MASTER OF SCIENCE DEGREE IN ENTERPRISE RISK MANAGEMENT HANDBOOK

Transcription

1 MASTER OF SCIENCE DEGREE IN ENTERPRISE RISK MANAGEMENT HANDBOOK 2014/2015

2 TABLE OF CONTENTS Introduction 1 Admission Requirements and Application Procedures 2 Fees Tuition and Miscellaneous Fees 3 Examination Resits and Examination Only Fees 4 Cohort 2 Tuition Fees 5 Cohort 3 Tuition Fees Miscellaneous Fees & Charges 7 Registration, Identification and Student Requirement 8 Fee Payment Deadlines and Payment Locations 9 List of courses 10 Cohort 3 Structure of Programme 11 Year 1 Time Table 12 Year 2 Time Table 13 Year 1 Examination Schedule Semester 1, 2 and Summer Courses 14 Year 2 Examination Schedule Semester 1, 2 and Summer Courses 15 Cohort 2 Structure of Programme 16 Year 2 Time Table 17 Year 2 Examination Schedule Semester 1, 2 and Summer Courses 18 Course Description 19 Attendance Policy, Cellular Telephones and Electronic Mail 25 Course Work Assignment 26 Examinations 27 Plagiarism 28

3 Introduction The Mona School of Business and Management is the premier provider of academicallyoriented Enterprise Risk Management education within the Caribbean region. The Mona School of Business and Management (MSBM) is committed to producing risk management graduates with well-developed analytical and technical capabilities, intellectually adaptive thought processes and an orientation toward lifelong learning, enabling them to become effective practitioners and researchers. The Master of Science degree in enterprise Risk Management is being offered by the Mona School of Business and Management in partnership with the Department of Mathematics This programme is designed to address the demand in the financial services and other industries for modern risk management skills. Risk professionals require a set of integrated skills in risk modeling and management of the risks associated with assets/liabilities of their business operations. The programme is designed to produce graduates with skills in risk techniques and practices who also understand the business contexts and thus are able to address complex risk issues. The programme will attract professionals seeking breadth in risk management. They will typically have backgrounds in a wide cross-section of industries such as the financial services (especially banking, insurance), consultancy, and the non-financial sector as well as from the public sector. This is an important added value, which prepares the student for team work with members of diverse backgrounds. The MSc Enterprise Risk Management programme is offered on a part-time basis. The programme consists of 15 credit courses and 3 non-credit foundation courses. The programme runs for 24 months, 6 semesters with 3 courses per semester, (3 evenings per week from 5:30 p.m. to 9:00 p.m.) including summer. Page 1

4 Admission Requirements Applicants are required to have a minimum GPA of 3.0 in a Bachelor s degree (or equivalent from an overseas institution) in a quantitative discipline. Preference will be given to those applicants with 3 years relevant work experience. Application Procedures Candidates should apply for admission through the Office of Graduate Studies and Research. Candidates meeting the initial selection criteria will be contacted on or before the first week in May of each year and some candidates may be invited for an interview on campus. Final decisions will normally be made by the final week in May, each year. Students will be contacted through the Office of Graduate Studies and Research. Page 2

5 Tuition and Miscellaneous Fees Cohort 3 The Master of Science in Enterprise Risk Management Programme is being offered as a part time, self-financing programme. The tuition fee for cohort 3 (admission 2014) is $261,167 per semester. The tuition fee includes the provision of textbooks. In addition to the tuition fee, students are also required to pay miscellaneous fees at the start of each academic year. Miscellaneous Fees include: guild fee, health fee, dental fee, hall attachment fee, shuttle bus fee, sports fee, identification card fee, and photocopy license fee. The miscellaneous fees for cohort 3 part time students not residing on hall for the academic year is $14,092. The cost for a UWI identification card is $500. The miscellaneous fees do not include the cost for the identification card. The cost for the replacement of your identification card is $750. Page 3

6 Examination Resits The cost of an examination resit for the current academic year is J$36,500. Examination Only Fees The cost of an examination only for the current academic year is $13,500. To qualify for examination only you must receive a mark of 40% to 49% on the final examination. Students who receive a mark of less than 40% must pay for an examination re-sit. Students who fail a course twice normally are asked to withdraw from the programme. However, if MSBM is aware of extenuating circumstances why a student should be given a 3rd attempt at an examination, a recommendation will be made to the Office of Graduate Studies and Research for approval of the Board for Graduate Studies and Research. Please see Regulation 4 of the General Regulations for Graduate Diplomas and Degrees. Students who remain in the programme after (2) years are required to pay the current fees. NB Students who are doing Examination only should indicate to the Coordinator at the beginning of the semester via a written letter. Page 4

