analyze potential risks and develop mitigation strategies.

Browse courses on Risk Assessment

Show steps

Identify a small business to collaborate with or create a hypothetical scenario.
Conduct interviews and gather data to understand the business operations and potential risks.
Apply risk assessment techniques to identify, analyze, and prioritize risks.
Develop and document comprehensive risk mitigation strategies.
Present your findings and recommendations to stakeholders.

Career center

Learners who complete Empathy and Data in Risk Management will develop knowledge and skills that may be useful to these careers:

Risk Manager

Risk Managers understand how to identify, assess, and manage risks to an organization. They use data analysis and stakeholder input to make informed decisions about how to mitigate risks and protect the organization from potential losses. This course provides a strong foundation in risk management concepts and tools, which can be directly applied to the role of a Risk Manager. The course also covers specific risk management topics such as cybersecurity and diversity, equity, and inclusion, which are increasingly important in today's business environment.

See salaries and explore the career path for Risk Manager

Data Analyst

Data Analysts use data to solve business problems and make better decisions. They are skilled in data analysis techniques such as data visualization and statistical modeling. This course provides a strong foundation in data analysis concepts and tools, which can be directly applied to the role of a Data Analyst. The course also covers specific data analysis topics such as risk assessment and risk reporting, which are essential for Risk Managers.

See salaries and explore the career path for Data Analyst

Business Analyst

Business Analysts use data and stakeholder input to identify and solve business problems. They work closely with stakeholders to understand their needs and develop solutions that meet those needs. This course provides a strong foundation in business analysis concepts and tools, which can be directly applied to the role of a Business Analyst. The course also covers specific business analysis topics such as risk management and data analysis, which are essential for Risk Managers.

See salaries and explore the career path for Business Analyst

Project Manager

Project Managers plan, execute, and close projects. They work with stakeholders to define project goals and objectives, develop project plans, and manage project risks. This course provides a strong foundation in project management concepts and tools, which can be directly applied to the role of a Project Manager. The course also covers specific project management topics such as risk management and data analysis, which are essential for Risk Managers.

See salaries and explore the career path for Project Manager

Consultant

Consultants provide advice and guidance to organizations on a variety of topics, including risk management. They work with clients to identify and assess risks, develop risk management plans, and implement risk management solutions. This course provides a strong foundation in risk management concepts and tools, which can be directly applied to the role of a Consultant. The course also covers specific risk management topics such as cybersecurity and diversity, equity, and inclusion, which are increasingly important in today's business environment.

See salaries and explore the career path for Consultant

Auditor

Auditors examine and evaluate financial and operational records to ensure accuracy and compliance. They also provide advice and guidance on risk management and internal controls. This course provides a strong foundation in risk management concepts and tools, which can be directly applied to the role of an Auditor. The course also covers specific risk management topics such as fraud detection and prevention, which are essential for Auditors.

See salaries and explore the career path for Auditor

Risk Analyst

Risk Analysts identify, assess, and manage risks to an organization. They work with stakeholders to understand their needs and develop risk management solutions. This course provides a strong foundation in risk management concepts and tools, which can be directly applied to the role of a Risk Analyst. The course also covers specific risk management topics such as cybersecurity and diversity, equity, and inclusion, which are increasingly important in today's business environment.

See salaries and explore the career path for Risk Analyst

Compliance Officer

Compliance Officers ensure that organizations comply with laws and regulations. They work with stakeholders to identify and assess risks, develop compliance programs, and implement compliance solutions. This course provides a strong foundation in risk management concepts and tools, which can be directly applied to the role of a Compliance Officer. The course also covers specific risk management topics such as cybersecurity and diversity, equity, and inclusion, which are increasingly important in today's business environment.

See salaries and explore the career path for Compliance Officer

Cybersecurity Analyst

Cybersecurity Analysts protect organizations from cyberattacks. They work with stakeholders to identify and assess risks, develop cybersecurity plans, and implement cybersecurity solutions. This course provides a strong foundation in risk management concepts and tools, which can be directly applied to the role of a Cybersecurity Analyst. The course also covers specific risk management topics such as cybersecurity and diversity, equity, and inclusion, which are increasingly important in today's business environment.

See salaries and explore the career path for Cybersecurity Analyst

Information Security Manager

Information Security Managers oversee the security of an organization's information systems. They work with stakeholders to identify and assess risks, develop information security plans, and implement information security solutions. This course provides a strong foundation in risk management concepts and tools, which can be directly applied to the role of an Information Security Manager. The course also covers specific risk management topics such as cybersecurity and diversity, equity, and inclusion, which are increasingly important in today's business environment.

See salaries and explore the career path for Information Security Manager

Chief Risk Officer

Chief Risk Officers oversee the risk management function for an organization. They work with stakeholders to identify and assess risks, develop risk management plans, and implement risk management solutions. This course provides a strong foundation in risk management concepts and tools, which can be directly applied to the role of a Chief Risk Officer. The course also covers specific risk management topics such as cybersecurity and diversity, equity, and inclusion, which are increasingly important in today's business environment.

See salaries and explore the career path for Chief Risk Officer

Actuary

Actuaries use mathematical and statistical techniques to assess and manage risk. They work with clients to identify and assess risks, develop risk management plans, and implement risk management solutions. This course provides a strong foundation in risk management concepts and tools, which can be directly applied to the role of an Actuary. The course also covers specific risk management topics such as life insurance and health insurance, which are essential for Actuaries.

See salaries and explore the career path for Actuary

Financial Analyst

Financial Analysts provide advice and guidance to organizations on a variety of financial topics, including risk management. They work with clients to identify and assess risks, develop financial plans, and implement financial solutions. This course provides a strong foundation in risk management concepts and tools, which can be directly applied to the role of a Financial Analyst. The course also covers specific risk management topics such as credit risk and market risk, which are essential for Financial Analysts.

See salaries and explore the career path for Financial Analyst

Insurance Agent

Insurance Agents sell insurance policies to individuals and businesses. They work with clients to identify and assess risks, develop insurance plans, and implement insurance solutions. This course provides a strong foundation in risk management concepts and tools, which can be directly applied to the role of an Insurance Agent. The course also covers specific risk management topics such as property insurance and liability insurance, which are essential for Insurance Agents.

See salaries and explore the career path for Insurance Agent

Loss Adjuster

Loss Adjusters investigate and settle insurance claims. They work with clients to identify and assess risks, develop insurance plans, and implement insurance solutions. This course provides a strong foundation in risk management concepts and tools, which can be directly applied to the role of a Loss Adjuster. The course also covers specific risk management topics such as property damage and bodily injury, which are essential for Loss Adjusters.

See salaries and explore the career path for Loss Adjuster