FINANCIAL ENTERPRISE RISK MANAGEMENT
Syllabus
EN
IT
Learning Objectives
LEARNING OUTCOMES: Organizations today operate in an increasingly complex and challenging environment. Recent financial crises and the pandemic have highlighted the catastrophic consequences of neglecting or mismanaging risks. This course provides a comprehensive introduction to the theory and practice of enterprise risk management (ERM), offering an integrated perspective on risk management in private organizations. Students will learn why risk management has become a top priority for executives and board members. The course covers essential methods for assessing, managing, and controlling major organizational risks (e.g. cyber risk; project risk). It also addresses sustainability risk factors and the benefits of adopting an interdisciplinary approach for understanding risk perception and management.
KNOWLEDGE AND UNDERSTANDING: Students will gain a theoretical understanding of the broad and complex spectrum of risks faced by individuals and organizations in today’s dynamic global environment. They will learn core concepts, frameworks, and basic techniques of risk management.
APPLYING KNOWLEDGE AND UNDERSTANDING: Students will be equipped to solve fundamental risk management problems using the knowledge acquired during the course.
MAKING JUDGEMENTS: Students will develop the ability to critically assess risk management systems, identifying their strengths, weaknesses, and potential for evolution, with reference to case studies and business practices discussed in the course.
COMMUNICATION SKILLS: Students will learn to use technical terminology to effectively communicate and discuss enterprise risk management concepts with both professionals and non-professionals.
LEARNING SKILLS: Students will learn how to critically and continuously update and expand their knowledge of risk management by utilizing scientific literature, professional organizations, and international risk management institutions. They will also be able to critically analyze news related to risks in non-financial organizations reported in major media outlets.
KNOWLEDGE AND UNDERSTANDING: Students will gain a theoretical understanding of the broad and complex spectrum of risks faced by individuals and organizations in today’s dynamic global environment. They will learn core concepts, frameworks, and basic techniques of risk management.
APPLYING KNOWLEDGE AND UNDERSTANDING: Students will be equipped to solve fundamental risk management problems using the knowledge acquired during the course.
MAKING JUDGEMENTS: Students will develop the ability to critically assess risk management systems, identifying their strengths, weaknesses, and potential for evolution, with reference to case studies and business practices discussed in the course.
COMMUNICATION SKILLS: Students will learn to use technical terminology to effectively communicate and discuss enterprise risk management concepts with both professionals and non-professionals.
LEARNING SKILLS: Students will learn how to critically and continuously update and expand their knowledge of risk management by utilizing scientific literature, professional organizations, and international risk management institutions. They will also be able to critically analyze news related to risks in non-financial organizations reported in major media outlets.
Prerequisites
No pre-requisites
Program
Part 1
1. Definitions and classification of business risks
2. Perception and management of risk: an interdisciplinary approach
3. The main models of Enterprise Risk Management (ERM)
4. Risk measurement techniques
Part 2
5. Management of major risks (cyber, project)
6. Key Risk Indicators (KRI) and risk coverage tools
7. Sustainability in risk management
1. Definitions and classification of business risks
2. Perception and management of risk: an interdisciplinary approach
3. The main models of Enterprise Risk Management (ERM)
4. Risk measurement techniques
Part 2
5. Management of major risks (cyber, project)
6. Key Risk Indicators (KRI) and risk coverage tools
7. Sustainability in risk management
Books
James Lam, “Enterprise Risk Management: From Incentives to Controls”. Wiley, Second edition, 2014
John Fraser, Rob Quail, Betty Simkins, "Enterprise Risk Managament", Wiley, Second edition, 2021
Essentials of Financial Risk Management 1st Edition
John Fraser, Rob Quail, Betty Simkins, "Enterprise Risk Managament", Wiley, Second edition, 2021
Essentials of Financial Risk Management 1st Edition
Teaching methods
The course will be delivered through an online platform. It will include video-lectures, web conference lectures, combined talks with business experts, exercises, case studies, group assignments, e-tivity, and self-assessment tests. The materials will be published on the platform over the course of 6 weeks, week by week, at the beginning of each week.
Exam Rules
The exam consists of a written test with two open-ended questions and one exercise, each worth 10 points. Results will be published on the teacher's website.
A student will fail if they demonstrate significant gaps in knowledge and understanding of the topics, limited analytical and synthesis skills, frequent generalizations, limited critical and judgment abilities, improper language.
A score of 18-21 is given to students who have grasped the basic concepts of the discipline and show analytical skills that emerge only with the teacher’s help; their language use is generally correct.
A score of 22-25 is awarded to students who have a fair understanding of the basic concepts, can navigate the various topics covered, and have an independent analytical ability, using correct language.
A score of 26-29 is given to students with a well-structured knowledge base, who can independently rework the acquired knowledge; their language use is correct.
A score of 30 and 30 cum laude is awarded to students with a comprehensive and thorough knowledge base. Their references are extensive and up-to-date, allowing them to make connections across various subjects. They communicate with exceptional proficiency and accuracy in technical language.
The project evaluation will occur for both attending and non-attending students. The project, which can be an individual or group work, can earn a maximum of 5 points, to be added to the score of the written test.
A student will fail if they demonstrate significant gaps in knowledge and understanding of the topics, limited analytical and synthesis skills, frequent generalizations, limited critical and judgment abilities, improper language.
A score of 18-21 is given to students who have grasped the basic concepts of the discipline and show analytical skills that emerge only with the teacher’s help; their language use is generally correct.
A score of 22-25 is awarded to students who have a fair understanding of the basic concepts, can navigate the various topics covered, and have an independent analytical ability, using correct language.
A score of 26-29 is given to students with a well-structured knowledge base, who can independently rework the acquired knowledge; their language use is correct.
A score of 30 and 30 cum laude is awarded to students with a comprehensive and thorough knowledge base. Their references are extensive and up-to-date, allowing them to make connections across various subjects. They communicate with exceptional proficiency and accuracy in technical language.
The project evaluation will occur for both attending and non-attending students. The project, which can be an individual or group work, can earn a maximum of 5 points, to be added to the score of the written test.