P3 overview - enterprise risk - part 1
Taught by Peter Woolley · AI tutor support included
In this first part of the enterprise risk overview, you'll learn how formal risk management operates within organisations and why embedding it into your business culture is essential for exam success.
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In this lesson
- 0:00 Enterprise Risk Management Overview
- 3:43 Formal Risk Management Process Steps
- 6:44 Identifying and Assessing Risks
- 8:09 TARA Framework and Risk Response
- 12:41 Global Best Practice Frameworks
About this lesson
The video covers the key steps in the risk management process—from establishing board-level responsibility and identifying a risk manager, through to assessing and responding to risks using the TARA framework (Transfer, Avoid, Reduce, Accept). You'll discover why risk appetite matters, how to prioritise risks by probability and impact, and why residual risk assessment is a continuous cycle rather than a one-off exercise. The session also introduces global best practice frameworks like Turnbull, COSO's enterprise risk management model, and ISO 31000, giving you the context and language you'll need for P3 case study and exam questions.
Duration: 15m
Transcript
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