The 15 Best Free Online Risk Management Courses

Risk takes many forms in business. Not only should every business and sector have an eye on risks involved in their companies, but there are also whole business sectors focused on predicting, identifying, and correcting risks. If this type of business management is interesting to you, consider one of these free online risk management courses offered by top business schools from around the country.

American Express identifies several types of risk that a business is likely to face. Economic risk refers to the volatility of the economy. Some things can impact the economy positively and provide great opportunities for a business. Other events such as the coronavirus pandemic cause havoc within the economy. Not every event can be foreseen, but it’s important to keep an eye on things and plan ahead as much as possible. Another risk is compliance risk. Laws that apply to businesses are vast, and keeping track of all the red tape is certainly a challenge. Failure to comply with some obscure regulation can bring large penalties. Complacency is another challenge. Success can make a businesses comfortable with the status quo and lead to a lack of innovation. There is always a competitor out there looking to do something better, and not being aware of them can result in a loss of customers and market share.

Free Online Risk Management Courses

The purpose of risk management is to be aware of the many risks that a business might face. It’s an ongoing effort, requiring constant analysis and evaluation in an effort to minimize losses as much as possible. Loss expenses might include lawsuits, damage to physical assets, or negative public opinion. Risk controls incorporate things such as avoiding certain activities that might lead to a loss. Methods of financing risk might utilize insurance, borrowing funds, or seeking out new capital. Marquette University states that a risk manager provides the methodology for analyzing loss. The risk manager budgets for insurance and pinpoints the departments impacted through premium costs. It is the risk manager’s obligation to keep track of records and make certain that everything stays current and in compliance. Additionally, the risk manager stays abreast of contracts and business activities in an effort to mitigate potential losses. There are many niches for risk managers to find an exciting career. Before jumping into an advanced degree, or perhaps to supplement your current education and experience, check out this list of top free online risk management courses.

Methodology

To determine which free online risk management courses were most appropriate for this list, we located a wide variety of courses important for managers assessing risk. This list contains many introductory courses, making them a good choice for professionals without a lot of prior knowledge, as well as intermediate courses for the advanced risk manager. The websites utilized include Coursera and edX. Class selection is further honed based upon affiliation with the country’s top business schools.

#1 Construction & Risk – Columbia University

Construction Project Management is a free online risk management course. This class, designed for beginners without a lot of construction knowledge or experience, is the first in a series of classes that make up a construction management specialization. The course teaches the basic principles of the Project Development Cycle. Along the way, guest lecturers speak about Lean Project Delivery Methods and Lean Design Behaviors. New technology is discussed, along with how it impacts scenarios in real life. The free online risk management class wraps up with the development of a Work Breakdown Structure. There are many types of risk that one faces in construction. Safety hazards can result in accidents and injuries. Contracts that are overly vague may cause problems down the road. Natural disasters can come along at any time and cause anything from delays to destruction. The point is that there are a lot of potential challenges that one must prepare for, monitor, and fix. Free online risk management classes are ideal for learning how to handle whatever surprises might be in store. Risks can lead to delays, unexpected costs and have a significant impact on the bottom line. Many construction jobs can only be done when other jobs are done first. For example, you can’t start building the framework until the foundation is complete. There is a lot of juggling going on, and one stoppage or slowdown can have a domino effect.

Columbia University, home to U.S. News & World Report’s number eight best business school, offers this free online risk management course. The Columbia School of Business is fully accredited through the AACSB and offers MBAs, doctorates, and online and in-person executive education courses. Columbia’s School of Professional Studies offers a Master of Science in Construction Administration available for full and part-time students. Additionally, students of the University’s Fu Foundation School of Engineering and Applied Science can earn a master’s concentration in Construction Engineering and Management, which offers classes from several areas, including the business school and architecture school. The University’s additional Coursera options include free online risk management courses in Financial Engineering and Risk Management Part I and II.