7 Cohort 3 Tuition Fees September 2014 Admission Year one ( ) J$ Semester 1 3 courses 261,167 Semester 2 3 courses 261,167 Semester 3 3 courses 261, ,501 ====== Year two ( ) J$ Semester 1 3 courses 261,167 Semester 2 3 courses 261,167 Semester 3 3 courses 261, ,499 ====== Page 5

8 Cohort 2Tuition Fees September 2013 Admission Year one ( ) J$ Semester 1 3 courses 261,167 Semester 2 3 courses 261,167 Semester 3 3 courses 261, ,501 ====== Year two ( ) J$ Semester 1 3 courses 261,167 Semester 2 3 courses 261,167 Semester 3 3 courses 261, ,499 ====== Page 6

9 Miscellaneous Fees & Charges New Part-Time Students J$ Identification Card First Issue 500 Miscellaneous Fees 14,092 Total 14,592 Returning Part-Time Students J$ Miscellaneous Fees 14,092 Total 14,092 Page 7

10 REGISTRATION Before the start of the academic year students are required to register for Semester 1 and Semester 2 for that academic year. Students are required to register for summer courses in the summer. IDENTIFICATION CARD New students can obtain an identification card after paying the identification card fee. New students can register after obtaining an identification card. The cost for identification card replacement is J$750. Student Requirements Students should have an active registration status until the completion of their degree. Students who are not doing courses in a particular semester must request leave of absence from the Office of Graduate Studies and Research for the inactive period. Students must submit a request for a third attempt of any graduate course at the Office of Graduate Studies and Research Students who are doing a second sitting of a graduate course must inform the Coordinator in writing indicating their name, identification number, the course code, the name of the course, and the semester in which the course is being done Page 8

11 Fee Payment Deadlines Courses should be selected for all semesters at the start of the academic year (see structure of programme). All tuition fees and miscellaneous fees become due and payable at the start of each academic year. Students may opt to pay tuition fees on a semester basis. Semester 1 tuition fees and miscellaneous fees must be paid by the last working day in September of that semester, Semester 2 tuition fees and miscellaneous fees must be paid by the last working day in January of that semester and Summer tuition fees must be paid by the last working day in May of that semester. Failure to meet the deadlines will result in financial penalties (late registration fee of $1,000 as well as a fine of (1) one per cent on the amount of fees outstanding). Any student who does not comply with the final payment deadline will not have completed his/her registration and will be given compulsory Leave of Absence for the semester. A student on compulsory leave of absence will not be allowed to attend lectures, and will not be able to access facilities such as the Health Centre and the Library. Students are required to check on-line for financial clearance 3 days after payment of fees. Payment Locations Fees can be paid to the Mona School of Business and Management (MSBM) via the following methods: At the MSBM Accounts Department located on the North Complex via credit card, debit card or manager s cheque. (NB. Cash or personal cheques will not be accepted) Any National Commercial Bank Branch using a special MSBM voucher. Vouchers are available at any MSBM reception desks, MSBM North Library\ Documentation Centre, MSMB Accounts Department and from the Programme Coordinator. By wire transfers (details available upon request from the MSBM Accounts Department. In order to ensure prompt and proper credit of payment to your account, please submit a copy of the bank voucher to the MSBM Accounts Department. NB. Scanned and faxed copies of vouchers are accepted. FAX , Attention Jodiene Hutchinson or by to jodiene.hutchinson02@uwimona.edu.jm or merlyn.reid02@uwimona.edu.j Page 9

