Course

BB42 Business Management II

Essential Standard

3.00

B2

22%

Understand how managers implement safety

and security procedures to minimize chance

for loss

Indicator

3.01

N/A

7%

Explain the nature of risk management

Culminating Question

Essential Questions

How does a business manage its risk?

· What are the categories of risk?

· What are complaints associated with risk management efforts?

· What processes are used to address risk management issues?

· How does the relationship between impact and probability affect the manager’s ability to address risks?

· How can a manager quantify risks based on impact and probability?

· What strategies can managers use to respond to risks?

· What activities are involved in the risk control process?

· What are the components of an Enterprise Risk Management systems?

· What are the steps to setup an Enterprise Risk Management system?

UNPACKED CONTENT

A. Define the terms risk, probability, impact, and mitigation

B. Identify categories of risk

C. Discuss complaints associated with risk-management efforts

D. Describe processes used to address risk-management issues (e.g., risk identification, risk quantification, risk response development, and risk monitoring and control)

E. Explain activities involved in the risk identification process

F. Discuss the relationship of impact and probability on how to address risks

G. Discuss how to quantify risks based on impact and probability

H. Describe strategies for responding to risks (i.e., avoid, transfer, mitigate, and accept)

I. Explain activities involved in the risk control process

J. Describe the components of Enterprise Risk Management (ERM) systems

K. Explain steps that can be used to set up an Enterprise Risk Management plan