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CMI Unit 708 focuses on Strategic Risk Management, a crucial aspect of modern business management. This unit aims to equip learners with the knowledge and skills necessary to identify, assess, and manage risks at a strategic level within organisations. The unit is part of the Chartered Management Institute (CMI) qualifications, which are designed to enhance professional managerial skills and leadership capabilities.
The primary objectives of CMI Unit 708 are:
Understanding the Concept of Strategic Risk Management: Learners will gain a deep understanding of what strategic risk management entails, including its importance in achieving organisational goals and sustaining competitive advantage.
Identifying Strategic Risks: The unit teaches how to identify potential risks that could impact an organisation’s strategic objectives. This includes both internal and external risks such as market fluctuations, technological changes, regulatory shifts, and operational disruptions.
Assessing and Analysing Risks: Learners will learn various methodologies and tools to assess and analyse the potential impact and likelihood of identified risks. This includes qualitative and quantitative risk assessment techniques.
Developing Risk Mitigation Strategies: The unit covers the development of effective risk mitigation strategies to manage identified risks. This involves planning and implementing measures to reduce the impact or likelihood of risks.
Integrating Risk Management with Strategic Planning: Learners will understand how to integrate risk management into the strategic planning process, ensuring that risk considerations are embedded in organisational decision-making.
Creating a Risk-Aware Culture: The unit emphasises the importance of fostering a culture that prioritises risk awareness and proactive management across all levels of the organisation.
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Upon completing CMI Unit 708, learners will be able to:
The assessment for CMI Unit 708 typically involves:
Studying this unit provides several benefits:
CMI Unit 708: Strategic Risk Management is designed to provide a comprehensive understanding of managing risks at a strategic level. It equips learners with the necessary tools, techniques, and knowledge to identify, assess, and mitigate risks, ensuring that organisations can achieve their strategic objectives while navigating uncertainties effectively.
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