12 List of Courses FOUNDATION COURSES ITTOOLS Computer Business Applications MATH6702 Statistical Methods MATH6701 Mathematics to ERM CORE COURSES MTRM6010 Risk Categories and Identification MTRM6020 Time Series Analysis MTRM6030 Stochastic Calculus MTRM6040 Quantitative Analysis of Financial Data MTRM6050 Risk Management & Optimization MTRM6060 Credit Risk Management & Modeling MTRM6070 ERM Concept, Framework & Process SBRM6010 Risk Management in the Business Enterprise SBRM6020 Corporate Finance SBRM6030 Financial Markets SBRM6040 The Economics of Enterprise Risk Management SBRM6050 ERM Governance SBRM6060 Ethical, Legal & Regulatory Framework for ERM SBRM6070 ERM in the Global Business Environment SBRM6080 Leading Issues in ERM: Project Based Approach Page 10

13 Year 1 (2014/2015) Structure of Programme (Cohort 3) Part Time Admission 2014 Semester 1 Course Code IT TOOLS MATH6702 MATH6701 Semester 2 Course Code MTRM6020 SBRM6010 SBRM6020 Summer Course Code MTRM6010 MTRM6030 SBRM6030 Course Name Computer Business Applications Statistical Methods Mathematics to ERM Course Name Time Series Analysis Risk Management in the Business Enterprise Corporate Finance Course Name Risk Categories and Identification Stochastic Calculus Financial Markets Year 2 (2015/2016) Semester 1 Course Code MTRM6040 SBRM6040 SBRM6050 Semester 2 Course Code MTRM6050 SBRM6060 SBRM6070 Summer Course Code MTRM6060 MTRM6070 SBRM6080 Course Name Quantitative Analysis of Financial Data The Economics of Enterprise Risk Management ERM Governance Course Name Risk Management & Optimization Ethical, Legal & Regulatory Framework for ERM ERM in the Global Business Environment Course Name Credit Risk Management & Modeling ERM Concept, Framework & Process Leading Issues in ERM: Project Based Approach Page 11

14 Year 1 Time Table (Cohort 3) Part Time Semester 1 September 8, 2014 to November 28, 2014 Course Code Course Name Day(s) Time Location MATH6701 Mathematics to ERM Monday 5:30-9:00 pm MGR IT TOOLS Computer Business Applications Tuesday 5:30-9:00 pm MCL MATH6702 Statistical Methods Thursday 5:30-9:00 pm MGR Semester 2 January 5, 2015 to March 27, 2015 SBRM6020 Corporate Finance Monday 5:30-9:00 pm ECR1 MTRM6020 Time Series Analysis Tuesday 5:30-9:00 pm MGR SBRM6010 Risk Management in the Business Enterprise Thursday 5:30-9:00 pm ECR1 Summer May 4, 2015 to July 24, 2015 SBRM6030 Financial Markets Monday 5:30-9:00 pm ECR1 MTRM6010 Risk Categories and Identification Tuesday 5:30-9:00 pm MGR MTRM6030 Stochastic Calculus Thursday 5:30-9:00 pm MGR Room Key ECR1 Executive Class Room 1 ECR2 Executive Class Room 2 MCL- Mathematics Computer Lab MGR- Mathematics Graduate Room MLT Mathematics Lecture Theater SR1 Seminar Room 1 SR2 Seminar Room 2 Page 12

15 Year 2 Time Table (Cohort 3) Part Time Semester 1 September 7, 2015 to November 27, 2015 Course Code Course Name Day(s) Time Location SBRM6040 The Economics of Enterprise Risk Management Monday 5:30-9:00 pm ECR1 MTRM6040 Quantitative Analysis of Financial Data Tuesday 5:30-9:00 pm MGR SBRM6050 ERM Governance Thursday 5:30-9:00 pm ECR1 Semester 2 January 4, 2016 to April 1, 2016 MTRM6050 Risk Management & Optimization Monday 5:30-9:00 pm MGR Ethical, Legal & Regulatory Framework for SBRM6060 ERM Tuesday 5:30-9:00 pm ECR1 SBRM6070 ERM in the Global Business Environment Thursday 5:30-9:00 pm ECR1 Semester 3 May 9, 2016 to July 29, 2016 MTRM6060 Credit Risk Management & Modeling Monday 5:30-9:00 pm MGR MTRM6070 ERM Concept, Framework & Process Tuesday 5:30-9:00 pm MGR Leading Issues in ERM: Project Based SBRM6080 Approach Thursday 5:30-9:00 pm Page 13

