Risk Management and Innovation develops your ability to conduct empathy-driven and data-driven analysis in the domain of risk management. This course focuses on the process of managing enterprise risk, in which understanding both data and stakeholder enriches each step. The course introduces the three lines of defense, tools to identify and assess risks, risk responses, key risk indicators, and risk reporting. You will use tools like risk statements, bowtie analysis, matrices, and heat maps to apply these concepts, and use data visualization in Tableau to practice applying data analysis to better manage risks.
Empathy and Data in Risk Management
Gain insight into a topic and learn the fundamentals.
Beginner level
No prior experience required
16 hours to complete
3 weeks at 5 hours a week
Flexible schedule
Learn at your own pace
Build toward a degree
What you'll learn
Explain and apply the foundational concepts of enterprise risk management
Use multiple techniques to identify risks, evaluate their relevance, assess severity, choose risk measures, and develop appropriate risk responses
Understand how to prioritize risks within organizations
Communicate risk information using matrices, risk statements
Skills you'll gain
Details to know
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Assessments
17 quizzes
Taught in English
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There are 5 modules in this course
Risk Management and Innovation develops your ability to conduct empathy-driven and data-driven analysis in the domain of risk management. This course focuses on the process of managing enterprise risk, in which understanding both data and stakeholder enriches each step. The course introduces the three lines of defense, tools to identify and assess risks, risk responses, key risk indicators, and risk reporting. You will use tools like risk statements, bowtie analysis, matrices, and heat maps to apply these concepts, and use data visualization in Tableau to practice applying data analysis to better manage risks.
What's included
3 videos7 readings1 quiz1 discussion prompt1 plugin
In this module, you will examine risk management in organizations, with a focus on understanding stakeholders, such as customers, employees, and society at large. The course introduces frameworks to identify, assess, respond to, and report on risk within an organization, and tools to link these risk management activities to data analysis and stakeholder needs. This course illustrates these concepts in two important areas: 1) Cybersecurity, and 2) diversity, equity, and inclusion. Finally, the course provides practice with data visualization tools.
What's included
3 videos2 readings4 quizzes
In this module, you will examine ways to measure risk. This module introduces key risk indicators and the tradeoffs between using qualitative or quantitative indicators. You will learn how to use bowtie analysis to identify measures of risk. You will also transition from risk measurement to risk assessment and different approaches to define risk likelihood and risk magnitude.
What's included
3 videos2 readings4 quizzes1 peer review
In this module, you will explore artificial intelligence, algorithms, and risk management. This module will introduce the basic types of algorithms and the special problems represented by the use of algorithms in organizations. You will discuss psychological issues in using inputs from algorithms, including situations leading to over-utilization or underutilization of algorithmic input.
What's included
3 videos2 readings4 quizzes
In this module, you will examine risk reporting and monitoring. This module discusses the use of heat maps and risk dashboards to communicate risk information to stakeholders. You will also discuss the importance of risk monitoring and ways organizations evaluate how risks change. Finally, you will examine common principles of persuasion as a way to enhance the effectiveness of communication.
What's included
3 videos4 readings4 quizzes1 plugin
Instructor
Offered by
Recommended if you're interested in Business Strategy
FAIR Institute
University of Michigan
Build toward a degree
This course is part of the following degree program(s) offered by University of Illinois Urbana-Champaign. If you are admitted and enroll, your completed coursework may count toward your degree learning and your progress can transfer with you.¹
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