Course Name: Construction Project Management
Business School: Columbia Business School

#2 Cybersecurity & Risk – Rochester Institute of Technology

Students who desire to expand their reach into risk management on the digital front have the opportunity to take a free online risk management class titled Cybersecurity Risk Management. This is an advanced course for students who can commit about 12 hours a week for eight weeks. It is part of a MicroMasters program and is best suited to those with some basic cybersecurity knowledge. Beginning with the critical elements of risk management, students learn to spot threats and weaknesses in a digital environment. They’ll assess the severity of these threats, determine how to defend against them, and ascertain what kind of impact they might have on business. Students will learn about both qualitative and quantitative frameworks, data mining, and machine learning. Wrapping up with case studies, students will better understand all of these principles and techniques. According to the U.S. Small Business Association, in 2018, cybercrimes had a price tag of $2.7 billion. Small businesses are especially vulnerable because hackers know that they are typically not as well defended as large corporations. Most small businesses know that they can’t defend themselves very well, but they either can’t afford to do much about it or don’t know what to do.

Rochester Institute of Technology offers a free online risk management class. Rochester’s Saunders College of Business is accredited through the AACSB. The business school is recognized by U.S. News & World Report as the #89 best business school. Additionally, Saunders offers an online MBA degree recognized by U.S. News as the #28 best online MBA program. Rochester students who wish to gain more ground in the field of cybersecurity can earn a graduate certificate in cybersecurity that is available in the Golisano College of Computing and Information Sciences’ Department of Computing Security. In addition to Rochester’s free online risk management class available through edX, the school of quite a few other options. Available courses related to the free online risk management course in cybersecurity include Network Security, Data Representation, Data Analysis for Decision-Making, and Cybersecurity. Students will also benefit from free online classes such as Business Communication, Teamwork & Collaboration, and Public Speaking.

Course Name: Cybersecurity Risk Management
Business School: Saunders College of Business

#3 Financial Concepts – Yale University

Financial Markets is next on this free online risk management courses list. This beginner-level course requires a commitment of around 32 hours to complete, and it is designed to take seven weeks of study. So, what does one learn in a course on financial markets? This potentially broad topic is broken down to its essential components by Yale Professor Robert Shiller in this free online risk management class. However, it covers a lot of ground. With an overview of financial markets and insurance, the course moves on to cover such areas as forecasting, stocks, and corporations. From there, students learn about recessions, trading options, new market innovations, and nonprofits. The Houston Chronicle highlights the importance of financial concepts in a recent article. Understanding a balance sheet and knowing how to make a profit are undoubtedly important. However, to indeed be in the best position to make one’s business a success requires understanding several critical financial concepts. The article identifies several such areas. Recognizing that sales income does not necessarily equate to cash flow is a significant hurdle that many small businesses must overcome. Regardless of how much income is coming in, poor cash flow results from more going out. Other vital concepts include risk vs. reward, collections, equity vs. debt financing, and opportunity costs.

Yale University makes this free online risk management course available through Coursera. The School of Management is fully accredited through the AACSB, and it takes a top ten spot in U.S. News & World Report’s best business schools with a ranking of #9. This top school has offerings that include master’s degrees in Advance Management, Asset Management, Global Business & Society, Systemic Risk, and Business Administration. Students can earn a Ph.D. and nine joint degrees. Several executive programs are available on campus and may be customized to fit any organization best. Free online risk management courses are just the tip of the iceberg for what Yale has to offer online through Coursera. Many additional opportunities await students through courses such as Financial Markets, The Global Financial Crisis, Contract Law, and Introduction to Negotiation.

