Table 2 Generic knowledge and skill... | Emerald Publishing

Table 2

Generic knowledge and skill components of risk competence in nonrisk specialist managerial roles

RMP activities/Tasks and outputs	Underlying knowledge	Associated skills
Identify and describe risk (within a given scope/context)	Risk Management Process (RMP) Risk assessment techniques (Inspections and audits, questionnaires and checklists, workshops and brainstorming) Risk Vocabulary Risk Classification Systems (how the organisation defines and groups the risks it faces, e.g. COSO/FIRM) Environment Analysis (understand the internal and external risk context with tools like Political, Economic, Social, Technological, Environmental and Legal (PESTEL))	Observation, Interviewing, Brainstorming, Groupwork, Communication, Spreadsheet use, use of technology to support the risk management process Analytical skills Problem solving skills Business Process Mapping
Estimate/analyse risk (to determine its probability and impact)	Risk Calculation Statistics/Probability theory Opportunity assessment	Calculating/estimating probability Calculating/estimating impact Apply risk assessment techniques Judgement (of likelihood and impact)
Evaluate risk (to determine if risk mitigation/controlling action is needed)	Risk appetite/Risk Criteria Business Goals	Decision-Making use of risk matrices
Treat/control risk (to reduce the likelihood or impact of harm to tolerable levels)	Risk Control Theories Types of controls Types of insurance cover Residual Risk Decision strategies Budgeting/Investment Appraisal	Decision-Making, Change and Project Management Creativity – to build controls
Report and monitor risk	Risk Register Reporting rules (compliance with relevant codes and laws)	Able to apply, integrate and implement risk knowledge with strategy to attain goals Communication and persuasion, Spreadsheet use, use of Risk Information Systems
Manage uncertainty (to maximise opportunities and reduce threat/harm)	Business Resilience Continuity and Crisis Management Business Goals	Business Impact Analysis Use of tools such as Monte Carlo simulation (modelling uncertainty); interpreting model outputs Group work/facilitated workshops

RMP activities/Tasks and outputs	Underlying knowledge	Associated skills
Identify and describe risk (within a given scope/context)	Risk Management Process (RMP)Risk assessment techniques (Inspections and audits, questionnaires and checklists, workshops and brainstorming)Risk VocabularyRisk Classification Systems (how the organisation defines and groups the risks it faces, e.g. COSO/FIRM)Environment Analysis (understand the internal and external risk context with tools like Political, Economic, Social, Technological, Environmental and Legal (PESTEL))	Observation, Interviewing, Brainstorming, Groupwork, Communication, Spreadsheet use, use of technology to support the risk management processAnalytical skillsProblem solving skillsBusiness Process Mapping
Estimate/analyse risk (to determine its probability and impact)	Risk CalculationStatistics/Probability theoryOpportunity assessment	Calculating/estimating probabilityCalculating/estimating impactApply risk assessment techniquesJudgement (of likelihood and impact)
Evaluate risk (to determine if risk mitigation/controlling action is needed)	Risk appetite/Risk CriteriaBusiness Goals	Decision-Making use of risk matrices
Treat/control risk (to reduce the likelihood or impact of harm to tolerable levels)	Risk Control TheoriesTypes of controlsTypes of insurance coverResidual Risk Decision strategies Budgeting/Investment Appraisal	Decision-Making, Change and Project ManagementCreativity – to build controls
Report and monitor risk	Risk RegisterReporting rules (compliance with relevant codes and laws)	Able to apply, integrate and implement risk knowledge with strategy to attain goalsCommunication and persuasion, Spreadsheet use, use of Risk Information Systems
Manage uncertainty(to maximise opportunities and reduce threat/harm)	Business ResilienceContinuity and Crisis ManagementBusiness Goals	Business Impact AnalysisUse of tools such as Monte Carlo simulation (modelling uncertainty); interpreting model outputsGroup work/facilitated workshops