The Risk Management Fundamentals online course is designed to provide participants with a solid foundation in risk management, including key concepts, frameworks, current approaches, and processes.

Course Description

Developed as a collaboration between McGill University’s School of Continuing Studies and the International Civil Aviation Organization (ICAO), this self-paced online course offers business leaders, managers, and other professionals an opportunity to gain a solid understanding of the application of risk management practices in organisations as a foundation for organisational success. Key risk management concepts, processes, standards, and frameworks including Enterprise Risk Management (ERM) and Integrated Risk Management (IRM) are explained and illustrated through examples from aviation and other industries. Explore how implementing a comprehensive risk management program and creating a strong risk culture can benefit your organization.

Upon completion of the course, you should be able to:

• Describe essential risk management terms, the risk management environment, objectives and goals, classifications, basic risk assessment measures, and risk management benefits for organizations, the economy, and society.
• Explain the use of specific risk management frameworks and standards, including the ISO 31000:2018 and the COSO Enterprise Risk Management (ERM).
• Identify and classify hazard risks and describe resulting loss exposures. 
• Identify and describe the different types of operational and strategic risks, their potential negative - as well as positive outcomes, and basic measures, including Key Risk Indicators (KRIs) and Key Control Indicators (KCIs).
• Compare and contrast traditional risk management, Enterprise Risk Management (ERM), and Integrated Risk Management (IRM) practices and determine the optimal approach relative to an organization's unique objectives.

Course Structure

• Course Introduction
• Module 1 - Foundations of risk management
• Module 2 – Risk Management Frameworks and Standards 
• Module 3 - Hazard Risk
• Module 4 - Operational and Strategic Risk
• Module 5 - Enterprise and Integrated Risk Management
• Module 6 – Risk Management Framework and Process Model
• Final Test

Key Course Components

This course includes a variety of sections to facilitate learning:

• Focus: Learn from dynamic video presentations led by your instructors for this course, Christopher Cross and Ibrahim Abou-Haidar, risk management practitioners and instructors at McGill University's School of Continuing Studies
• Point of View & Spotlight in Action: Explore diverse points of view from aviation and other industries through videos of interviews conducted with guest speakers from McGill University, CAE Inc. (formerly Canadian Aviation Electronics), Gildan, Civil Aviation Authority (UK), and more! 
• Preview & Review: Gain a solid understanding of the material presented with guided preview sections to prepare for new material and structured review sections to consolidate your knowledge.
• Closer Look: Go beyond the presented material with current examples and practices from aviation and other industries.
• Quick Survey & Share your Opinion: Participate in collective surveys and share information and experiences with other participants in this course. 
• Activities: Complete interactive activities and scenarios to better understand the application of key concepts. 
• Knowledge Checks: Complete interactive questions and get instant feedback to help you retain the content.
• Final Test: Demonstrate your knowledge of key points and information by completing the final test in order to obtain your certificate.

This course will benefit aviation professionals and managers from Civil Aviation Authorities (CAAs), operations officers, safety analysts, heads of safety and performance, airport managers and other professionals interested in developing and implementing Risk Management programs. 

Secondary Target Population

This course will also be useful to business leaders and professionals across all industries, particularly those interested in developing a systemic understanding of Risk Management and the benefits of its application in their respective organizations.