Course Name: Financial Markets
Business School: Yale School of Management

#4 Financial Decision-Making – Babson College

Financial Analysis for Decision Making is highlighted next in this list of free online risk management courses. Students can complete this introductory class in less than two months. Making decisions that can determine the future of a business enterprise can be loaded with anxiety. The purpose of this class is to take some of the uncertainty out of decision-making, offering a road map to keep one from straying into dangerous waters. Beginning with methods to fund a business, this free online risk management class moves on to negotiation, how to best evaluate ideas and the role that stocks and bonds play. An article in the Harvard Business Review contains some valuable insight into decision-making. The information and data available today are not the same as it was twenty years ago when this article was written. However, some of the core obstacles, those present within the decision-makers psyche, constitute the same traps that have been around as long as the need for those decisions. Having a robust roadmap to success can help avoid the pitfalls that we put in our path. Some of these common issues involve anchoring where decisions are tethered to the first information that we receive, whether it is accurate or not. Another common challenge, bias toward the status quo, is evident when making changes is avoided. After all, if a change is made, one has to take responsibility for that change, and it might not work out correctly. Many additional psychological traps are expanded upon within the article, but one way to overcome them is through financial analysis with an open mind.

Babson College’s F.W. Olin Graduate School of Business offers students various choices on pursuing their education. They have U.S. News & World Report’s #31 best online MBA program, along with full-time master’s programs in Entrepreneurial Leadership, Finance, and Business Analytics. U.S. rates this AACSB accredited business school at #72. Babson’s additional free online risk management courses include Digital Strategy and Action, Analytics for Decision Making, and Financial Accounting Made Fun. Along with these classes, Babson offers various additional content ranging from Conscious Capitalism to Corporate Social Responsibility.

Course Name: Financial Analysis for Decision Making
Business School: F.W. Olin Graduate School of Business

#5 Finance & Risk – University of Illinois at Urbana-Champaign

Near the tail end of seven courses is the next in this free online risk management courses list, Corporate Finance II: Financing Investments and Managing Risk. This series, as a whole, leads to a specialization in financial management. Students of this 20-hour course will learn about how companies determine how much debt they should take. From where should that debt come? Should it come from banks or markets? What is the best way to return money into the hands of investors? This free online risk management class covers various risks such as credit risk and types of financial risk like currency risks. The course wraps up with finance decisions related to mergers and acquisitions. NYU’s Stern School of Business hosts an article that sums up the topic of Finance and Risk very simply. “Every decision made in a business has financial implications, and any decision that involves the use of money is a corporate financial decision.” From David to Goliath, all businesses have some things in common across the spectrum. Resources need to be thoughtfully invested. The money used for these investments must come from a careful mix of financing. Lastly, there has to be a method for returning cash to the owners because eventually, there comes a time for a successful business when there is more cash on hand than suitable investments to be made.

The University of Illinois offers this free online risk management course at Urbana-Champaign. In addition to being a stand-alone course, Corporate Finance II is part of a seven-class financial management specialization. Additionally, this class is part of Illinois’ Master of Business Administration iMBA degree. This fully online, two- to three-year degree is an offering from Illinois’ Gies College of Business, fully accredited through the AACSB. Gies offers several programs in addition to their online MBA, such as master’s degrees in accounting, business analytics, and finance. Gies’ students have an opportunity to get substantial hands-on experience through the Magelli Office of Experiential Learning, where they get involved in real-world projects for organizations that range from start-ups to Fortune 100 companies.

Course Name: Corporate Finance II: Financing Investments and Managing Risk
Business School: Gies College of Business

#6 Healthcare & Risk – Doane University

Next on the list of free online risk management courses is a Healthcare & Risk class titled Healthcare Finance, Economics, and Risk. This 50-hour class is at the intermediate level. Part of a seven-course micromasters program, this free online risk management class prepares students for leadership roles in the healthcare industry. To best prepare these future leaders, the course provides a thorough understanding of core issues such as healthcare finance, risk, and legal and regulatory hurdles. Students will learn to manage costs and make the healthcare industry better and safer. An easily understood example of how risk management in healthcare can make a difference comes from an article by the University of Scranton. The CDC performed research that indicated using urinary catheters for an extended time often led to infections. A risk management plan required doctors to keep a closer eye on catheters, resulting in decreased patient risk. Healthcare risk management is going to vary depending on when and where it is used. However, some challenges are common across the board. These include patient safety, federal regulations, medical errors, policy, and legislation. Completing this free online risk management course and the remaining six MicroMaster courses provides a leg-up with Doane’s online MBA program.

