To provide students with a broad understanding of risk management, including basic concepts and the suite of available techniques. After successfully completing this unit, the students will be able to:

Understand fundamental risk and reliability concepts;
Apply the safety, economic and legal drivers of risk management requirements;
Comprehend different organizational risk paradigms and models;
Recognize the liability and due diligence implications of risk managers, and how they relate to quantified risk management (QRA) techniques;
Apply risk modeling and generative information gathering techniques;
Apply the use of mathematics in risk and reliability analysis;
Generate safety cases demonstrating due diligence and limiting legal liability; and
Apply both top-down and bottom-up risk management techniques – and when to use each

Teaching Methods:

On campus lectures, tutorials and case-study workshops

Assessment:

Individual Assignment (worth 40%),

Examination (worth 60%)

Generic Skills Outcomes:

On successful completion of this unit, students will be able to:

Apply risk and reliability concepts and knowledge;
Identify and manage risk;
Skills in systems thinking;
Ability to work independently;
Ability to communicate effectively.

Content:

Risk Management Concepts
Risk Paradigms
Risk Management Models
Liability
Causation
Risk Criteria
Top-down and bottom-up Techniques
Ranking and modeling Techniques
Generative Techniques
Risk & Reliability Maths
Corporate Governance
OH&S
Process Industry
Finance & Market Risk
Safety Case Arguments
Project Due Diligence
SIL Allocation
Availability Profiling

Reading Materials:

Robinson, R.M. (2008) Risk & Reliability: An introductory text, 7th Edition, R2A Pty Ltd.
+ Supplied study materials

Introduction to Risk and Due Diligence

Unit Code: HES6727

Related Course/s:

Aims & Objectives:

Teaching Methods:

Assessment:

Generic Skills Outcomes:

Content:

Reading Materials:

Information for: