8 Ingredients To Add To Your Risk Management Online Training
In ordinary parlance, the word “risk” brings to mind daredevils and adrenaline junkies. Or maybe the possibility of rejection and heartbreak. In the business world, the risk is more related to the cash value and the potential for its loss. It can sometimes be classed as a personal risk when it’s delving into matters of life insurance and medical cover. Naturally, a course in risk management would cover the types of risk and how to deal with them. But what are some risk-related areas that are sometimes forgotten by course developers? And are there any essential ingredients your current risk management online training strategy is sorely lacking?
1. Establishing History
In this age of instant gratification, we have a hard time waiting for anything. The future isn’t in our immediate plans. For that matter, the past isn’t either. But in assessing risk, it’s important to look into patterns established over the years. This includes the history of risk management itself. Knowing what mind-space its originators were coming from is helpful. It shows their initial thought process, and how it applies to you. This can be taught using digital training ingredients like timelines and case studies.
2. Recognizing Principles
Online courses are acclaimed for brevity. The…risk (pun intended) lies in comprehension. Sometimes, developers and trainers get lost in the appearance of efficiency. So, if your employees can recite risk management principles, your course feels like a success. However, a good assessor needs more than rote. It’s not enough to spit out the right words in the right order. You need the ability to recognize potentially cloaked threats.
3. Defining Context
Related to assessment principles, it’s important to place these potential risks in the right settings. On paper, things are black and white, but in reality, the whole world is grey. When you’re managing risk, you don’t just want to skim the surface. You can tell your client their beachside business is prone to natural disasters (tsunamis, flooding, etc.) However, a good risk management online training course goes further. They break down what this means exactly. Examples? Property damage, loss of life, depreciating value, and the possibility of not getting insurance (because you live in a high-risk area, pun still intended).
4. Looking Into Options
Following the example above, what happens if your dream house doesn’t qualify for insurance? A bad risk assessor would leave it at that. A good one will dig deeper and tell you what else you can do. If you can’t insure the land, maybe you could insure specific high-value items. Or maybe you could use zoning laws to find a more liberal insurer. Risk management in itself is about identifying trouble spots. A good training course prepares employees to offer solutions as well.
5. Exploring Alternatives
Your risk manager is your partner in the enterprise. Risk management training courses need to inculcate that spirit. Simulations, multimedia tools, and emotional triggers can help your employees develop empathy. Many courses ignore the element of sympathy even though it motivates risk assessors to push further. Train them to go beyond “what if” and into the zone of “what if it was me?” This will inform the alternatives they’ll offer. For example, they wouldn’t ask you to consider closing your dream business. They’ll look for other ways. Make sure your course has some tear-jerking sections, teaching your class to combine logic with a safe sentiment.
6. Documentation And Review
Much of risk assessment and management revolve around writing reports. But before you get to that point, how do you record data? Not many risk managers are taught techniques. The course developer assumes you know how to take notes or that you’ll think to record that interview. (Everyone has a camera phone/voice recording app these days.) Don’t take it for granted. Include modules with real-time record-keeping tips.
7. Emergency Preparedness
Risk management online training isn’t just about assessing the risks involved in business operations. Part of the job description is preparing for emergencies big and small. From data breaches to natural disasters. Develop video demos and tutorials that teach your RM department how to handle common challenges that may come their way. Serious games are another great way to get them ready for the unexpected, thereby ensuring that your business operations run smoothly, even when minor catastrophes threaten your bottom line and image.
8. Rapid-Fire Troubleshooting Techniques
Risk management teams must be able to quickly resolve issues, even if they don’t fall under the “emergency” umbrella. Their job is primarily to mitigate risks so that you don’t encounter any issues in the first place. However, they should also have troubleshooting guides to help them problem-solve on the spot. For example, demo videos or bite-sized simulations that show them how to deal with a claims issue or compliance breach. Or a branching scenario that teaches them how to create risk pools so they can reduce on-the-job accidents.
Most organizations limit the scope of risk management training. They stick to assessment and report-writing, neglecting many more crucial topics. We’re told history repeats itself because we paid so little attention to it the first time. Like many things in life, we’ll reach a better understanding if we get the full backstory. Dig into the history of financial risk, its evaluation, and its resolution. Recognize risk principles and contexts, looking into your options and exploring plans B through Z. Finally, teach your trainees how to keep good records and perform effective risk assessment reviews. It shouldn’t be a once-and-forever kind of thing. Inculcate routine re-evaluations as part of your training arsenal.
You need a learning management system that can support interactive exercises, certificate management, and other RM must-haves. Search our online directory to find the right compliance training LMS for your organization.