ATLAS Students’ Unforgettable Immersion at Dyson School of Design Engineering: A Lesson in Risk Management

The students of ATLAS Skilltech University recently embarked on a transformative journey as part of their global immersion program to the Dyson School of Design Engineering in the United Kingdom. The highlight of their visit was a session on risk management led by the esteemed Dr. Elena Dieckman, a distinguished faculty member in the field of engineering.

Understanding Risk Management

Dr. Dieckman began the session by shedding light on the concept of risk management. She defined risk as the uncertainty surrounding future events and outcomes and emphasised its significance in mitigating potential challenges and ensuring successful outcomes. By sharing the example of the OCEANGATE submarine and its tragic event, she showcased the pivotal role risk management plays in critical situations.

Exploring Different Types of Risks

To delve deeper into the subject, Dr. Dieckman explored various types of risks that organisations face. She highlighted operational risks and reputational risks, emphasising their impact on the success or failure of businesses. Startups, in particular, are susceptible to common pitfalls in risk management, such as manufacturing/technology risks, legal/compliance risks, and reputational risks.

Assessing and Quantifying Risks

To assess and quantify risks, Dr. Dieckman introduced the concept of a risk indicator, which involves evaluating the likelihood and severity of an event’s impact. This quantitative approach provides a basis for identifying and prioritising risks within an organisation. Furthermore, she discussed the challenges associated with managing strategic risks due to their complex nature.

Case Study: PLUUMO Supply Chain

To provide a practical perspective, Dr. Dieckman presented a case study on the PLUUMO supply chain. The study showcased the various steps involved, from sourcing feathers at a slaughterhouse to processing them in a textile plant and eventually delivering the product to customers. She highlighted the influence of external factors, such as Brexit and new laws, on the supply chain, emphasising the importance of anticipating and managing potential risks in a dynamic business landscape.

Strategies for Risk Management

Dr. Dieckman shared valuable strategies for risk management, including containment, acceptance, avoidance, transfer and passive acceptance. Each strategy plays a unique role in addressing different types of risks. Additionally, she emphasised the value of maintaining a risk register—a systematic approach to identifying, assessing and monitoring risks within an organisation.

Lessons and Key Takeaways

The session on risk management led by Dr. Elena Dieckman provided ATLAS students with invaluable insights into the identification, assessment and management of risks within organisational contexts. Here are the key takeaways from their immersive experience:

• Risk management plays a crucial role in mitigating uncertainties and ensuring successful outcomes.
• Organisations face various types of risks, including operational, reputational, financial, legal and technological risks.
• Start-ups are particularly vulnerable to common pitfalls in risk management, making it essential to address manufacturing, legal and reputational risks.
• Assessing risks involves evaluating the likelihood and impact severity, providing a basis for quantifying risk indicators.
• Strategies for risk management include containment, acceptance, avoidance, transfer and passive acceptance, while maintaining a risk register promotes systematic monitoring and mitigation of risks.

The ATLAS students’ global immersion experience at Dyson School of Design Engineering proved to be a remarkable opportunity for them to gain invaluable insights into the identification, assessment, and management of risks within organisational contexts. Through the expert guidance of Dr. Elena Dieckman, they were equipped with comprehensive knowledge of risk management strategies and the importance of addressing various types of risks, including operational, reputational, financial, legal and technological risks. With this newfound understanding, the students are poised to make informed decisions and navigate the complex business landscape with confidence, ensuring sustainable growth and success for their future endeavours. The immersive risk management lessons at Dyson School of Design Engineering have undoubtedly empowered these ATLAS students to become proactive leaders in risk management, armed with the knowledge to mitigate uncertainties and drive positive outcomes in their professional pursuits.