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.

Exam (LO1 – LO4)

100 marks: A specific case study will be provided with given questions

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

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

The learning strategy for this module requires students to dedicate a total of 200 hours to achieving the learning outcomes. This includes 187 hours of independent study, guided by 10 weeks of structured asynchronous materials such as case studies, activities, and videos. To support learning, students will receive 10 hours of direct tutor support (1 hour per week over 10 weeks). Additionally, a further 3 hours of assessment support (1 hour per week over 3 weeks) will be provided, ensuring students have the necessary guidance to successfully complete their assessments.

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

Boothryd, K. & Thompson, C. (2024), Fundamentals of Risk management, 7th Ed, Kogan Page Publishers

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