Lecture 1 - Managing Risk - Introduction - Manage Risk...

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Manage Risk BSBRSK501B Lecture 1 Managing Risk - Introduction Kathleen Cashmere BAF
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Faculty of Business & Finance What George knows about risk management http ://www.youtube.com/watch?v=laKprX-HP94&fe ature=related 2
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Faculty of Business & Finance What is risk Risk can be defined as the chance of something untoward occurring that could negatively affect the outcomes or objectives of an organisation Let’s face it – everything we do is inherently dangerous eg crossing road, driving a car, bungee jumping etc However, to put it in perspective - What is the likelihood of something negative happening? What are the consequences should that event occur? How often are you exposed to that risk? 3
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Faculty of Business & Finance Likelihood and Consequences Low likelihood + low consequences = lower risk High likelihood + high consequences = higher risk 4
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Faculty of Business & Finance What risks are you prepared to take?
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