16 Year 1 Examination Schedule COHORT 3 SEMESTER 1 EXAMINATION a.m. to12 noon COURSE CODE COURSE NAME DATE MATH6701 Mathematics to ERM Monday, December 8, 2014 IT TOOLS MATH6702 Computer Business Applications Statistical Methods Thursday, December 11, 2014 Tuesday, December 16, 2014 COHORT 3 SEMESTER 2 EXAMINATION a.m. to 12 noon CORSE CODE COURSE NAME DATE SBRM6020 Corporate Finance Thursday, April 9, 2015 MTRM6020 Time Series Analysis Monday, April 13, 2015 SBRM6010 Risk Management in the Business Enterprise Thursday, April 16, 2015 COHORT 3 SUMMER EXAMINATION a.m. to 12 noon CORSE CODE COURSE NAME DATE Tuesday, August 11, 2015 SBRM6030 Financial Markets Risk Categories and Thursday, August13, 2015 MTRM6010 Identification MTRM6030 Stochastic Calculus Monday, August 17, 2015 Subject to change Page 14

17 Year 2 Examination Schedule Subject to change COHORT 3 SEMESTER 1 EXAMINATION a.m. to 12 noon COURSE CODE COURSE NAME DATE SBRM6040 The Economics of ERM Thursday, December 10, 2015 MTRM6040 Quantitative Analysis of Financial Data Monday, December 14, 2015 SBRM6050 ERM Governance Thursday, December 17, 2015 COHORT 3 SEMESTER 2 EXAMINATION a.m. to 12 noon COURSE CODE COURSE NAME DATE MTRM6050 Risk Management & Thursday, April 7, 2016 Optimization SBRM6060 Ethical Legal and Monday, April 11, 2016 Regulatory Framework of the Enterprise SBRM6070 ERM in the Global Business Environment Thursday, April 14, 2016 COHORT 3 SUMMER EXAMINATION a.m. to 12 noon COURSE CODE COURSE NAME DATE MTRM6060 Credit Risk Management & Thursday, August 11, 2016 Modeling MTRM6070 ERM Concept Framework Tuesday, August 16, 2016 & Process SBRM6080 Leading Issues in ERM: Project Based Approach Page 15

18 Year 1 (2013/2014) Structure of Programme (Cohort 2) Part Time Admission 2013 Semester 1 Course Code IT TOOLS MATH6702 MATH6701 Semester 2 Course Code MTRM6010 SBRM6010 SBRM6020 Semester 3 Course Code MTRM6020 MTRM6030 SBRM6030 Course Name Computer Business Applications Statistical Methods Mathematics to ERM Course Name Risk Categories and Identification Risk Management in the Business Enterprise Corporate Finance Course Name Time Series Analysis Stochastic Calculus Financial Markets Year 2 (2014/2015) Semester 1 Course Code MTRM6040 SBRM6040 SBRM6050 Semester 2 Course Code MTRM6050 SBRM6060 SBRM6070 Semester 3 Course Code MTRM6060 MTRM6070 SBRM6080 Course Name Quantitative Analysis of Financial Data The Economics of Enterprise Risk Management ERM Governance Course Name Risk Management & Optimization Ethical, Legal & Regulatory Framework for ERM ERM in the Global Business Environment Course Name Credit Risk Management & Modeling ERM Concept, Framework & Process Leading Issues in ERM: Project Based Approach Page 16

19 Year 2 Time Table (Cohort 2) Part Time Semester 1 August 18, 2014 to November 6, 2014 Course Code Course Name Day(s) Time Location SBRM6040 Economics of Enterprise Risk Management Monday 5:30-9:00 pm ECR2 MTRM6040 Quantitative Analysis of Financial Data Tuesday 5:30-9:00 pm MLT SBRM6050 ERM Governance Thursday 5:30-9:00 pm ECR2 Semester 2 November 24, 2014 to March 5, 2015 MTRM6050 Risk Management & Optimization Monday 5:30-9:00 pm MLT SBRM6060 Ethical, Legal & Regulatory Framework for ERM Tuesday 5:30-9:00 pm ECR2 SBRM6070 ERM in the Global Business Environment Thursday 5:30-9:00 pm ECR2 Summer March 23, 2015 to June 12, 2015 MTRM6060 Credit Risk Management & Modeling Monday 5:30-9:00pm MLT MTRM6070 ERM Concept, Framework & Process Tuesday 5:30-9:00pm MLT SBRM6080 Leading Issues in ERM: Project Based Approach Page 17

