MANAGING RISK IN SOCIETY AND BUSINESS

SHE Level 1
SCQF Credit Points 20.00
ECTS Credit Points 10.00
Module Code M1N322826
Module Leader Sarah Laycock
School Glasgow School for Business and Society
Subject Risk
Trimesters
  • A (September start)-B (January start)
  • B (January start)-A (September start)

Pre-Requisite Knowledge

None

Summary of Content

This module introduces students to risk and encourages them to think about risk as a concept in its own right. Students will first examine risk in a variety of different national and international societal contexts before moving on to study risk in the business environment and the development of risk management as a corporate function. The module moves through various risk related themes eventually laying down the fundamental elements of the process of managing risk in a range of business settings. At the end of the module students will be equipped with the foundation knowledge required to successfully complete subsequent risk management modules which examine the key elements of the risk management process in greater depth. The Personal Development Element of the module will be expressed as both the development of personal skills and graduate attributes, and the development of an awareness of the risk management field and career the opportunities available.

Syllabus

-360 1. Defining Risk and associated terminology 2. Issues in arriving at a Common Understanding of Risk 3. Risk & Everyday Experience - Recognising why and how Risk, Hazard & Uncertainty arise within society and impact upon our everyday lives 4. Analysing Risk Taking Behaviour 5. Lay Persons and Expert Perceptions and Portrayal of Risk 6. Case Studies 7. Cost of risk & managing risk v's The cost of not managing risk 8. Historical Development of Risk Management 9. Risk Management as a Corporate Function 10. The Risk Management Process - -360 a. Overview b. Risk Identification, theory, methods and practical exercises. c. Risk Analysis - theory and methods including frequency/probability and severity d. Risk Control - theory and methods - avoidance, retention, transfer and reduction. e. Risk financing - Retention and transfer mechanisms including an overview of the UK insurance market, f. Reaction planning/contingency planning g. Performance monitoring -360 11. International Risk Management - An overview of Risk Management in an international context 12. Contemporary Case studies - an examination of the impact of poor industrial/commercial risk management with reference to a range of recent case studies 13. Personal Development - Planning for a Career in Risk Management

Learning Outcomes

On successful completion of this module, the student should be able to:1. Discuss the meaning of risk and related terms2. Discuss a variety of definitions of risk and understand where and why different usages might be appropriate3. Be able to recognise why and how Risk, Hazard & Uncertainty arise within society and impact upon our everyday lives4. Describe the factors which affect individual and group risk taking behaviours5. Have an appreciation why perceptions and portrayal of risk differs6. Analyse historical events in relation to the impact they have had on risk perceptions/appreciation7. Appreciate the issues involved in communicating about risk and risk related issues8. Comment upon the cost of risk and the cost of managing risk in society9. Understand the potential cost of not managing risk10. Comment on the historical development of risk management 11. Detail the constituent parts of the risk management process:a. a. identification,b. b. analysis,c. c. control,d. d. financing,e. e. reaction planning/contingency planningf. f. monitoring12. Identify a range of risks faced by national and international organisations13. Recognise and evaluate the impact of ineffectual risk management in a business environment.14. As part of the embedded PDP element of the module, consider their future employment in the field of risk management

Teaching / Learning Strategy

The teaching in the module will consist of a combination of lectures and seminars supplemented by: video presentations, guest speakers, and real life simulations. Seminars will examine individual risk issues to highlight the theory covered in the lectures. The module will be supported by a suitable Managed Learning Environment. Feedback Strategy A: Facilitating the development of self-assessment Students will be asked to identify strengths and weaknesses in their own work in relation to the criteria set out in the marking template before handing the work in for marking. B: Encouraging teacher and peer dialogue The lecturer will review feedback at the tutorials where coursework and other work done by students will be handed back. In reviewing personal transferable skills such as presentation skills individually and in small teams the lecturer will provide constructive instant feedback in discussion with the rest of the class. Students will also be encouraged to discuss the comments they have been given with their peers and suggest strategies to improve their performance next time. C: Clarifying good performance A marking template is available for all student course and exam work, which will be handed out in advance and discussed with students in a tutorial prior to completion of the assignment. D: Providing opportunities to close the gap between current and desired performance At feedback sessions in seminars students will be asked to identify their own action points, based on the feedback they have just received to involve students more in the generation and planned use of feedback. E: Delivering high quality information about their learning Feedback will be provided within three weeks of submission and will provide information on strengths, weaknesses and corrective action. F: Encouraging positive motivational beliefs and self esteem Feedback give to students will always be positive and constructive, with action points for improvement. GSBS will continue to use the advancement of GCU Learn as a blended learning tool through its teaching and learning as well as through engagement with students. GSBS will ensure that all modules are GCU Learn enabled and with the support of the Learning Technologists at the cutting edge of development of online materials. Academic staff and the Learning Technologists will continue to work together to develop and operate al modules on GCU Learn to ensure student support and information sharing. Students are provided with formative and summative feedback via a variety of mechanisms. Feedback on coursework is provided within 3 working weeks of submission.

Indicative Reading

-567 Books and articles: Essential: Fischoff & Kadvany (2 011) Risk: A Very Short Introduction, 1 st Edition, OUP Oxford Hopkin, Paul (2012), Fundamentals of Risk Management- understanding, evaluating and implementing effective risk management, 2 nd Edition, Kagan Page, London Other reading Kaye, D. (2003) Risk management, UK CII DenneyD. (2005) Risk & Society, UK, Sage -567 Walsh, J. (1998) How Risk Affects Your Everyday Life, USA, Silverlake publishing. Bannister J (1997) "How to Manage Risk", JLLP Professional Publishing Crockford N (1991), "Risk Management", Witherby, London -567 Bannister & Bawcutt (1981) "Practical Risk Management", Witherby, London Online sources: WEB PAGES FOR THE FOLLOWING ORGANISATIONS: Chartered Insurance Institute: http://www.cii.co.uk Institute of Risk Management: http://irmqt.co.uk Association of Insurance & Risk Managers: http://www.airmic.com Health & Safety Executive: http://www.hse.gov.uk Financial Conduct Authority: http:// www.fca.gov.uk BBC: <http://www.bbc.co.uk> JOURNALS AND NEWSPAPERS The Journal: Chartered Insurance Institute, London(bi-monthly) Post Magazine, London, Timothy Benn Publishing (weekly) -567 Strategic Risk

Transferrable Skills

The student will develop effective written communication skills to include report writing , essay writing and written presentation skills. The module also develops individual learning and research skills through completion of the required coursework.

Module Structure

Activity Total Hours
Lectures (FT) 22.00
Independent Learning (FT) 116.00
Assessment (FT) 40.00
Seminars (FT) 22.00

Assessment Methods

Component Duration Weighting Threshold Description
Course Work 01 1.00 40.00 35% Essay
Course Work 02 1.00 50.00 35% Case Study based assignment.
Course Work 03 1.00 10.00 35% CV Drafting (linked to case study exercise).