Doane University, home to this free online risk management course, is fully accredited through the Higher Learning Commission. The University recently established its College of Business in 2019. Although the business school is not currently accredited, the University has committed resources to grow it and attain accreditation in the next four to five years. MBA Central has recognized Doane’s Public Administration MBA program as the #10 best. Students can pursue online degrees in both the MBA program and the Master of Arts in Management program. Through edX, students can earn a MicroMasters in healthcare administration and a certified lifestyle medicine executive. In addition to the free online risk management course in healthcare and risk, students may pursue a wide variety of additional content that Doane offers through edX. Some of these classes include Introduction to Pharmacology, Marketing Foundations, Understanding the Business Environment, and Macroeconomics.

Course Name: Healthcare Finance, Economics and Risk
Business School: College of Business

#7 Insurance & Risk – Indiana University-Purdue University-Indianapolis

Planning for Risk and Retirement is a free online risk management class. The main goal of this class is to introduce students to the concepts of risk and insurance. Although this class is directed toward individual needs rather than business needs, the foundational knowledge gained during the four-week course is a useful starting point. Risk management is a critical element that guides it. While outside the scope of this free online risk management class, business uses for life insurance can come in the form of key man insurance policies and buy-sell agreements. Students additionally learn about auto insurance options and investing for retirement and emergencies. A significant level of risk is impacted by the use of insurance that covers first-party and third-party claims. First-party claims refer to potential losses from things like natural disasters. Third-party insurance protects against claims brought against a company by a third party. For example, an individual claims that a company’s product caused him injury. Insurance is often part of a company’s contracts with other organizations when a partnership might incur risks. Types of insurance utilized here might include such policies as automobile liability insurance, worker’s compensation insurance, and inland marine insurance, which covers products being shipped on land by a means such as truck or train. Insurance can be a useful element to add to an MBA program. This specialized knowledge gives MBA students exposure to additional insurance elements such as legal, actuarial, and financial knowledge, which can better help them relate to risk management.

Indiana University-Purdue University-Indianapolis, IUPUI, offers this free online risk management class to students. The merger of these two universities took place in 1969 after mayor Richard Lugar declared that there should be a “great state university in Indianapolis” the prior year. IUPUI, accredited through the Higher Learning Commission, offers a healthy variety of graduate opportunities. Students can earn master’s degrees in accounting, finance, and global supply chain management. Many of these are available online. MBAs are available full-time, part-time, and online. Plus, Kelley offers a Physician MBA. A variety of additional free online programs of IUPUI are available through edX.

Course Name: Planning for Risk and Retirement
Business School: Kelley School of Business

#8 Intro to Risk – University of Michigan

A great place to begin learning about risk management is a free online risk management course titled Risk, Return & Valuation. This class is geared to beginners, and it is part of a series on strategic decision making. Students will walk away with a grasp of what risk is and see how risk relates to return and how these concepts tie into a company’s valuation. There was a time when physical risks were necessary. One had to go out armed with the appropriate tools needed to find what was needed, braving the wild animals and other dangers that prevailed around him. However, that is no longer the norm. While risks still abound and can be very serious, they are more financially threatening than life-threatening these days. Forbes offers several steps in addressing risks that include identifying, assessing, controlling, and monitoring. Some of these risks are based on things that never happen, and all of that effort worrying about them is wasted. Sometimes, as prepared as one is, things sneak up and spring from unexpected places and catch one entirely off guard. However, being in business means facing risks-it’s in the DNA of business. All that one can do is prepare as much as possible and take things one step at a time. The adage ascribed to Chaucer or possibly even earlier sums it up. “For he that naught n’assaieth, naught n’achieveth.” The more modern translation of “nothing ventured, nothing gained” might be a bit more familiar.

This free online risk management class and many others are available from the University of Michigan. This prestigious University is home to the Stephen M. Ross School of Business, accredited by the AACSB. Further highlighting the merits of this program, U.S. News & World Report ranks the Ross School of Business at #12. Several MBA programs are available from which students may choose. These include full-time, evening, weekend, and online MBAs, along with executive and global options. Students can continue their studies of risk through Michigan’s Coursera specialization by completing free online risk management classes on the time value of money, decision criteria, and stocks & bonds.

