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Risk Management

  • Teacher(s):   J.Wagner  
  • Course given in: French
  • ECTS Credits: 3 credits
  • Schedule: Spring Semester 2019-2020, 2.0h. course (weekly average)
  •  sessions
  • site web du cours course website
  • Related programmes:
    Bachelor of Science (BSc) in Economics

    Bachelor (BSc) in Economic Sciences

    Bachelor of Science (BSc) in Management



Course objectives

Provide the student with solid knowledge in risk management.

General objective

At the end of the course, the student will be able to define the concept of "risk", to understand and explain the process of risk management as applied in companies, to distinguish alternative approaches for managing risk, among them insurance contracts play an important role, to know the main risk measures, and to determine the (base) price of simple insurance contracts.

Specific aims

  • Define the concept of risk and consider it from various perspectives.
  • Know the different stages of the risk management process and apply them to simple situations.
  • Know the theoretical justifications of insurance. Be able to define what is a utility function, state and comment on the concepts of utility theory.
  • Be able to define the "value at risk" (VaR) and other risk measures.
  • Know the basic life insurance and general insurance products; give the uses and characteristics; assess the base price of selected insurance covers.


  • Introduction: the Concept of "Risk"
  • The Risk Management Process
  • Valuation of Risks
  • Risk Transfer and Insurance Economics
  • Private Insurance and Risk Pricing
  • Alternative Risk Transfer ("ART")
  • Cyber Risk Managemenet and Insurability


Comprehensive set of lecture slides and notes are provided.
References (for information):

  • Louisot, 2014, Gestion des risques
  • Gaillard et Louisot, 2014, Diagnostic des risques
  • Darsa, 2012, La gestion des risques en entreprise – identifier, comprendre, maîtriser
  • Hull, Godlewski et Merli, 2012, Gestion des risques & institutions financières
  • Borghesi and Gaudenzi, 2013, Risk Management
  • Frenkel, Hommel and Rudolf, 2005, Risk Management – Challenge and Opportunity

Further references are provided during the course.



Term project

- Type of project : Research on a topic chosen from the course
- Maximum number of projects admitted for this course : 8
- Deadline for applying to course professor for project : Friday 28th February 2020 (acceptance communicated by Monday 2nd March 2020, "kick-off" meeting Wednesday 4th March 2020)
- Deadline for submitting finished project : Friday 22nd May 2020
- Method of evaluation (including resit options) : Written report (retake: revised report to be submitted until 1st day of retake exam period)
- Other information : Application by e-mail including risk management topic and motivations. The topic and its motivation are integral part of the selection process. Presence at "kick-off" is mandatory except justifiable absence. More details are communicated in the first lecture.


First attempt

Written 2 hours
Not allowed
Allowed with restrictions

Final grade = grade of the exam.

Important: Caculators allowed with restrictions. Scientific calculators along guideline are allowed: TI-30X II (B ou S), TI-30 ECO RS, HP 10S – HP 10S+


Written 2 hours
Not allowed
Allowed with restrictions

Same conditions as regular session.

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