A two-hour unseen, closed-book examination (100%). There will be a choice of answering three questions from at least five questions covering all learning outcomes.

Learning
• The theory and practice of risk management in both firms and markets will be assessed including how to begin to cope with uncertainty.
Practice
• The critical evaluation of risk management techniques such as investment & hedging utilising problem/practice based case examples.
• Considering perspectives of business-users such as a commodity grower or a manufacturing exporter.
• The role of the speculator such as a hedge fund manager will be covered to show the dynamic nature of the subject area.
• A profound appreciation for risk management using a Game Theory approach and practice/problem based case examples that takes account of reaction
• Agency Theory taking into account asymmetry of information e.g. moral hazard Defining risk and uncertainty and gaining an appreciation for the random nature of business events from a broadly multi-disciplinary approach such as economics, finance and accounting.
Evaluations contemporary risk management:
• The purpose of insurance
• The purpose of hedging
• The purpose of forecasting
The dynamic nature of dealing with the future will be central to the analytical nature of this module including how to incorporate these aspects in to business decisions such investment, borrowing and lending.

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 and Understanding

2. A deep learning and a critical understanding of risk sharing and the pooling of risk over time using a variety of techniques such as hedging and insurance that incorporates Game Theory and Agency Theory.
Learning

3. Develop and apply the relevant evaluation and investigative techniques to interpret data and information used in financial markets and between organisations in the face of risk and uncertainty.
Problem Solving

4. Reflect upon the role of risk & uncertainty faced by management and leadership and appreciating the random nature of events such as “Black Swan” episodes in the context of underpinning strategic agility and drive for results competencies
Reflection

Students will engage in structured learning prior to attending an intensive study week at the University's campus. The study week will, through discussion, debate and application, explore the learning students engaged in prior to attending the University. Following the study week and prior to completing assessment students will engage with guided learning which will consolidate all new knowledge and understanding.

This module can also be undertaken as part of the Blended Learning (BL) delivery pattern. BL is defined as the thoughtful integration of each of the following in order to maximise student flexibility:
- Independent study (student reading/research and assessment preparation);
- Guided independent study (homework, group tasks and e-support in Blackboard);
- Online scheduled contact time (at least 10% of total contact time is online lessons where the tutor is ‘present’) and
- Classroom contact time.
Learning activities may include (this list is not exclusive):
- Presentation activities;
- Structured discussion activities;
- Group work activities;
- Reflection activities;
- Formative and summative assessment activities;
- Problem-based learning activities.

• Virtual Learning Environment (VLE) teaching and other support material to aid independent and self-motivated learning
• Module handbook and weekly tutorial problem-solving sheets including key reading lists
• Briefing papers written by the team delivering the module to tailor the content to the class
• Specified textbooks and web-sites containing key data and up-to-date information
• Directed reading from current affairs taking into rapidly changing news events especially on financial markets.
• Problem/practice based case examples.

FOR ARMED FORCES STUDENTS ONLY

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