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Risk Management Module 2: Identifying, Analysing and Evaluating Risk

ARTICLE BY

  • Samantha Williams
  • Head of Legal and Regulatory Affairs
  • FIA

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Now Live on the FIA CPD ONLINE Platform

Risk Management Module 2: Identifying, Analysing and Evaluating Risk

1 Hour CPD Accredited | Pre-recorded | Available Now

The FIA is pleased to announce the release of Module 2 of the FIA Risk Management Education Programme, now available on the FIA CPD Online platform and accredited for one hour of CPD.

This module builds directly on the foundation established in Module 1 and forms the practical centrepiece of a four-part programme designed to equip FIA members with the risk management skills needed to serve their clients, and differentiate their practices, in a challenging and rapidly evolving insurance environment.

The programme’s central thesis is straightforward:
the sustainable future of the intermediated insurance and advice sector lies in shifting from a philosophy of “repair and replace” to one of “predict and prevent”.

This means moving beyond commoditised risk transfer and positioning intermediaries as genuine risk advisers, deploying the full range of tools available to help clients achieve and maintain an Efficient Total Cost of Risk programme.

Where We Started: Module 1 Recap

Module 1 set the conceptual scene. It introduced members to what risk management is, why it matters, and how it differs fundamentally from simply buying insurance.

  • The concept of Total Cost of Risk and the various ingredients that make up a client’s risk response strategy.
  • The principles of a robust risk management framework and how they apply to client businesses.
  • Insurance as one tool in the intermediary’s toolkit, embedded within risk management.

If you have not yet completed Module 1, we encourage you to do so before proceeding to Module 2, as the modules are designed as a progressive series.

Module 2: Now Available

How to Identify, Analyse and Evaluate Risk Effectively

Module 2 takes the conceptual grounding of Module 1 into practice. Drawing on the ISO 31000:2018 Risk Management Process, it walks members through how to assess risk at both strategic and operational levels, and why the quality of that assessment determines the value a broker can offer a client.

Part 1 – Theory

  • The ISO 31000:2018 risk management process: context, identification, analysis and evaluation.
  • Operational-level risk identification using on-site assessments and hazard scanning.
  • Macro-level identification through PESTLES analysis.
  • Building and using a risk register.

Part 2 – Practical Application

  • Identifying fire, business interruption and cyber-operational exposures.
  • Contrasting standard broker responses with structured enterprise risk management.
  • Demonstrating how risk mitigation improves insurability and reduces premiums.

★ CPD Accreditation

Module 2 is accredited for 1 hour of CPD on the FIA CPD platform. Members who complete the module and its accompanying assessment will earn CPD recognition towards their annual obligations.

The Full Programme: A Progressive Journey

Module 2 does not stand alone. Each module in the series builds on the previous one, taking members progressively through the complete risk management cycle as defined by ISO 31000:2018.

Module Focus What You Will Learn
1 Risk Management Foundations Why risk management matters; what it is; its benefits; Total Cost of Risk; and the components of a robust risk framework. Completed ✔
2 Risk Identification, Analysis & Evaluation How to identify, analyse and evaluate risk at strategic and operational levels using ISO 31000:2018. Practical PESTLES and risk register application. Available now ★
3 Risk Evaluation, Ranking & Treatment How to rank and treat risk using the Three Es and the 5Ts. Coming soon.
4 Monitoring, Reviewing & Continuous Improvement The processes required to monitor, review and improve risk exposures over time, and why continuous oversight is essential to the broker’s value proposition. Coming soon.

Modules 3 and 4 will be released progressively. Members who complete the full programme will have worked through the entire ISO 31000:2018 risk management cycle using consistent, practical case study material, building a toolkit they can apply immediately in client engagements.

Why This Programme Matters for Your Practice

  • Client retention: Structured risk management creates deeper client relationships and reduces the risk of disintermediation.
  • Better risk placement: Brokers who assess risk before placing cover write more accurate and defensible insurance programmes.
  • New service opportunities: Risk surveys, hazard mapping, risk register development and annual review services extend the broker’s commercial footprint.
  • Improved insurability for clients: Clients with managed risk profiles attract better terms and more competitive premiums, reinforcing the adviser’s value.

Access Module 2 Now

Log in to the FIA CPD Online Platform to access Module 2 and continue your journey towards becoming a more effective risk adviser for your clients.

For queries about the programme or the CPD platform, please contact the FIA office at
questions@fia.org.za.

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