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Introduction to Risk Management

4.6 Filled star Filled star Filled star Filled star Half star
Based on 626 ratings
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Joseph Iraci and Jack Farmer

What is risk? Why do firms manage risk? In this course, you will be introduced to the different types of business and financial risks, their sources, and best practice methods for measuring risk. This course will help you gauge different risk types and set risk limits, describe the key factors that drive each type of risk, and identify the steps needed to choose probability distributions to estimate risk. You will explore the history and development of risk management as a science, and financial and business trends that have shaped the practice of risk management. By the end of the course, you will have the essential knowledge to measure, assess, and manage risk in your organization.

Read more

What is risk? Why do firms manage risk? In this course, you will be introduced to the different types of business and financial risks, their sources, and best practice methods for measuring risk. This course will help you gauge different risk types and set risk limits, describe the key factors that drive each type of risk, and identify the steps needed to choose probability distributions to estimate risk. You will explore the history and development of risk management as a science, and financial and business trends that have shaped the practice of risk management. By the end of the course, you will have the essential knowledge to measure, assess, and manage risk in your organization.

To be successful in this course, you should have a basic knowledge of statistics and probability and familiarity with financial instruments (stocks, bonds, foreign exchange, etc). Experience with MS Excel recommended.

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What's inside

Syllabus

Getting Started
This course will introduce you to different types of business and financial risk. You will learn how these risks are measured and also gain an understanding of the goals and benefits of risk management. The skills that you will gain by the end of this course will enable you to measure and manage risk in your organization.
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Traffic lights

Read about what's good
what should give you pause
and possible dealbreakers
Provides strong foundation for beginners
Develops professional skills or deep expertise in a particular topic or set of topics
Teaches skills, knowledge, and/or tools that are highly relevant in an academic setting
Explores complex concepts, which is standard in industry

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Reviews summary

Solid foundation for risk management basics

According to students, this 'Introduction to Risk Management' course, published by the New York Institute of Finance, offers an excellent introductory foundation to the subject. Learners consistently praise its clear explanations and well-structured modules, making complex concepts accessible. The inclusion of real-world examples and focus on practical applications, including discussions on regulatory structures and financial markets, is highlighted as highly valuable, helping to connect theory with practice. However, a significant portion of reviewers, particularly those with existing finance or risk management experience, found the course provided limited advanced depth, especially concerning quantitative risk modeling techniques. This suggests it is best for absolute beginners in risk management who need a solid overview, rather than those seeking advanced, highly technical, or detailed insights into modeling.
Connects theoretical knowledge to real-world applications.
"I particularly appreciated the real-world examples and practical applications discussed."
"The discussion on regulatory structures (US, UK, EU) was quite relevant for my work."
"I liked the practical focus of this course."
Instructors present complex concepts in an understandable way.
"The instructor explained complex topics clearly, and the modules were well-structured."
"The material is well-organized and easy to follow."
"The instructor explains things clearly, making complex ideas accessible."
Provides a clear and comprehensive introduction to risk management.
"This course provided an excellent foundation in risk management."
"A very comprehensive introduction! The content is delivered effectively."
"Fantastic course for anyone needing a solid intro to risk management."
Could benefit from more hands-on exercises and detailed case studies.
"My main feedback would be to perhaps include more interactive exercises or case studies."
"I expected more hands-on activities or detailed case studies."
"I would appreciate more interactive elements and hands-on case studies beyond the quizzes."
Lacks depth in quantitative modeling for experienced professionals.
"I felt some sections could have gone a bit deeper, particularly on quantitative risk modeling."
"The 'modeling' section was a big letdown."
"If you already have some experience in finance or risk, this might feel too elementary."

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 Introduction to Risk Management with these activities:
Read Risk Management and Financial Institutions
Reading this book will provide you with foundational knowledge on risk management and its importance in the financial sector.
View Risk Management and Financial Institutions... on Amazon
Show steps
  • Read Chapter 1: Introduction to Risk Management.
  • Read Chapter 2: Measuring and Managing Financial Risk.
  • Read Chapter 3: Risk Management in Financial Institutions.
Review Probability
Reviewing probability will help solidify your understanding of fundamental concepts used throughout the course.
Browse courses on Probability
Show steps
  • Go over probability axioms.
  • Review conditional probability, independence, and Bayes' Theorem.
  • Practice solving probability problems.
Form a Study Group for Risk Management
Joining a study group will provide you with opportunities to discuss course material, share insights, and learn from your peers.
Show steps
  • Find classmates who are interested in forming a study group.
  • Set regular meeting times and locations.
  • Review course material together.
  • Discuss case studies and practice problems.
Four other activities
Expand to see all activities and additional details
Show all seven activities
Solve Risk Management Practice Problems
Solving practice problems will help you apply the concepts learned in the course to real-world scenarios and improve your problem-solving skills.
Show steps
  • Review the course material on risk management.
  • Attempt practice problems on risk assessment, risk mitigation, and risk management strategies.
  • Check your answers and identify areas for improvement.
Create a Risk Assessment Matrix
Creating a risk assessment matrix will help you practice identifying and assessing risks in a real-world scenario.
Show steps
  • Identify potential risks.
  • Assign likelihood and impact scores to each risk.
  • Create a risk assessment matrix.
  • Use the matrix to prioritize risks.
Contribute to Open Risk Management Projects
Contributing to open-source projects will allow you to apply your risk management skills in a practical setting and connect with a community of professionals.
Show steps
  • Identify open-source risk management projects.
  • Review the project documentation.
  • Identify areas where you can contribute.
  • Submit a pull request with your contributions.
Develop a Risk Management Plan
Developing a risk management plan will provide you with hands-on experience in applying risk management principles to a specific project.
Show steps
  • Define the project objectives and scope.
  • Identify potential risks.
  • Assess the likelihood and impact of each risk.
  • Develop risk mitigation strategies.
  • Monitor and review the risk management plan.

