Business
About this teaching resource:
This lesson will explore how risk can affect businesses, alongside how insurance can be used to support businesses with mitigating risks. Students will discover an array of different types of risk that could affect businesses and feel confident at identifying internal and external risks. They will look at how making a plan reduces the impact of risks on business and therefore helps to mitigate risks. Common risk mitigation strategies will be introduced and explored in a range of situations. These strategies will be applied to an example business where students are provided with a risk matrix to support them in practicing to complete a risk assessment.
The insurance industry is a great place to start and grow a career. The different careers available including insurance broker, insurance underwriter, actuary and claims adjuster that all require a variety of different skills. Studying business aligns well with these careers by providing a unique insight and understanding of how organisations operate. The study of business also provides students with the skills needed in these roles, such as: strong communication, critical and analytical thinking, decision making, time management, negotiation, and financial and accounting skills.
In our increasingly changing world, the insurance industry values employees from a diverse academic background with many employers offering tailored graduate schemes. There are various opportunities to start a career in insurance without a degree with entry-level jobs and apprenticeships including a Level 4 Insurance Professional or Level 6 Senior Insurance Professional apprenticeships. Please click here to find out more about careers in insurance.
Exam board
A-Level
National Curriculum
- Business objectives and strategy > Risk and uncertainty
- Business analysis > Decision making
AQA
- 3.2.2 – Understanding management decision making
OCR
- Business objectives and strategy: Decision making
- Business objectives and strategy: Risk and uncertainty
Edexcel
- 3.6.3 – Managing change: Scenario planning
Estimated teaching time: 60 mins