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Risk Management (MCCF)

  • Teacher(s):   A.Mikes  
  • Course given in: English
  • ECTS Credits: 3 credits
  • Schedule: Spring Semester 2018-2019, 2.0h. course (weekly average)
  •  sessions
  • Related programme: Master of Science (MSc) in Accounting, Control and Finance

 

Objectives

This course provides students with an understanding of the importance of risk management as organizations and society face increasingly complex problems and the spectre of ever larger and more and more frequent man-made disasters. We shall examine the use of control tools and processes in the management of risks. At the end of this course students should be able to critically evaluate the nature, effectiveness and consequences of risk control systems at a given organization. Moreover, they should be able to make own recommendations how to improve the design of such systems, not only for the beneift of individual companies but society as well.

Contents

The curriculum focuses on three key areas:

1. Understanding the Onset of Risks and Disaster

  • Understanding the nature of risk incubation and how it leads to man-made disasters
  • Recognizing the “soft underbelly” of hard control assessments: the organizational and ethical dilemmas underlying risk identification and response
  • Examining the use of tools and processes (such as the “ValueS at Risk” farmework) in the management of preventable risks.
  • 2. Linking Risk Management to Strategy Formulation and Execution

  • Identifying key risk events that could derail a firm’s strategic objectives and innovation goals
  • Selecting the risks that a firm has a comparative advantage in retaining
  • Implementing risk mitigation initiatives to reduce the likelihood and consequences of risk events
  • Fine-tuning strategies to be adaptable and robust for multiple states of the world
  • 3. Preparing for Risks from Uncontrollable External Events

  • Using scenario analysis to anticipate and plan for risks that arise externally
  • References

    This is a reading-intensive, reflective course, which introduces students to this rich topic with reference to case studies and managerial articles. Students will be provided by readings on Moodle, but must purchase copy-right material themselves (i.e. HBR cases).

    Pre-requisites

    Courage to face up to risks, however daunting they may appear. Courage to think.

    Evaluation

    First attempt

    Exam:
    Written 4h00 hours
    Documentation:
    Not allowed
    Calculator:
    Not allowed
    Evaluation:

    Exam: 80%; coursework: 20%.

    No documentation allowed at the exam.

    Retake

    Exam:
    Written 4h00 hours
    Documentation:
    Not allowed
    Calculator:
    Not allowed
    Evaluation:

    Exam: 100%



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