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CIMA P2 · Management Level

D. Risk and control

Learn to identify, assess, and mitigate organisational risk through internal control frameworks and strategic alignment. This section covers risk and uncertainty quantification, risk classification, and the ethical considerations essential for management-level decision-making in CIMA P2.

  • 22 lessons
  • 2 modules
  • 3.5h of video
  • ~15% of the exam
Start the first lesson → About the CIMA P2 course

What you'll learn

By the end of D. Risk and control.

  • Explain the concepts of risk and uncertainty and their implications for organisational decision-making
  • Apply quantitative techniques including sensitivity analysis and expected values to assess financial risk
  • Identify and classify different types of risk within organisations and explain their potential impact on strategic objectives
  • Analyse risk using mapping and assessment frameworks to inform control strategy
  • Describe the CIMA Code of Ethics and evaluate ethical threats in the context of risk management
  • Evaluate the role of internal controls in mitigating identified risks and supporting organisational governance

The lessons

22 lessons, module by module.

Risk and uncertainty

16 lessons
  1. 1 Defining risk and uncertainty 3m
  2. 2 Sensitivity analysis 13m
  3. 3 Expected values 11m
  4. 4 Perfect information - part 1 7m
  5. 5 Perfect information - part 2 7m
  6. 6 Risk appetite - part 1 4m
  7. 7 Risk appetite - maximax, maximin and minimax regret - part 2 8m
  8. 8 Risk appetite - part 3 5m
  9. 9 Joint probabilities 9m
  10. 10 Standard deviation and coefficient of variation - part 1 10m
  11. 11 Standard deviation and coefficient of variation - part 2 10m
  12. 12 Normal distribution tables - part 1 11m
  13. 13 Normal distribution tables - part 2 13m
  14. 14 Normal distribution tables - part 3 8m
  15. 15 Decision trees 13m
  16. 16 Conditional probabilities 8m

Analysis and management of risk

6 lessons
  1. 1 Types of risk 12m
  2. 2 Risk mapping 9m
  3. 3 CIMA code of ethics 13m
  4. 4 Ethical threats 7m
  5. 5 Corporate social responsibility 9m
  6. 6 Information systems 17m

Questions

About D. Risk and control.

What does the Risk and Control section cover?

This section covers how organisations identify, assess, and mitigate risk through internal control frameworks aligned with strategic objectives. You will learn quantitative risk assessment techniques, risk classification and mapping methods, and the ethical considerations - including the CIMA Code of Ethics - that underpin effective risk management at management level.

Is this section important for the P2 exam?

Yes, Risk and Control is a core pillar of CIMA P2 and accounts for a significant proportion of the objective test. Questions commonly assess your ability to quantify risk, classify risk types, interpret risk maps, and apply ethical frameworks to decision-making scenarios.

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