What is Managing Risk and System Change?
Risk is defined as the probability of an event and its consequences. Risk management is the process of identifying, assessing and controlling threats to an organization’s capital and earnings.
Risk management focuses on identifying what could go wrong, evaluating which risks should be dealt with and implementing strategies to deal with those risks. Businesses that have identified the risks will be better prepared and have a more cost-effective way of dealing with them.
What 3rd level courses are available?
Universities and colleges in Ireland are offering courses in Managing Risk and System Change in the following subject areas:
- Financial Risk Management (M.Sc.) – Learn how to explore the key financial tools that are used to mitigate risk, how to interpret and assess the risk of individual financial instruments and assets and how to develop the critical skills to assess the results.
- Risk Management Approach and Practices – A comprehensive course that covers risk management framework, risk treatment and third-party risk management.
- Risk Management Training – Learn how to identify and mitigate potential risks for businesses or projects.
- Finance, Banking and Risk Management – This Finance course covers the essentials of Risk Management, Strategic Thinking, and Strategic Planning.
- Risk Management for Public Service Organizations and State Bodies – Learn about the effective management of risk in public service organizations and state bodies.
- Economics & Financial Risk Analysis – This course provides advanced training in economic and financial risk analysis and the opportunity for a work placement in this area.
Studying Managing Risk and System Change
There are many courses in Managing Risk and System Change that may take place over a few days, weeks or even 1 year to 4 years depending on the course and modules selected. There are also part-time courses and night courses available so you can be sure to fit in your studies no matter what your schedule is like.
Courses will cover theory work through lectures, assignments, tutorials and taught modules. Assessments will take place on a continuous basis with written examinations and practical assignments combined in order to achieve a qualification.
You could also consider work experience or a work shadow in the industry. Relevant work experience is a good way of demonstrating a genuine interest in the field and is regarded favorably by employers.
Work Experience will not only give you the opportunity to obtain a deeper knowledge and understanding of the industry, it will also give you a chance to do some essential networking with other industry professionals and gain valuable contacts for the future.
Career options
After completing a Managing Risk and System Change course you will be able to get started in a career that uses specific knowledge of potential risks to the profitability, safety, security or existence of the company.
As a risk manager, you’ll be responsible for managing the risk to an organization, its employees, customers, reputation, assets and interests of stakeholders. You will identify and assess threats to an organization, put plans in place for if things go wrong and decide how to avoid, reduce or transfer risk.
You may work in a variety of sectors and specialize in a number of areas, including business continuity, commodity risk, corporate governance, enterprise risk, environmental risk, financial risk, information and security risk, market and credit risk, regulatory and operational risk or technology risk.
Risk managers are employed in the public sector, charities and in private organizations. Some small organizations carry out risk management duties in the finance or operations departments.
Work is primarily office based but often includes visits to other offices to see clients if you’re working in consultancy, or to sites if you’re working in sectors such as construction or energy.
Employers of risk managers include banks and financial companies, central and local government, charities, commercial businesses, energy and utility companies, engineering and construction companies, insurance companies and universities.
Working hours will depend on whether you are self-employed, employed by a company with set business hours or if you are contracted to various businesses or companies. Working hours are typically 9 am to 5 pm, Monday to Friday. You can expect to work additional hours at more senior levels.
Related jobs include:
- Risk Manager
- Financial Risk Analyst
- Political Risk Analyst
- Fire Risk Assessor
- Investment analyst
- Risk manager
- Insurance Risk Surveyor
- Insurance Underwriter
- Compliance Officer
- Actuary
- Actuarial analyst
- Chartered accountant
- Compliance officer
- Data analyst
- Economist
- External auditor
- Statistician
- Stockbroker
- Business development manager
Further study
After completing a course in Managing Risk and System Change you may choose to pursue further study in a specialist field to increase your knowledge base and skill set. Postgraduate study can also be used as a means to change career focus or to gain professional qualifications required to practise in certain career areas such as Accounting, Engineering, Finance or economics, IT, Law, Management or business studies, Mathematics, Risk management, Science or Statistics.
FAQ
What is the importance of Managing Risk and System Change?
Risk management is an important process because it empowers a business with the necessary tools so that it can adequately identify and deal with potential risks. Risk management also ensures that the business has all of the necessary information needed to make informed decisions and ensure the business remains possible.
What are the benefits of Managing Risk and System Change?
Risk management is a core leadership approach that ensures any potential threats to success are identified and dealt with.
Proper risk management can fundamentally change how a management team makes decisions and has many benefits, such as:
- There are fewer surprises – Early awareness of potential problems means that the right people can intervene to mitigate a problem before it becomes too severe to do anything about.
- There is better quality data for decision making – Senior leaders have access to better quality and more helpful data which enables them to make better decisions.
- Communication is elevated – Good risk management elevates the communication for everyone involved. It creates a point of discussion between project teams and key senior stakeholders, prompting them to discuss the difficult topics and deal with potential causes of conflict.
- Budgets rely less on guesswork – Project risk management means that contingency budgets can be more accurately estimated and rely less on the professional estimates of the project team.
Where can I study Managing Risk and System Change?
Explore your options here
Did You Know?
- Although the concept of insurance can be traced back to ancient civilizations, the first known insurance contract was signed in 1347 in Genoa, Italy. Separate insurance contracts, or insurance policies not bundled with loans or other kinds of contracts, were invented in Genoa in the 14th century, along with insurance pools backed by pledges of landed estates.
- Home insurance policies usually cover damage from volcanoes and even meteors, but cover for flooding damage and earthquake damage is usually not covered.
- Starbucks pays more for employee health insurance than it pays for coffee.
- Hong Kong actor Jackie Chan, famous for his daredevil stunts, personally trains his own stuntmen and pays their medical bills out of his own pocket because no insurance company will underwrite Jackie Chan’s productions.
- In 1971, whiskey manufacturer Cutty Sark offered an award of one million pounds ($2.4 million) to anyone who could capture the Loch Ness Monster. The company asked Lloyd’s of London to underwrite the contest and Lloyd’s agreed, under one condition: that it would get to keep Nessie.
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