20 Year 2 Examination Schedule COHORT 2 SEMESTER 1 EXAMINATION a.m. to 12 noon COURSE CODE COURSE NAME DATE SBRM6040 Economics of ERM Thursday, November 13, 2014 MTRM6040 Quantitative Analysis of Financial Data Monday, November 17, 2014 SBRM6050 ERM Governance Thursday, November 20, 2014 COHORT 2 SEMESTER 2 EXAMINATION a.m. to 12 noon COURSE CODE COURSE NAME DATE MTRM6050 Risk Management & Thursday, March 12, 2015 Optimization SBRM6060 Legal and Regulatory Monday, March 16, 2015 Framework of the Enterprise SBRM6070 Risk Management in the Business Environment Thursday, March 19, 2015 COHORT 2 SEMESTER 3 EXAMINATION a.m. to 12 noon COURSE CODE COURSE NAME DATE MTRM6060 Credit Risk Management & Tuesday, June 16, 2015 Modeling MTRM6070 ERM Concept Framework Thursday, June 18, 2015 & Process SBRM6080 Leading Issues in ERM: Project Based Approach Subject to change Page 18

21 Foundation Courses Course Descriptions Computer Business Application This course will provide students with an introduction to the major office automation, productivity, analytics software applications that are used in business and which they will be expected to use during the programme. Included will be applications such as MS Excel, MS PowerPoint and MS Word. Students will also be exposed to guidelines on document preparation and use of Internet sources in research. MTRM6701 Mathematics for ERM This course is divided into four sections, namely; Sequence & Series, Calculus, Linear Algebra and Numerical Methods. First, we explore limits and continuity, Taylor series and sequences. Second, we introduce functions of one and several variables, differentiation, integration, partial differentiation, Optimization, and Lagrange multipliers. Third, we solve a system of equations, eigenspace, and quadratic forms. Finally, we look at methods of solving linear and non-linear equations, cholesky decomposition, constrained and unconstrained numerical optimization and finite difference methods. MTRM6702 Statistical Methods This course will introduce and examine ways of presenting statistical information graphically and descriptively. Theories relating to probability, distribution and density along with expectation and variation are then explored. We then examine special types of probability, distributions, including normal, lognormal and others. A rigorous appraisal of the determinants of a good estimator then follows. Thereafter, confidence intervals, hypothesis testing and regression analysis are examined. In addition to the theoretical exploration, the statistical package R (or other statistical software) will be used throughout the course to demonstrate the application of these taught concepts in real world scenarios. Page 19

22 Core Courses MTRM6010 Risk Categorization & Identification This course will expose students to key methodologies to successfully define, identify and develop risk categorization. The course seeks to provide a thorough grounding in the identification and assessment of a wide range of risks across industries that single, group, conglomerate, multi-domestic, international, multinational, transnational firms may be exposed to in order to facilitate accurate and timely decision making in terms of the actions necessary to counter (or exploit) the risks. MTRM6020 Time Series Analysis Time series analysis is a specialized branch of statistical science which deals with such data sets, providing an essential toolset for finance and business analysis, economic forecasting, and decision making. The course covers the fundamental concepts required for the description, modeling and forecasting of time series data. A particular emphasis is placed on the analysis of realworld data sets from finance and economics, and a practical laboratory component introduces students to the software package R (or other software). MTRM6030 Stochastic Calculus The course aims at providing students with tools required for a rigorous understanding of financial modeling and pricing techniques and therefore provides the mathematical grounding for financial derivatives. Stochastic calculus is a branch of mathematics that operates on stochastic processes. The methods of stochastic calculus have turned out to be most suitable for an adequate description of the evolution of basic (bonds and stocks) and derivatives (forwards, futures, options etc) securities. The underlying construction of these financial products shall be explored. Additionally, participants will be shown the uses and benefits of stochastic calculus in financial engineering. Page 20

