What are the Different Types of Risk Management Classes?

Different types of risk management classes address business accidents and liabilities; management fundamentals and tools; and specific risks related to the financial and public sectors. Risk management is typically a process of business, financial, or investment decision-making requiring an individual to identify and then analyze risks. Following that, the process involves either accepting or alleviating them. Risk management classes address this two-step process, making them valuable for current business or financial professionals, or those aspiring to enter careers in those fields of interest.

Individual risk management classes address key areas of financial and business liabilities. Depending on the focus of their studies, some students may take business classes in analysis techniques and tools, while others concentrate on identifying and assessing financial risk. Still other classes deal with a variety of industry-specific and public safety risks.

Certain kinds of risk management classes are common to many business certificate and degree programs. A program for business risk management, for example, may include management fundamentals, enterprise risk management (ERM) essentials, and cyber or technology risk management. In a financial program, the curriculum may include background and key concepts in financial services risk management, operational risk in financial services, and developing and managing regulatory framework in banks. Courses for an information technology (IT) program would focus heavily on identifying and assessing cyber threats and vulnerabilities, installing high-level security measures, and mitigating technology risks.

Some of the first things students learn in these classes are how to identify, address and assess risks. Businesses face several categories of risk, which is why management is essential. The primary categories include the following: financial, strategic, operational, technology, and compliance issues. Several sub-categories of risk include commercial, employee, health and safety, environmental and natural disasters, and economic and political instability.

A variety of risk management courses and formats are available. Some are self-contained courses to supplement workplace training programs, granting each attendee a certificate. Other times, they can be non-certificate courses. In addition, risk management courses are often part of the primary curriculum for business administration certificate and degree programs. Students may also choose this study as a specialization within their Master of Business Administration (M.B.A.) degree programs. Most of these options are accessible in either traditional settings or through online training.

Individuals who take risk management classes, achieve certificates, or earn business degrees with concentrations in this area improve their chances for career advancement. While the majority of students in risk management classes already have a business background, others have plans to pursue careers in business or financial fields. Demonstrating skill and expertise in this area makes such candidates attractive in high-level business and financial sectors.