European Institute of Management and Finance | Risk Management Workshop: Risk Handling and Treatment Options
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Risk Management Workshop: Risk Handling and Treatment Options

Risk Management Workshop: Risk Handling and Treatment Options


The fishermen know that the sea is dangerous and the storm terrible, but they have never found these dangers sufficient reason for remaining ashore.”   ~ Vincent van Gogh


Risk is the basis for business growth. Without taking risks there is no growth and there is no progress.


The aim of risk management is to accept risks that are within the organization’s objectives, risk appetite and risk tolerance limits. How do you decide which risks are acceptable and which are not?


Risk treatment ensures an organization’s approach to the treatment of risk is aligned with its risk appetite and strategy and integrates business continuity strategies and crisis management within the organization’s risk management strategies and plans.


Selecting the most appropriate risk treatment option(s) involves balancing the potential benefits derived in relation to the achievement of the objectives against costs, effort or disadvantages of implementation.


Justification for risk treatment is broader than solely economic considerations and should consider all the organization’s obligations, commitments and stakeholder views.


This course is based on international standards like ISO 31000 and Federation of European Risk Management Associations and will explain practical risk appetite and tolerance and its role in the effective treatment of risk. It shall also introduce participants to business impact analysis (BIA), business continuity planning and crisis management.


The course shall walk participants through the process and methodology of treating risk and examine in depth the risk treatment options and the criteria for accepting, avoiding, mitigating or transferring risk.


Furthermore, participants will be introduced to useful insurance concepts and understand why insurance alone is not enough in managing risk.



Training Objectives


By the end of this course participants should be able to:


  • Understand how risk treatment fits into the risk management process
  • Describe the differences between the various risk treatment options
  • Understand why risk treatment is important and why insurance alone is not enough
  • Identify the costs involved in risk treatments
  • Formulate and select risk treatment options for identified risks
  • Understand Risk Retention and risk transfer
  • Describe the Risk Financing Process and identify how best to finance risk



Training Outline


  • General Aspects of Risk Treatment
  • Risk appetite and risk tolerance
  • ALARP (As low as reasonably possible)
  • Identifying, designing and implementing risk treatment plans
  • Selecting Risk Treatment options
  • Acceptance
  • Avoidance
  • Mitigation
  • Transfer
  • Risk Control/Reduction Techniques
  • Introduction to disturbance Management and BIA
  • Business Continuity, Emergency and Crisis Management
  • General/Financial Risk Related controls
  • Risk Financing Techniques
  • Insurance and the insurance market
  • Purchasing Insurance Covers
  • Types of Insurance cover
  • Limit Setting on insurance contracts
  • Insurance terms and documents
  • Material Contractual Obligations
  • Reinsurance
  • International Insurance Market
  • Captive Insurance Companies
  • Alternative risk transfer



Training Style


The course will be delivered through practical workshops, case studies and group discussions which give participants the opportunity to apply in practice and reinforce the concepts and methods introduced.



Who Should Attend 


The course is suitable for anyone involved directly or indirectly, or with an interest, in risk management and the treatment of risk in any industry sector or profession, including:

  • Risk managers
  • Operations managers
  • Production managers
  • Project managers
  • Finance managers
  • Auditors, insurance intermediaries
  • Health and safety officers
  • Insurance underwriters
  • HR managers
  • Compliance officers
  • IT managers
  • Heads of departments
  • Business Continuity managers