Learning
-The theory and practice of risk that impacts the effectiveness and efficiency of the core process of an organization

-Managing risk towards long term business sustainability

The purpose and core elements of the risk management process within an organisational context, including:
- Taxonomy of Risks
- Risk assessment, analysis and evaluation
- Risk Strategy, control and risk reporting- Managing uncertainty
- Identifying risk appetite

Practice
Risk Management techniques and evaluation
-Approaches on risk response and business contingency models

-The role of Risk Governance, Leadership and Communication
Current trends in risk management such as Enterprise Risk Management, Operational Risk Management, Market Risk, Liquidity Risk, Regulatory Risk, External Risk and Financial Risk will be covered through practice/problem-based case examples that takes account of reaction

Exam (LO1 – LO4)

60 marks: 4 short answers from a choice of 6 questions

40 marks: Case study based question

The learning strategy for this module is based around students committing a total of 200 hours of activities towards achieving the learning outcomes. These will be split between 39 hours of direct contact with a tutor and 161 hours of directed, guided and self-study, together with preparation for and completion of the assessment tasks. Learning support material will be provided for the module.


The module will draw upon a mixture of activities including lectures, web-based activities, case study analysis, relevant videos and in-class discussions, individual and group problem solving and self-directed learning.

1. Assess the nature, scope and impact of risk and uncertainty in the business context and show a keen appreciation for attitudes to risk and the consequences of loss in the modern world.

Knowledge & Understanding, Learning, Enquiry.

2. Demonstrate critical understanding of a) the meaning of risk: b) the different categories of risk; c) the role and purpose of risk management; d) the core elements of the risk management process; e) the attributes of communication and leadership within risk management.

Learning, Analysis.

3. Develop and apply the relevant evaluation to assess enterprise risk management and operational risk management and take appropriate action in the face of risk and uncertainty towards sustainable businesses.

Application, Problem Solving.

4. Reflect upon the role of risk & uncertainty faced by management and leadership and appreciating the random nature of global events in the context of underpinning strategic agility and drive for results competencies and sustainable business.

Reflection.

VLE learning support material to be provided for independent /self-directed learning
Module handbook
Selected contemporary problem/practice-based case examples

Bourrier, M. and Bieder, C. eds., 2018. Risk Communication for the Future: Towards Smart Risk Governance and Safety Management. Springer

Hopkin, P., 2018. Fundamentals of risk management: understanding, evaluating and implementing effective risk management. Kogan Page Publishers

Renn, O., 2017. Risk governance: coping with uncertainty in a complex world. Routledge

Taylor-Gooby, P. and Zinn, J.O. eds., 2006. Risk in social science. Oxford University Press

Dorfman, M. and Cather, D. Introduction to Risk Management and Insurance Tenth Edition (2015). Prentice Hall

Malkeil, B. A random walk down Wall Street Latest Edition (2015). W. W. Norton and Company

Taleb, N. N. The Black Swan: The impact of the Highly Improbable (2007), Penguin

An innovative module that covers the core principles of risk and uncertainty in a business context. These concepts are applied to the main ways to manage risk such as insurance and hedging within financial markets. The aim of the module is to provide clear strategies for decision-makers to deal with risk and uncertainty despite a rapidly changing and unpredictable external environment