1.1 Describe what is meant by operational risk

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Learning outcomes Assessment criteria

1 Understand business risk

1.1 Describe what is meant by operational risk

1.2 Analyse the risk management lifecycle

1.3 Analyse business risk identification theories and models

1.4 Explain measures and techniques to mitigate business risk

2 Understand how a model risk policy

is used

2.1 Describe what is included in a model risk policy

2.2 Analyse the use of a model risk policy

3 Understand business risk concepts

3.1 Evaluate the internal and external risk factors that an organisation faces

3.2 Analyse the potential impact of the risk factors that an organisation faces

3.3 Explain the laws and legislation relating to risk management

4 Understand how to identify risk and risk probability

4.1 Evaluate risk and risk interdependencies

4.2 Evaluate the effectiveness of methods used for calculating risk probability

5 Understand business resilience and the management of risk

5.1 Analyse the relationship between risk management, disaster recovery and business continuity

5.2 Evaluate scenario planning and crisis management models

5.3 Evaluate techniques used to minimise business risk

5.4 Analyse ways in which risk management techniques can be built into routine business processes

1.1 Describe what is meant by operational risk