Institute of Commercial Management | Qualification Subject

Risk Management

ICM Professional Diploma Unit

This qualification is a reviewed Single Subject and will be awarded as a Single Subject Certificate from June 2023.

Introduction to Risk Management

  • Approaches to defining risk
  • Impact of risk on organisations
  • Types of risk
  • Development of risk management
  • Principles and aims of risk management
  •  Risk management standards

Risk Strategy

  • Risk management policy
  • Risk management documentation
  • Risk management responsibilities
  • Risk architecture and structure
  • Risk-aware culture
  • Risk training and communication

Risk Assessment

  • Risk assessment considerations
  • Risk classification systems
  • Risk likelihood and impact
  • Risk magnitude and hazard risk
  • Loss control
  • Loss prevention and damage limitation
  • Defining the upside of risk
  • Business continuity planning

Risk and Organisations

  • Corporate governance model
  • Stakeholder expectations
  • Analysis of the business model
  • Project risk management
  • Operational risk management
  • Supply chain management

Risk Response

  • Enterprise risk management
  • Importance of risk appetite
  • Tolerate, treat, transfer and terminate
  • Risk control techniques
  • Control of selected hazard risks
  • Importance of risk transfer

Risk Assurance and Reporting

  • Evaluation of the control environment
  • Activities of the internal audit function
  • Risk assurance techniques
  • Reporting on risk management
  • Ethical safety culture
  • Corporate social responsibility
  • Future of risk management

Example Candidate Response Booklet

Example Candidate Response (ECR) Booklets are a source of crucial information for Centres and Candidates as they use real candidate responses. We ask Senior Examiners to comment on five or more responses in terms of why the mark was awarded with commentary about how to improve the answer (if necessary).

Recommended Reading

Main Text:

Indicative Text:

Alternative Text and Further Reading:

The Commercial Manager – T. Boyce & C. Lake (ICM)

Project Risk Management: Processes, Techniques and Insights – Chris Chapman & Stephen Ward (John Wiley & Sons)

Risk Management in Projects – Martin Loosemore, et al (Taylor & Francis)

The Essentials of Risk Management – M. Crouhy, D. Galai & R. Mark (McGraw-Hill)