Course Name: Risk, Return & Valuation
Business School: Stephen M. Ross School of Business

#9 Innovation – University of Maryland, College Park

Developing Innovative Ideas for New Companies: The First step in Entrepreneurship is a free online risk management class that stresses innovation’s importance. This course is made available as part of a specialization in entrepreneurship and can be completed in about eight hours. Starting up a business is fraught with challenges. Students taking this free online risk management class will learn to approach a start-up situation with a foundation of skills and direction. They will learn to spot viable opportunities, making better decisions, and build a business model with a backbone of innovation. In a Forbes article, Michele Fabrizi writes that innovation is key to staying ahead of client needs, but it comes with inherent risks. Fabrizi identifies the most crucial factor as a company culture that has a foundation of innovation and performs best when changing. The first step identified is getting leadership on board with the program. Following this is assessing which opportunities are a good fit. The ultimate result is business success and employees that are fully engaged and filled with inspiration. Fabrizi reinvents the company every five years to keep things fresh and new.

The University of Maryland is accredited through the Middle States Commission on Higher Education. Classes like this free online risk management course are commonplace within the University’s Robert H. Smith School of Business. This business school stands tall among its peers with several accolades and distinctions. First, it is fully accredited through the AACSB. Additionally, the Smith School is rated by U.S. News & World Report in two key areas. U.S. News gives the Smith School of Business a #44 ranking in best business schools and offers its online MBA program a #10 rating. However, students aren’t limited to an online MBA. They will choose from a full-time program, a flex program, an executive version, and an executive version in China. Graduate degree seekers will find many more opportunities through master’s degrees, covering a spectrum of arrears from Accounting to Quantitative Finance. Through Coursera, Michigan offers additional free online risk management classes in innovation, new venture finance, and an entrepreneurship capstone.

Course Name: Developing Innovative Ideas for New Companies: The First Step in Entrepreneurship
Business School: Robert H. Smith School of Business

#10 Investment & Risk – Rice University

Managing a portfolio can be an intimidating challenge for many people. Portfolio Selection and Risk Management is a free online risk management class that aims to alleviate some of the difficulties associated with this task. This class is the second in a line of five classes dealing with a specialization in portfolio management. The course requires a commitment of 22 hours over five weeks. Beginning with an introduction discussing risk versus return, students move on to cover topics such as portfolio construction, mean-variance preferences, capital allocation, and equilibrium asset pricing models. More than 90% of students reviewing this class rated it at four stars or better. Managing risks in investment terms, according to Fidelity, requires a certain level of understanding to make wise decisions. One of the key concepts is that, although it is usually associated with a negative connotation, risk is not always bad. If it is managed well, it can be a great tool. Investments are beyond one’s ability to control. However, the thing that an investor can take the reins on is how much risk to take. One way to take control of that risk is through an asset allocation strategy where each asset carries different risk degrees. This free online risk management class is a good step in making better investment and risk decisions.

Rice University is the author of this free online risk management class. Rice University is home to the Jesse H. Jones Graduate School of Business. The Jones School is accredited through the AACSB. Potential students can confidently choose a business education at Rice, bolstered by a U.S. News & World Report ranking of #25. Rice offers graduate programs that include a Master of Accounting, a Ph.D. in Business, and several MBA options that include full-time, part-time, hybrid, and online options. U.S. News recognizes Their online MBA at #123. Further exploration of Rice University’s free online risk management classes is available through offerings such as Global Financial Markets, Biases and Portfolio Selection, and Investment Strategies and Portfolio Analysis. More than 50 other free online courses from Rice are available on the Coursera platform.

