AFX3141 - Risk identification and mitigation

Offered

Caulfield First semester 2008 (Evening)

Synopsis

This subject identifies the risks to be managed using a well-structured systematic process. Generic sources of risk will include inter alia: Commercial and legal relationships, economic circumstances, human behaviour, natural events, political circumstances, technology and technical issues, management activities and controls. Both qualitative and quantitative analysis will be carried out. Amongst the options for treating risk are:

1. avoidance,
2. reduction of the likelihood of the occurrence and/or reduction of the consequence,
3. risk transference,
4. risk retention.

Objectives

The learning objectives of this unit are to:

• apply commonly used techniques to identify sources of risk;
• distinguish minor and major risks and utilise methods to assist in the evaluation and mitigation of risk;
• assess the probability of an event, its associated consequences and risk implications;
• identify a range of options for treatment of risk and prepare and implement risk treatment plans;
• apply critical thinking, problem solving and presentation skills in individual and/or group activities dealing with risk identification and mitigation.

Assessment

Within semester assessment: 40%
Examination (3 hours): 60%

Contact hours

Caulfield, second semester

Prerequisites

AFX1230, ETX2011

Prohibitions

AFX2021