Elements of Risk Management Learning Guide - January 2024 Edition - Digital PDF

This is the Digital PDF. Upon purchase, you'll receive an email with download instructions.

This learning guide covers Elements of Risk Management, part of the Certified Insurance Service Representative designation program. This learning guide covers six main sections:

·       Introduction to Risk Management

·       Risk Identification

·       Risk Analysis

·       Risk Control

·       Risk Financing

·       Risk Administration

Section 1: Introduction to Risk Management

In this section, you are introduced to terminology common to discussions of risk management. In addition to becoming familiar with critical terms and fundamental concepts, you will analyze the five steps of the risk management process and how those steps merge to build a comprehensive risk management program.

Section 2: Risk Identification

In this section you will look more closely at the first and foremost step in the risk management process—Risk Identification. Analysis of this step will include an introduction to general classes of risk and their logical classifications, followed by ten specific methods risk managers can use independently or in combination to identify specific risks.

Section 3: Risk Analysis

The goal of this section is to introduce you to the second step of the risk management process—Risk Analysis. You will learn how both quantitative and qualitative analysis methods are used to understand the frequency and severity of past and predicted losses.

Section 4: Risk Control

The goal of this section is to explain Risk Control—Step 3 in the risk management process. Risk Control is critical, given that the least expensive and most effective way to deal with risk is to prevent it.

Section 5: Risk Financing

The goal of this section is to explain Step 4 in the risk management process—Risk Financing. You will develop an understanding of risk financing options, which risks are insurable, and the continuum of risk financing.

Section 6: Risk Administration

The goal of this section is to explain the fifth and final step in the risk management process—Risk Administration. You will develop an understanding of the risk administration process, which includes the implementation and monitoring of a risk management program. Additionally, you will learn about the risk manager’s role and the risk management network needed for an effective risk management program.

This learning guide is the January 2024 edition. If you have signed up for a CISR program through the Risk & Insurance Education Alliance, you will receive the most current learning guide edition with your registration at no additional cost. We recommend utilizing the learning guide that is sent with your course registration. Should you be interested in registering for a course please visit our course schedule.