The subject of risk management is very important and requires a lot of attention because everyone is liable to face risk at any time. A class of adults who engages in various risky activities needs to be aware of various risk management strategies that they can apply in life in order to manage a number of risks that they are faced with as they engage in their day-to-day activities. First, it is important to understand the concept of risks management and the strategies that are available to manage risks that businesses as well as individuals are faced with, as they engage in various activities. Risk management is the process by which company identifies ways that it can use to reduce the impact of a given risk on the operations of the company. There is a number of risk management strategies that organizations can use to manage and prevent risk occurrences. The risk management strategy to be adapted largely depends on the nature of the risk and its impact on the firm or individual in question. There are three risk management methods that are available for companies namely, risk transfer, risk reduction and risk retention (Daniel, 2008).
Risk reduction is a strategy where the party is involved in needs to employ the strategy of reducing the impact of the risk on the activities that they are engaged in, with an aim of reducing the cost of premium that the company has to pay by taking insurance covers (Borodzicz, 2005). For instance, risks relating to injuries, safety and health of its workers in the work place can be reduced by developing guidance manuals that provide detailed information relating to procedures that should be followed by the workers as they perform their duties. This will reduce the number of cases arising to exposure of accidents and other forms of risks that are manageable and controllable. Risk retention, as a method of managing risk, involves retaining risks that are manageable and cannot be transferred to a third party (Alexander and Sheedy, 2005). The risks that the party involved in are mainly those that arise from internal operations of subject they are engaged in.
Risk transfer involves transferring risks that one is faced with to another party, so that their impact can be reduced on the company operations. The involved party, therefore, needs to be aware of the various insurance regulations that are in existence within their country of operation or residence (Altemeyer, 2004). The involved parties can use hedging techniques such as swaps, options and future contracts in order to protect themselves against the exchange rate risks such as translation risks, economic risks and transaction risks.
Understanding the above concepts relating to risk management is very important to me as well as for the students that I will be teaching. I will be in a position to pass the knowledge I have regarding the risk management to my students, so that they can apply it in their daily lives with an aim of managing risks that they face throughout their lives.
Learners Experience, Goals, Perspectives and Attitudes
The learners are likely to find the subject interesting as the subject of risk management directly affects their lives. They will find the lessons so engaging and of great help to them, as they will learn new things relating to risk management. Students who will participate in these lessons should aim at understanding the concept of risk management. Their goal will be to apply the concept they learn in the class in managing various risks that they are faced with in life. Most of the students who will be attending these classes on risk management are individuals who own businesses and the concept of risks management suits them. They will be able to learn different ways of managing the risks and how best to apply them in their businesses. The students will perceive the subject positively as it will be of great help to them. After explaining the concepts of the study in my first lesson, the learners will be highly motivated, thereby making them to have interest in learning more from the subject of the study.
First, lesson will be introducing the subject of the study to the students by informing them about the learning goals and objectives as well as the expected outcomes of the study. This will prepare the students psychologically as they will be fully aware of what they expect from my lectures. The next item will be presenting the various concepts of risk management and the strategies that are available for one to manage various risks. The final, part will be assessing the students on how well they have managed to understand the concepts learned in the entire subject.
Creating Safe Learning Environment and Motivating Learners
In order for my students to concentrate fully on learning various issues regarding risk management, I will create a safe learning environment for them. First, I will ensure that this environment is free from various distracters. Secondly, I will ensure that I involve my students in various discussions, so that they can feel that they are part of the learning process and this will be crucial in ensuring that they fully concentrate in class. For the goals of the study to be fully met, I need to create a highly motivated class. I will achieve this by ensuring that I treat all my learners equally, fairly and create conducive environment for everybody. I will also interact freely with my students for them to be fully motivated.
Given that my audience consists of adults, I need to use teaching tools that better suit their needs. One of the tools that I will use in delivering the concepts of my subject of study will be lectures. I will give lectures while my students take various notes relating to the subject of the study. The second tool that I will apply in my teaching will be the use of discussion groups where the students will give their inputs on the subject of the study as well as ask various questions regarding the risk management.
Effectiveness of the Teaching Tools
Lectures will be effective in delivering various concepts on risk management and give their own idea of the subject. Given that I have short time available for me to deliver on my subject, lecturing will enable wide coverage of the concepts within a short period of time. This tool will enable the students to take notes on the most important concepts relating to risk management. On the other hand, discussion as a tool of teaching will be effective in delivering the concept of my study. It will help me understand the areas that my students did not comprehend.