Dr. NICHOLAS WATSON

INTERNATIONAL UNIVERSITY OF THE CARIBBEAN

MEL NATHAN COLLEGE

UNDERGRADUATE STUDIES DIVISION

FACULTY OF BUSINESS, MANAGEMENT & LAW

BACHELOR OF SCIENCE DEGREE IN BUSINESS ADMINISTRATION MANAGEMENT

COURSE OUTLINE

COURSE NAME: RISK MANAGEMENT

COURSE CODE: MAN 413

CREDIT: 3

CREDIT HOURS: 45

LAB. HOURS: NIL

THEORY HOURS: 45

PRE-REQUISTES: NIL

YEAR/SEMESTER: YEAR 4/SEMESTER 1

 

RATIONALE:

‘Risk Management’ is the cornerstone of modern business practice in the private, public and non-profit sectors. Managing risk is a business imperative applicable also to the full project lifecycle; it relates to the attainment of both business and project objectives and is concerned with the identification, evaluation and subsequent addressing of uncertainty and risk associated with an organization or project.

 

COURSE DESCRIPTION:

 

This course aims to explore the best practices to use in the identification, evaluation, mitigation, and monitoring of risk. In this course risks are rather broadly defined, encompassing all known risks. It also emphasizes the importance of risk management early in the project life cycle. The course aims to equip students with an overview of risk management theory and of practical tools and techniques

 

GENERAL OBJECTIVES:

 

After completing this course students should be able to:

 

• Provide a broad introduction to the subject of risk and uncertainty and the basics of risk

management;

 

• Appreciate the role and function of risk management in achieving business success;

• To make the business case for an organizational and a project risk management process;

• Construct risk identification, evaluation and reporting system;

• Develop a risk profile, and use it to determine the best risk management method to use;

• Implement measure to support and ‘quality assure’ risk management process;

• Provide an overview of the suitable tool and technique involved in the assessment and treatment of risk and to apply these industry approved and accepted tool and technique to the identification, evaluation, mitigation, and monitoring of risk;

• Raise awareness of the risk management process and its place within the overall corporate governance framework of an organization.

 

SUMMARY OF COURSE CONTENT:

 

Unit 1: Introduction to the Concept of Risk &

the Evolution of Risk Management 3 hours

Unit 2: Type of Risk 3 hours

Unit 3: Overview of the Risk Management Process 3 hours

Unit 4: Risk Identification 3 hours

Unit 5: Risk IdentificationAnalysis & Evaluation 6 hours

Unit 6: Business Risk Management Strategy 9 hours

Unit 7: Tutorial 3 hours

Unit 8: Information Management: Monitoring & Reporting 3 hours

Unit 9: Communication & Training– Risk Awareness 3 hours

Unit 10: Support Function for the Management of Risk

within a Program and/or Project 3 hours

Unit 11: Management of risk for Special Processes 3 hours

Unit 12: Revision 3 hours

 

COURSE ACTIVITIES:

 

Unit 1: Introduction to the Concept of Risk & the Evolution of Risk Management                                                                                   3 hours

 

Content:

• What is risk

• The global, regional and national business scene

 

Learning Objectives:

 

At the end of the unit students should be able to:

 

1. Define risk

2. Characterize risk within the global, regional and national business scene

 

Unit 2: Type of Risk                       3 hours

 

Content:

• Financial, Legal, Ethical, Information technology, Human Resource etc.

• Source of high risk

 

Learning Objectives

 

At the end of the unit students should be able to:

 

1. Define and explain the different types of risk - Financial, Legal, Ethical, Information technology,

Human Resource etc.

2. Identify sources of high risk

Unit 3: Overview of Risk Management Process 3 hours

 

Content:

• Risk identification

• Risk analysis & Evaluation

 

Learning Objectives:

 

At the end of the unit students should be able to:

1. Identify the elements of risk

2. Evaluate and analyze the elements of risk

 

Unit 4: Risk Identification 3 hours

 

Content:

 

• Practical approach e.g. use of checklist

• Risk profiling

 

Learning Objectives:

 

At the end of the unit students should be able to:

 

1. Employ a practical approach to risk identification

2. Identify risk profiles

 

Unit 5: Risk Identification Analysis & Evaluation 6 hours

 

Content:

 

• Prioritization

• Risk impact &measurement

• Hazard and loss analysis

• Assessing project risk

 

Learning Objectives:

 

At the end of the unit students should be able to:

 

1. Prioritize risk

2. Measure and assess the impact of risk

3. Conduct hazard and loss analysis

4. Assess project risk

 

Unit 6: Business Risk Management Strategy 9 hours

 

Content:

 

• Planning for effective Risk management

• Overview of Risk Control & Financing

• Selecting best strategies

• Risk control: avoidance, transfer, retention, reduction

• Risk control tools& techniques

• Risk financing

• Introduction to Insurance industry

 

Learning Objectives:

 

At the end of the unit students should be able to:

 

1. Plan for effective risk management

2. Have an understanding of risk control and financing

3. Select best strategies

4. Understand methods to control risk: avoidance, transfer, retention, reduction

5. Employ risk control tools& techniques

6. Have a basic knowledge of risk in the Insurance industry

 

Unit 7: Tutorial 3 hours

 

Content:

 

• Worked examples and practical application of concepts from Unit 1-6

 

Learning Objectives:

 

At the end of the unit students should be able to:

 

1. Practically apply concepts from Unit 1-6

 

Unit 8: Information Management: Monitoring & Reporting 3 hours

 

Content:

 

• Monitoring progress of the risk management process

• Way to use the tool to encourage innovation

• Facilitating auditing

• Reporting

Learning Objectives:

 

At the end of the unit students should be able to:

 

1. Monitor progressof the risk management process.

2. Use risk management tools to encourage innovation

3. Audit the process

4. Report on the findings

 

Unit 9: Communication & Training– Risk Awareness 3 hours

 

Content:

 

• Distinctive feature

• The concept of a risk culture and its significance in managing risk in an organization

• Training & communication in development & sustaining of a positive risk culture

• Factors that could lead to a deterioration in risk management culture

 

Learning Objectives:

 

At the end of the unit students should be able to:

 

1. Identify the distinctive features

2. Understand the concept of a risk culture and its significance in managing risk in an organization

3. Identify and use elements of training & communication in the development & sustainment of a

positive risk culture

4. Identify the factors that could lead to a deterioration in risk management culture

 

Unit 10: Support Function for the Management of Risk within a Program and/or Project 3 hours

 

Content:

 

• Extent and level at which corporate governance and management of risk should be applied

throughout a program, project or project office process

 

Learning Objectives:

 

At the end of the unit students should be able to:

 

1. Define and explain the concept of social welfare

2. Understand the concept moral hazard and adverse selection

3. Apply moral hazard and adverse selection to various sectors in the economy

 

Unit 11: Management of risk for Special Processes 3 hours

 

Content:

 

• Outsourcing, tendering, procurement process

 

Learning Objectives:

 

At the end of the unit students should be able to:

 

1. Manage the outsourcing, tendering, procurement process

 

Unit 12: Revision 3 hours

 

ASSESSMENT:

• Course Work 60%

• Pre-Course assignment 10%

• Group assignment 20%

• Case Study 30%

• Examination 40%