Developing a risk mindset
Risk management means understanding the possibility of a particular outcome occurring – specifically the chance of a bad outcome. In the financial sector, risk management has changed significantly over the past decade and for organisations to manage risk, all frontline staff must be an effective first line of defence. This means developing a risk mindset.
If you’re serious about a career in banking and finance, then you need to have a firm understanding of risk management. This course has been designed to give you an overview of the different risks banks face, the importance of a well-implemented risk management framework, and your role in mitigating and reporting risks.
Who can study this programme?
Developing a risk mindset is a short, interactive course open to:
front-line staff currently working in a bank or financial institution
those who are interested in getting into a risk related role
those looking to increasing their knowledge of risk.
This is an entry-level course that will teach you the fundamentals of operational risk. It is not essential that you complete An Introduction to Operational Risk first but it will help you when progressing your learning with this course.
Fees
£155
Study duration
Five hours – but you have up to six months from registration to complete
Everything is online, so you can study at a pace that suits you
Modules
Four modules
Your studies will cover
Risk in business and financial services
Principles of risk management
Business risk identification and assessment
Risk management strategies
Your programme in a glance
Studying
As you work through the course you’ll do different activities, with diagrams, videos, and quizzes to support your learning.
Each unit can be studied in less than two hours and there is a short quiz at the end of each topic to test your learning. You can also go back and review topics if you need extra support.
Digital Certificate
After you’ve completed the short course, you will receive a digital certificate of completion.
Module information
Why study this course?
A bank generates a wide range of risks depending on the nature of its business. The main ones are credit risk, market risk, operational risk (including data governance risk and reporting risk), liquidity risk, technology and information risk (including cyber risk), and strategic risk.
Banks can also be affected by external risk events beyond their direct control.
Banks must manage these risks in order to:
prevent loss
ensure survival
protect their reputation
safeguard stakeholders’ interests
comply with regulations and laws
protect the bank’s credit ratings.
When managing risks, a bank can adopt one of five basic mitigation strategies: risk avoidance, risk retention, risk sharing, risk transfer or risk reduction. Implementing a risk framework can be a complex challenge and careful planning is required.
Each individual bank decides its own approach. This could be an internationally recognised standard, such as Basel or ISO 31000:2018, or a bespoke framework. Whatever the approach, the framework should conform to sound risk management principles.
Banking professionals at all levels need to be familiar with their organisations risk frameworks and what their responsibilities are within them. As the risk landscape continues to evolve, it’s never been more important for frontline banking staff to understand the fundamentals of effective risk management.
What you'll learn?
Banks need to identify and assess the types of risk to which they are exposed. This can involve staff at every level. Developing a Risk Mindset has been designed to give you a better understanding of the risk management process, from the ground up.
Typically, there are five stages:
identification
assessment
measurement
mitigation and control
monitoring and reporting.
During this short course, you’ll learn more about these stages and explore what risk is and why banks take certain risks. You’ll learn to understand the difference between risk and uncertainty before exploring what can happen if banks don’t manage the risks they take.
Fees
To register please complete our registration form.
You can also call our Customer Services team on +44 (0) 1227 818 609 or talk to them on live chat.
Corporate bookings
If you are a company and want to register a cohort of students onto Developing a Risk Mindset please email corporate@libf.ac.uk for further information.
Questions about our professional qualifications?
If you have any questions about our professional qualifications in finance and banking, please contact our customer services team.
Our professional qualification customer services office is open:
Monday to Friday from 8.00am to 6.00pm UK time.