Career center

Learners who complete Introduction to Risk Management will develop knowledge and skills that may be useful to these careers:
Risk Analyst
Risk Analysts identify, assess, and manage risks within organizations. The `Introduction to Risk Management` course can be extremely valuable to Risk Analysts, as it provides a comprehensive overview of risk management principles, techniques, and best practices. This knowledge is essential for developing and implementing effective risk management strategies.
See salaries and explore the career path for Risk Analyst
Vice President of Risk Management
Vice Presidents of Risk Management oversee and manage all aspects of risk management within an organization. The `Introduction to Risk Management` course can be extremely valuable to Vice Presidents of Risk Management, as it provides a comprehensive understanding of risk management principles, best practices, and regulatory frameworks. This knowledge is essential for developing and implementing effective risk management strategies and ensuring the organization's resilience.
See salaries and explore the career path for Vice President of Risk Management
Risk Manager
Risk Managers oversee the identification, assessment, and management of risks within organizations. The `Introduction to Risk Management` course is highly relevant to Risk Managers, as it provides a comprehensive overview of risk management principles, frameworks, and best practices. This knowledge is essential for developing and implementing effective risk management strategies.
See salaries and explore the career path for Risk Manager
Quantitative Analyst
Quantitative Analysts develop and implement mathematical models to analyze financial data and make investment decisions. The `Introduction to Risk Management` course can be highly useful to Quantitative Analysts, as it provides a strong foundation in risk assessment, risk modeling, and statistical techniques. These skills are essential for building and evaluating quantitative models.
See salaries and explore the career path for Quantitative Analyst
Risk Consultant
Risk Consultants advise clients on risk management strategies and help them implement risk management programs. The `Introduction to Risk Management` course can be highly beneficial to Risk Consultants, as it provides a thorough understanding of risk assessment, risk management techniques, and regulatory frameworks. This knowledge is crucial for developing and delivering effective risk management solutions to clients.
See salaries and explore the career path for Risk Consultant
Financial Analyst
Financial Analysts provide investment advice and make recommendations to clients based on their understanding of financial markets. The `Introduction to Risk Management` course can aid Financial Analysts in gaining a deeper understanding of financial risks, risk measurement, and risk modeling, which are crucial skills for evaluating investment opportunities.
See salaries and explore the career path for Financial Analyst
Portfolio Manager
Portfolio Managers manage investment portfolios for clients. The `Introduction to Risk Management` course can be beneficial to Portfolio Managers, as it enhances their understanding of financial risks, risk modeling, and portfolio optimization. This knowledge is critical for making informed investment decisions and managing risk within portfolios.
See salaries and explore the career path for Portfolio Manager
Investment Banker
Investment Bankers advise companies on mergers, acquisitions, and other financial transactions. The `Introduction to Risk Management` course can be particularly beneficial for Investment Bankers, as it provides a solid foundation in risk assessment and management. This knowledge is essential for evaluating and mitigating risks associated with financial transactions.
See salaries and explore the career path for Investment Banker
Actuary
An Actuary assesses financial risk and uncertainty to provide guidance on insurance rates and coverage. The course `Introduction to Risk Management` can be an excellent resource for Actuaries, as it provides a comprehensive overview of different types of business and financial risks and explains how to measure and manage risk with effective strategies.
See salaries and explore the career path for Actuary
Compliance Officer
Compliance Officers ensure that companies adhere to regulatory guidelines and ethical standards. The course `Introduction to Risk Management` will guide Compliance Officers in understanding the various regulatory structures and the factors that drive risk. This comprehension is essential for making informed decisions and maintaining compliance within an organization.
See salaries and explore the career path for Compliance Officer
Regulatory Compliance Analyst
Regulatory Compliance Analysts ensure that companies comply with industry regulations and standards. The `Introduction to Risk Management` course can be valuable to Regulatory Compliance Analysts, as it provides a comprehensive understanding of regulatory frameworks and the factors that drive risk. This knowledge is essential for developing and implementing effective compliance strategies.
See salaries and explore the career path for Regulatory Compliance Analyst
Senior Financial Analyst
Senior Financial Analysts provide strategic financial advice and guidance to senior management. The `Introduction to Risk Management` course may be helpful to Senior Financial Analysts, as it enhances their understanding of risk management, risk assessment, and risk modeling. This knowledge is valuable for making informed financial decisions and managing risk within the organization.
See salaries and explore the career path for Senior Financial Analyst
Insurance Underwriter
Insurance Underwriters assess and evaluate risks associated with insuring individuals and businesses and determine the appropriate insurance premiums. The `Introduction to Risk Management` course may be helpful to Insurance Underwriters, as it provides a thorough understanding of risk types, risk measurement, and risk management techniques.
See salaries and explore the career path for Insurance Underwriter
Underwriter
Underwriters assess and evaluate risks associated with providing insurance coverage. The `Introduction to Risk Management` course may be helpful to Underwriters, as it provides insights into risk assessment, risk measurement, and risk management techniques. This knowledge is valuable for making informed underwriting decisions and managing risk within the insurance industry.
See salaries and explore the career path for Underwriter
Credit Analyst
Credit Analysts evaluate the creditworthiness of individuals and businesses to determine their ability to repay loans. This course `Introduction to Risk Management` may be useful to Credit Analysts, as it provides valuable insights into assessing different types of risk, such as credit risk.
See salaries and explore the career path for Credit Analyst

