FUNDAMENTALS OF RISK MANAGEMENT

SHE Level 1
SCQF Credit Points 20.00
ECTS Credit Points 10.00
Module Code M1N325745
Module Leader n/a
School Glasgow School for Business and Society
Subject Risk
Trimester
  • B (January start)

Summary of Content

This module explores the fundamental of risk managment in business 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 . It considers the implications of failed risk management practices on society using case studies to demonstrate. This module explores risk frameworks, processes and procedures that will enable students to understand, evaluate and implement effective risk management within an organisation. Upon completion of this module students will be able to demonstrate the impact of risk upon an organisation.

Syllabus

1. The Corporate Risk Management Cycle: An Overview 2. Discover Risk: Interactive Session 3. Risk Identification: Internal and External Threats 4. Risk Analysis and Control Techniques: Applied Practice 5. Monitoring and Reviewing Risks: Methods and Procedures 6. Continuity Planning 7. Industry Case Study: Risk Management in Practice 8. Global Risk Issues 9. Risk Governance: Risk Culture, Strategy and Leadership 10. Industry Case Study: When Risk Management Fails 11. Strategic Risk Management: Enterprise Risk Management and ISO 31000

Learning Outcomes

On successful completion of this module, the student should be able to:1. Understand the fundamental concepts of risk management in a corporate environment including identification, analysis, control, monitor and review.2. Critically discuss the importance of effective risk management in an organisational setting highlighting the benefits and challenges of its implementation. 3. Demonstrate the internal and external risks impacting upon on an organisation including the complexities and interconnectedness of risk in a global context. 4. Understand the concept of risk governance and the importance of risk culture, strategy and leadership in managing organisational risks. Being able to discuss factors leading to ineffectual risk management in an organisational setting giving examples of risk management failures.

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

Indicative Reading Hopkins, P (2014) The Fundamentals of Risk Management Institute of Risk Management 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) Strategic Risk

Transferrable Skills

By the end of this module the student will have developed effective written communication skills to include report 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
Independent Learning (FT) 112.00
Seminars (FT) 24.00
Lectures (FT) 24.00
Assessment (FT) 40.00

Assessment Methods

Component Duration Weighting Threshold Description
Course Work 01 n/a 70.00 35% Case Study Report Week 12
Exam (Dept) 01 n/a 30.00 35% Online class test