Students will analyze risks in management fields to develop possible risk treatment and ways of risk avoidance. Creation of a risk management plan will be the focus of this course accompanied by an implementation and evaluation process. Students will also apply cardinal rules of risk communication in a practice field.
- Describe the nature of risk management and its importance for both individuals and businesses.
- Explain how corporate risk management can help coordinate corporate financing and investment decisions.
- Specify key pure and financial risks facing businesses.
- Evaluate risks in terms of frequency and severity using various statistical and financial tools.
- Map out various risks and deal with different risks using appropriate risk management techniques (e.g., risk avoidance, loss control, planned risk retention, risk transfer via insurance and non-insurance contracts, hedging financial risks and other contingent financing).
- Understand the organization of risk management and comprehend why an integrated/holistic rather a stand-alone approach to risk management is important for today’s businesses.