Course Name: Portfolio Selection and Risk Management
Business School: Jesse H. Jones Graduate School of Business

#11 Probability – Johns Hopkins University

Part of a specialization in data literacy, this free online risk management class is geared toward intermediate students. This class is titled: What are the Chances? Probability and Uncertainty in Statistics. Students begin by going over the primary rules of probability and learning about uncertainty. Following this, they learn how to calculate and interpret uncertainty. The overall goal is for students to learn how to talk about statistical results and understand uncertainty’s part. A University of Texas posting describes different perspectives on probability. There’s the one that most learn in school, which is called classical. If a die has six sides, then in a fair world, the odds of each number coming up in a role is one out of six. Next, there is the Empirical view. This view is similar to classical but assumes the world is no longer fair. The die is weighted in some unknown way. A third view is subjective. This perspective centers around an individual’s belief that something will happen. Finally, there is the axiomatic viewpoint. This perspective unifies the others with rules that apply to each. A Houston Chronicle article gives some examples of probability in business. The classical approach interprets the likelihood of an outcome when one is not limited in attempts. For example, the more an effort is attempted, the higher the possibility of that effort coming about. The business implication being that the more an effort is attempted, the better the odds of success. The Chronicle then describes a second approach, relative frequency. This method uses the past to aid in future predictions. One takes the number of times that something happened in the past and divides it by the number of times that it can occur in the present (like a fair dice). This method demonstrates a likelihood of success, adding urgency to an effort.

Johns Hopkins University offers this free online risk management class in probability. The University’s Carey School of Business is accredited through the AACSB, where students can earn an MBA online. Students may also pursue Master of Science degrees in various areas, ranging from risk management to real estate.

Course Name: What are the Chances? Probability and Uncertainty in Statistics
Business School: Carey Business School

#12 Product Management & Risk – Boston University

Requiring between 24 and 48 hours, this advanced free online risk management course is part of a MicroMasters program in digital product management. Product Management with Lean, Agile, and System Design Thinking is the title of the course. This class will aid students in making critical decisions. These decisions will impact crucial areas of product management such as user-centric development, well-coordinated product launch and upgrades, decisions at various product life cycle stages, and the overall direction of a product. An Inc.com article by Alan Ying gets to the meat of product management. From an entrepreneur who has a great product, product management changes Pinocchio into a real boy. A start-up might have a great product, but it’s not going to become a real company until actual product management is in place. The key is that there is one leader who makes decisions. This leader gets the customer perspective from salespeople, learns about hurdles through support staff, keeps developers on the most customer-focused track, guides business development, and works with marketing to craft the most appealing message.

Boston University’s Questrom School of Management is the driving force behind this free online risk management class. Fully accredited through the prestigious AACSB, Questrom is also recognized by U.S. News & World Report as the #48 best business school. Through programs such as Business Education Jam 2.0, Questrom is engaging global perspectives from industry leaders worldwide to adapt to the modern business world’s changing needs and direction. Several MBA programs, including an online MBA and Master’s degrees in business analytics, mathematical finance, and management studies, provide students with various opportunities to branch out in their business studies. BU offers MicroMasters programs in digital product management and digital leadership. These free online courses each contain five classes and can be completed in eight months. Separate certificates are available for each class, along with one for the whole program. In addition to free online risk management courses through edX, students can pursue courses such as The Practitioner’s Guide to Global Health, Strategic Social Media Marketing, Religion and Conflict Transformation, and Sabermetrics 101: Introduction to Baseball Analytics.

Course Name: Product Management with Lean, Agile and System Design Thinking
Business School: Questrom School of Business

#13 Project Management & Risk – University of California, Irvine

Next on this free online risk management course list is a class titled Managing Project Risks and Changes. This class is a part of several project management programs, and it only requires about six hours to complete. Projects evolve, and this free online risk management class aids students to stay abreast of those changes and communicate them to other parties. The primary task of project management is to ensure that projects stay on track in terms of time, costs, and scope. While the responsibilities of project management will morph across different industries, many constants do not change. The project life cycle maintains the same processes that must be continuously managed. These steps include initiating, planning, executing, monitoring, and closing. Typical risks faced throughout project management include cost, schedule, and performance. Risks must be identified, understood, and dealt with frequently. They aren’t a one-time thing but regularly arise in different forms, requiring diligence and adaptability on the project manager’s part. Those students who choose to participate in this free online risk management class will be better prepared to deal with risk at all stages and do so in a way that causes as little disruption within an organization as possible.