23 MTRM6040 Quantitative Analysis of Financial Data This is a course in quantitative risk management and financial econometrics. In this course, focus will be on the statistical modeling of financial time series (asset prices and returns) with an emphasis on modeling volatility and correlation of quantitative risk management. This course discusses the various approaches to analyze and model financial data with real and stimulated data via the computer package R (or other programming language). MTRM6050 Risk Management & Optimization The increased exposure, complexity and scale of risks faced be enterprises has increased the need for enhanced processes to asses, measure and manage risks. Ineffective risk management may result in financial distress, reputation loss or bankruptcy. The student will understand the means available for management various risks and how an entity decides which technique is appropriate. This course will integrate measurement tools often associated with finance, statistics and economics to explore how risk management techniques may be applied to challenging risk categories (including operational and strategic risk). MTRM6060 Credit Risk Management & Modeling This course is an introduction to credit risk management and to the models for analyzing, predicting and mitigating credit risks. Students will learn the basis for widely used modeling methods for credit risk assessment and implement those methods through programming assignments using R (or other software). The students will be introduced to quantitative models for measuring and managing risks, provided with a critical understanding of the credit risk methodology used in the financial industry and given an appreciation of the regulatory framework in which the models operate. MTRM6070 ERM Concept, Framework & Process This course aims to provide students with a good understanding of Enterprise Risk Management (ERM) and the regulatory frameworks. At the end of the course, students should be able to execute ERM at the strategic level to drive decision making. They should demonstrate an understanding of the ERM concept, the components of 120 an ERM framework and be able to evaluate the appropriateness of a framework in a given situation and understand each step of the ERM process. Page 21

24 SBRM6010 Risk Management in the Business Enterprise The management of risks in business enterprises represents one of the greatest challenges facing business leaders in the world. The awareness of risks, identification of risks and the tools and methodologies of measurement and management of risks facing the enterprise are either non-existent or inconsistently applied in individual enterprises and across business sectors. Each risk type is usually handled in isolation: only the financial risks have commonly received robust quantification. Operational risk has received attention primarily by companies in particular industries where operational failures are a common hazard. The specialized knowledge and techniques developed for these sectors are incorporated into ERM and can be critically applied across a broader spectrum of industries to mitigate operational risks that are critical impediments to business performance and creation of shareholder value. SBRM6020 Corporate Finance The main objective of this course is to provide an understanding of corporate finance concepts and decision making in competitive financial markets from the point of view of risk managers. This course serves as an introduction to corporate finance and financial management for students pursuing the masters in Enterprise Risk Management. In addition, this course provides a framework, concepts, and tools for analyzing corporate finance problems and issues, based on the fundamental principles of modern financial theory, with an understanding of application to real-world situations. The approach is rigorous and analytical. Topics covered include discounted cash flow techniques, cash flow development and analysis, required returns and the cost of capital, corporate capital budgeting, company and security valuation, working capital management, capital structure and company restructuring issues. In all cases an underlying focus will be on the analysis of risk and the tools of risk mitigation from a corporate finance perspective. SBRM6030 Financial Markets Risk managers must be familiar with the workings of financial markets. They must understand the capabilities provided by the financial sector to mitigate risk. They must also understand the inherent risks facing the financial sector. To do both they must have a good understanding of how financial markets and institutions work. Well functioning markets are constantly changing, so too with financial markets. It was not long ago that most financial markets were domestic in scope and limited in institutional variety. Today financial markets are global in nature, with open foreign exchange markets and a growing variety of financial institutions and instruments. These changes have increased the importance of readily available and accurate information and of a well designed regulatory framework. Moreover, with global financial markets being harsh in response to poorly managed economies, national, regional and international economic management has taken on increased importance. This course, therefore, will examine financial markets in terms of the tools it provides to the risk manager as well as looking at the risks, especially those of a systemic nature that are often created and propagated by financial markets. Page 22

25 SBRM6040 The Economics of Enterprise Risk Management The Economics of Enterprise Risk Management course provides a broader economic framework and context, whereby risks can be identified and interpreted using economic theory and thought applicable to its interpretation. For example, in a global marketplace, the enterprise must be increasingly conscious about how and when changes in demand and supply of commodities and financial flows in world markets will transmit to their own arena and trigger off a cascade of events that puts the enterprise in jeopardy, if no risk mitigation action is taken. Conversely, opportunities emerging in local and foreign markets may be missed and not included in the enterprise s risk management and strategic plans. This course equips the student with the requisite tools of economic analysis to effectively recognize, evaluate, measure and manage an array of risks within a comprehensive economic and risk management framework. The Economics of Enterprise Risk management course will be pivotal in informing other coursework relative to fundamental analysis of economic activity affecting the business of the enterprise globally. SBRM6050 Enterprise Risk Management Governance The topical focus of this course is corporate governance and prioritization of Enterprise Risk Management as a critical element of the responsibility of the Board and senior executives. The recent financial crisis created major disruptions in the financial services and other industries globally and has called into question the effectiveness of governance structures in enterprises. It has revealed significant weaknesses in the risk management systems, silo management infrastructures, disparate systems and processes, fragmented decision-making, inadequate forecasting and a lack of cohesive and timely reporting to and action by senior management. This recognition has forced Boards of Directors to rethink risk strategies and change from a purely oversight role to active participation in defining the enterprise s risk appetite and approving broad risk parameters. Chief Financial officers are also redefining their role to better align financial functions with risk management teams, so that risk governance, finance and capital allocation decisions reinforce each other rather than work at cross purposes. Page 23