Reading list

We've selected 15 books that we think will supplement your learning. Use these to develop background knowledge, enrich your coursework, and gain a deeper understanding of the topics covered in Introduction to Risk Management.
Cover image
Capturing Upside Risk
Save
Provides a practical guide to risk management for businesses of all sizes.
Capturing Upside Risk: Finding and Managing...
Hardcover
$$
Capturing Upside Risk: Finding and Managing...
Kindle Edition
$$
Cover image
UK GAAP 2019
Save
Published by Ernst & Young, this book provides a practical guide to risk management, complementing the theoretical knowledge gained in this course with real-world insights.
UK GAAP 2019: Generally Accepted Accounting...
Paperback
$$$$
UK GAAP 2019: Generally Accepted Accounting...
Kindle Edition
$$$
Cover image
Advanced Analytical Models
Save
This advanced-level book explores advanced risk management techniques and tools, suitable for those seeking a deeper understanding of the subject after completing this course.
Advanced Analytical Models
Paperback
Check
Advanced Analytical Models
Kindle Edition
Check
Cover image
Deep Energy Retrofit Guide for Public Buildings
Save
Delves into financial risk management models and applications, providing a deeper understanding of the quantitative aspects of risk management.
Deep Energy Retrofit Guide for Public Buildings
Paperback
Check
Deep Energy Retrofit Guide for Public Buildings
Kindle Edition
Check
Cover image
Risk Management
Save
Offers a comprehensive framework for enterprise risk management, providing a structured approach to managing risks across an entire organization.
Risk Management
Paperback
Check
Risk Management
Kindle Edition
Check
Cover image
Finance - Le nouveau paradigme
Save
Provides a comprehensive overview of financial risk management in French, offering a valuable resource for French-speaking learners.
(Français) Finance. Le nouveau paradigme: Comprendre la...
Paperback
$$
Cover image
Risk Management and Financial Institutions
Save
Focuses on risk management in the context of financial institutions, providing insights into the specific challenges and techniques used in the industry.
Risk Management and Financial Institutions (Wiley...
Hardcover
$$$
Risk Management and Financial Institutions (Wiley...
Kindle Edition
$$$
Cover image
Fundamentals of Risk Management
Save
Offers a practical approach to risk management, focusing on the implementation and execution of risk management strategies.
Fundamentals of Risk Management: Understanding,...
Paperback
$$
Fundamentals of Risk Management: Understanding,...
Paperback
$$$
Fundamentals of Risk Management: Understanding,...
Kindle Edition
$$
Cover image
Asset Management
Save
Provides a comprehensive overview of economic risk modeling and management, offering a broader perspective on risk management beyond financial markets.
Asset Management
Paperback
Check
Asset Management
Kindle Edition
Check
Cover image
Gower Handbook of Project Management
Save
Specifically addresses risk management in project management, providing practical guidance for managing risks in project-based environments.
Gower Handbook of Project Management
Hardcover
$$$$
Gower Handbook of Project Management by Rodney...
Hardcover
$$$$
Gower Handbook of Project Management (Routledge...
Hardcover
$$$$
Cover image
Break Up the Banks!
Save
Provides a practical guide to risk management for practitioners.
Break Up the Banks!
Paperback
Check
Break Up the Banks!
Kindle Edition
Check
Cover image
The Essentials of Risk Management, Third Edition
Save
Provides a theoretical overview of risk management.
The Essentials of Risk Management, Third Edition
Hardcover
$$
The Essentials of Risk Management, Third Edition
Kindle Edition
$$
Cover image
Consultation Skills for Mental Health Professionals
Save
Provides a comprehensive overview of the theory and practice of risk management.
Consultation Skills for Mental Health Professionals
Paperback
Check
Consultation Skills for Mental Health Professionals
Kindle Edition
Check
Cover image
Economist on Wall Street (Peter L. Bernstein's...
Save
Provides a thought-provoking look at the art of risk management.
Economist on Wall Street (Peter L. Bernstein's...
Paperback
$$
Economist on Wall Street (Peter L. Bernstein's...
Kindle Edition
$$
Cover image
Break Up the Banks!
Save
Provides a practical guide to risk management for individuals.
Break Up the Banks!
Paperback
Check
Break Up the Banks!
Kindle Edition
Check

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Course image
Rating
4.6 Filled star Filled star Filled star Filled star Half star
Effort
Approx. 16 hours
Level
Introductory
Via
Coursera
Institution
New York Institute of Finance
Instructors
Joseph Iraci
Jack Farmer
Language
English
Transcripts
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Traffic lights
Read about what's good
what should give you pause
and possible dealbreakers
Provides strong foundation for beginners
Develops professional skills or deep expertise in a particular topic or set of topics
Teaches skills, knowledge, and/or tools that are highly relevant in an academic setting
Explores complex concepts, which is standard in industry
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