The University of California, Irvine offers many learning avenues to its students through its AACSB accredited Paul Merage School of Business. The Paul Merage School is further distinguished by its U.S. News ranking of the #67 best business school. With offerings such as its online MBA, and master’s degrees in finance, innovation, and accountancy, the business school is genuinely full of opportunities for its students. The school approaches education from a holistic view and aims to create adaptable students who can face industry disruption and come out on top. The University of California, Irvine, demonstrates its passion for bringing education to all through its commitment to offerings on the Coursera platform. Besides free online risk management classes, students can satisfy their curiosity through more than 100 additional courses covering many business topics such as blockchain and microeconomics. Many different subjects outside of the business field await those wishing to expand their horizons even further.

Course Name: Managing Project Risks and Changes
Business School: Paul Merage School of Business

#14 Quantitative Modeling – Massachusetts Institute of Technology

Derivatives Markets: Advanced Modeling and Strategies is a free online risk management class that addresses quantitative modeling. Students who are planning to be financial practitioners or may be interested in taking the CFA exams will be well served by this class, which is part of a MicroMasters program in finance. This course is geared toward advanced students. It lasts twelve weeks and will require a commitment of at least 120 hours. The purpose of the class is to familiarize students with markets and instruments while teaching them to use tools that aid in quantifying, hedging, and risk speculation. Quantitative data is used to quantify an issue. It might answer a question such as “how many.” It translates data into numbers that can be counted or compared to other data on a numerical scale. In terms of this free online risk management course, tools are used to quantify data on risk concerning derivatives markets, aiding one in decision-making. Harvard Business School states that while the “go with your gut” approach sometimes pans out, making decisions based on data is likely a safer bet. It allows for more confident decisions based on logic and numbers, removing those elements that are subjective. The better one gets at interpreting the numbers, the more proactive the choices one can make, like spotting market trends before the competition.

Massachusetts Institute of Technology is home to the Sloan School of Management. The AACSB accredits the Sloan School, and it is very highly ranked among business schools. U.S. News & World Report places Sloan at the #5 best business school. MIT alumni are responsible for creating millions of jobs and almost two trillion dollars in annual revenues, according to a 2015 study. Students have many choices in higher-level degrees from Sloan. These include various MBAs and Master’s degrees in Finance, Business Analytics, and Management Studies. Free online courses in risk management are among the more than 200 additional free courses that MIT offers through edX. Through this platform, MIT offers a variety of MicroMasters and XSeries Programs. Whether one wants to learn about becoming an entrepreneur or molecular biology, MIT has it covered.

Course Name: Derivatives Markets: Advanced Modeling and Strategies
Business School: Sloan School of Management

#15 Regulation & Risk – University of Pennsylvania

The final class in this list of free online risk management courses list is titled: What is Compliance? Students will learn what compliance looks like and how compliance can affect industries. In this eleven-hour course, the primary focus is compliance from a risk management perspective. There are many reasons for a company to practice strict compliance with laws and regulations. The hope is that most laws and rules make things better for all parties involved, ranging from the companies themselves to their customers. The class also examines the negative consequences of regulations and poor risk management costs where there is a failure to comply. While Congress’s job is to create laws, it has ceded much of its authority to do so to the executive branch, where unelected bureaucrats can interpret and reshape laws to develop rules that sometimes go well beyond the scope of existing law. Federalist 62 speaks of excess lawmaking as a disease and is the fault of the government. However seemingly unconstitutional the current rule-making process may be, it is the process that businesses must comply with to survive. It is the purview of risk management to comply with all of these rules and regulations or suffer the consequences of failing to do so, as is discussed in this free online risk management class.

