SHE Level 5
SCQF Credit Points 20.00
ECTS Credit Points 10.00
Module Code MMN323986
Module Leader Anne Chapman
School Glasgow School for Business and Society
Subject Risk
  • A (September start)
  • B (January start)

Summary of Content

This module will provide students with a critical understanding of risk financing and insurance theory and practice. Students will analyse how risk financing is used in the overall context of an organisation's risk management programme. The module will be structured into five sections: an introduction to the basic principles of risk financing; a detailed examination of insurance theory; critical evaluation of insurance practice; an analysis of alternative risk financing methods such as options, futures, swaps and securitisation; assessed oral group presentations.


Part 1: The theory and practice or risk financing and its role in a wider system of risk management Part 2: The theory and principles of insurance . Part 3: The practice, of insurance and the issues and challenges facing the insurance industry Part 4: The theory and practice of alternative risk financing Part 5: Assessed oral group presentations

Learning Outcomes

On successful completion of this module the student should be able to:1. Critically discuss the nature of risk financing2. Demonstrate a systematic and analytical understanding of the theory of insurance.3. Evaluate the current issues facing the insurance industry and the debates regarding their resolution.4. Apply an understanding of established techniques of research and enquiry to evaluate critically current research in the discipline of insurance. 5. Analyse the use of financial products such as options and futures in risk financing.6. Through assessed oral group presentations, demonstrate the transferrable and academic skills necessary to explain a particular aspect of risk financing to their peers.

Teaching / Learning Strategy

The programme is focused on the development of both theoretical and practical business skills, and aims to engage students in analysis, research and discussion of contemporary, real life issues. The teaching and learning strategy aims to embed these attributes. All of the modules will be delivered on a campus-based and distance learning mode. For campus-based students, face to face contact involves three hours of class contact per week: normally 2 lectures and 1 seminar. Lectures will be used to highlight the key issues in a specific topic and point the way towards relevant journal articles and other appropriate literature. Students will be then expected to prepare for following week's lectures on each topic by engaging in literature searches, undertaking relevant reading and preparing responses to questions. The lectures will adopt a variety of teaching styles including seminar style contributions such as group discussion to enhance intellectual, critical and analytical skills. For more applied topics, students will be required to attempt relevant problem or scenario based questions prior to the lectures taking place, providing the basis for deepening professional skills, knowledge and understanding. Module classes are conducted in workshop format providing a mix of tutor led, student led and group learning. Practicals will also complement the face to face delivery of the module through such activities as specialist speakers and site visits related to project management. Distance learning teaching utilises paper-based learning materials with tutor support and Web-access to library resources. As part of the GSBS strategy of increasing the use of blended learning, for both campus and distance learning students, different blended learning mechanisms, such as Padlet, for assessing group work with distance learning students and GCU's SMILE and SMIRK will be utilised .

Indicative Reading

Books Thoyt R (2010), Insurance Theory and Practice, Routledge Skipper, H.D., and Kwon, W.J. (2007), Risk Management and Insurance: Perspectives in a Global Economy , Blackwell Publishing. Atkins D & Bates I (2008), Insurance , Global Professional Publishing Bodie Z, Kane A & Marcus A (2010), Investments and Portfolio Management, McGraw Hill Journals Geneva Papers on Risk & Insurance Risk Management and Insurance Review Journal of Insurance Regulation Journal of the Chartered Insurance Institute. Journal of Banking & Finance The Journal of Financial Services Research The Journal of Financial Intermediation The Services Industry Journal Websites The Association of British Insurers - www.abi.org.uk <http://www.abi.org.uk> The Association of Risk Managers (AIRMIC) - <http://www.airmic.com/> Lloyd's of London: <http://www.LLoydsoflondon.co.uk> The Financial Services Authority: <http://www.fsa.gov.uk/> Swiss Re Sigma: <http://www.swissre.com> The Chartered Insurance Institute: <http://www.cii.co.uk/cii.aspx>

Transferrable Skills

In addition to attainment of the learning outcomes students will develop personal transferable skills in self-management, group work, oral presentation, problem solving and critical thinking.

Module Structure

Activity Total Hours
Independent Learning (FT) 100.00
Lectures (FT) 24.00
Seminars (FT) 12.00
Practicals (FT) 8.00
Assessment (FT) 56.00

Assessment Methods

Component Duration Weighting Threshold Description
Coursework 1 n/a 50.00 45% Essay
Coursework 2 n/a 50.00 45% Group Presentation and Individual Report