Risk Analysis and Risk Management Skills

Risk analysis and risk management are foundational skills for engineers, traditionally taught using structured industrial methodologies such as Failure Modes and Effects Analysis (FMEA) and risk registers. However, the integration of software systems, global supply chains, and artificial intelligence has introduced new categories of risk — technical, ethical, environmental, systemic, and security related, that existing tools only partially address.  In this chapter, you will be introduced to a framework that integrates established risk approaches with systems thinking, ethical reasoning, and professional judgement. The chapter moves beyond failure-focused models to explore questions of who benefits, who bears risk, and who holds decision-making power. It provides guidance on curriculum design, learning activities and assessment approaches, including scenario-based learning, project-based learning, ethical risk analysis, and behavioural marker systems for observing skills such as judgement, communication, and responsibility. Strategies are suggested for embedding risk education across programmes. Overall, the chapter supports you in preparing students for a complex and evolving risk landscape where uncertainty and moral considerations are as central as technical assessment