This course is made available by the University of Pennsylvania. Pennsylvania’s Wharton School is most certainly a valued institution from which to learn about the business environment’s ins and outs. This AACSB business school was the world’s first business school, established in 1881. Wharton is recognized by U.S. News & World Report as the #1 best business school. Offering a range of degrees in analytics, entrepreneurship, finance, and leadership, Wharton has something for virtually any individual seeking greater business acumen. The University of Pennsylvania further offers more than 100 classes through Coursera. Students can take free online risk management classes like the one mentioned above and additional free online risk management classes such as Effective Compliance Programs, Privacy Law and Data Protection, and What is Corruption. All of these classes are part of a specialization in regulatory compliance.

Course Name: What is Compliance?
Business School: The Wharton School

What are the benefits of risk management?

Bellevue University hosts an article by Dr. Emad Rahim regarding the benefits of risk management. Through programs such as the free online risk management classes identified on this list, one is better equipped to put together a good risk management plan. This plan makes harmful risks less damaging, and it allows for a more significant impact on positive situations. 

What does a career as a risk manager look like? Salary?

According to Rasmussen College, risk managers are found all over the place because there are risks in every industry. One might find a risk manager in the healthcare industry, aviation, or a widget manufacturing company. A risk manager will typically work in an office environment. Still, the need may arise now and then for him to make a foray out into the field to assess a job site or some other external situation. Risk manager salaries can vary greatly depending on the company and location of employment. Glassdoor states that the average base for a risk manager is $67,021. A risk manager at Microsoft earns between $110 and $147 thousand annually, and a risk manager at American Express makes between $76 and $175 thousand annually. 

How do you become a risk manager?

Rasmussen College points out that to work as a risk manager, one needs to obtain a bachelor’s degree at the very least. The most useful degrees include something with a lot of math, such as accounting or finance. Depending on the industry, there may be other factors considered like management experience or healthcare experience.

According to one industry expert, it’s best to have a strong math and economics background, accompanied by the right personal traits. There are avenues one can travel that give an even stronger background. One can obtain a certification such as those available from the free online risk management classes contained within this list.

Additionally, there are many graduate-level options that students may wish to pursue, offering further expertise. Many schools provide MBAs with specializations in risk management. Others offer a Master of Science in risk management. Schools highlighted among this list of free online risk management classes are a great place to begin. Columbia University offers a Master of Science in Enterprise Risk Management. The University of Pennsylvania has available an MBA in Environmental and Risk Management. Boston University offers a Master of Science in Enterprise Risk Management. Yale offers a Master’s degree in Systemic Risk. Many additional examples, some geared toward specific fields, are available to anyone interested in pursuing or expanding a career in risk management. 

Are there any online degrees for prospective risk managers?

There are many options to pursue a degree in risk management online. The obvious choice is to take free online risk management classes such as those outlined on this list. Every class offers students the option of obtaining a certificate. There are several bachelor’s degrees in appropriate fields that suffice for gaining employment in risk management. One can earn a bachelor’s degree in finance or even a degree such as Indiana State University, a Bachelor of Science in Insurance and Risk Management. Students may also earn online MBAs with specializations in Risk Management and Master’s degrees such as a Risk Management & Insurance degree from Florida State University. 

How can risk management be helpful for entrepreneurs?

Entrepreneurs are often thought of as risk-takers or daredevils. A Forbes article does a great job explaining that, while there is some truth to this, it’s not the truth that most are thinking of when they think of being a risk-taker. Most would agree that with no risk, then there is no reward. So, entrepreneurs need to take some risks. The key here is that while taking these risks, successful entrepreneurs understand how to manage their risks. They’re going to figure out how likely the investment is to pay-off and maximize that pay-off while they minimize the risks that are going to be faced. So, yes, entrepreneurs take risks, but it’s probably more accurate to say that they are “risk avoiders,” not “risk-takers.” Risk management offers the perfect backbone for making this happen. It aids in identifying, assessing, and controlling risks that lie ahead, allowing the entrepreneur to make a sound judgment call when comparing the risks to the potential reward.