What is risk management?

The entrepreneur Mark Zuckerberg is reported to have said: ‘The biggest risk is not taking any risk… In a world that is changing really quickly, the only strategy that is guaranteed to fail is not taking any risks.’ As you have learned in the first week of this course, risk is a part of our personal and professional lives, and risk management is a growing industry.

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Risk management is a particularly big area of trade for the consultancy sector. One of the leading players in risk management is KPMG. Rather than offering you a definition of risk management that we have come up with, in this step you will evaluate the risk management material on KPMG’s website.

Your task

Take about 30 minutes to explore the KPMG website, clicking through to any pages you feel are relevant. Make notes on how KPMG defines risk management using the following prompts:

  • What is the implicit definition of risk that is used in its discussion of risk management?

  • What are some of the activities that it undertakes to help its clients to manage risk?

Share your thoughts in the comments area and respond to some posts of your fellow learners.

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This article is from the free online course:

Decision-making and Risk: An Introduction

Coventry University