26 SBRM6060 Ethical Legal and Regulatory Framework for ERM Businesses operate in a global environment and are increasingly exposed to changes in laws and regulations not only in their home country, but in foreign jurisdictions. In managing enterprise risks, practitioners must be mindful of key legal concepts and their interpretation in different legal systems. Decision-makers must be aware of the necessity of establishing mechanisms for obtaining appropriate local and foreign legal counsel, when engaging in foreign market entry through non-equity or equity modes (Foreign Direct Investments) or in creating strategic Alliances and Networks. Foreign trade transactions also have implied legal risks should there be a disagreement. Firms are exposed to litigation risk arising from liabilities incurred in various transactions with businesses or individuals or from Regulatory Institutions. The latter may result from failure to comply with local or foreign Laws and Regulations. The course will look at the legal relationships between firms, the state and the wider society and will examine the legal and regulatory environment that business organizations face in Caribbean societies and globally; and the implications for identification, management and mitigation of legal and regulatory risk. SBRM6070 ERM in the Global Business Environment This course aims to provide students with a good understanding of Enterprise Risk Management (ERM) and the regulatory frameworks in order to be able to execute ERM at the strategic level to drive decision making. The student will demonstrate an understanding of the ERM concept, understand the components of an ERM framework, and be able to evaluate the appropriateness of a framework in a given situation and understand each step of the ERM process. SBRM6080 Enterprise Risk Management Integrative Module (Leading Issues in ERM: A Project-Based Approach) This primary aim of this course is to help students develop the capability to use the concepts, frameworks and techniques presented in the ERM courses to analyze and integrate the skills and concepts into a practical risk management framework to address enterprise risks confronting a business enterprise and its related Industry. It is also aimed at developing the capability to synthesize technical analyses and risk modeling and present information in a readily understandable form for utilization by senior management engaged in strategy and policy formulation and managerial decisionmaking as well as the measurement and management of the full spectrum of enterprise risks. Page 24

27 Attendance Policy It is important for students to attend lectures regularly on a timely basis and to work steadily throughout the semester to benefit fully from the programme. Students are required to sign the attendance register. Any student who has been absent from the University for a prolonged period during the teaching of a particular course during the semester for any reason other than illness or whose attendance at prescribed lectures has been unsatisfactory (less than 75 % attendance) or who has failed to submit essays or other exercises set by his/ her lecturer maybe debarred from taking the end of semester examinations. Any student who, having registered for a course and examination, fails to take the examination shall be deemed to have failed the examination. In cases of illness the candidate shall present to the Senior Assistant Registrar, Graduate Studies and Research, a medical certificate, as proof of illness, signed by the University Health Officer or by any other Medical Practitioner approved for this purpose by the University. The student shall send the medical certificate within (7) seven days from the date of that part of the examination in which the performance of the student is affected. Students who are unable to attend lectures during the semester for any reason should apply for leave of absence. Requests for leave of absence should be sent to the Senior Assistant Registrar, Graduate Studies and Research, indicating the reason for the request. Leave of absence is not automatic. Cellular Telephones Cellular telephones must be turned off during lectures and examination. Any student who fails to comply with this rule during a lecture will be recorded as being absent for that lecture period. Any student who fails to comply with this rule during an examination shall be deemed to have failed the examination. Electronic Mail It is important that students check their s on a regular basis as this is the usual mode of communicating with students. Page 25

28 Course Work Assignment Course work assignments should be handed in on the due dates and within the time specified to the ERM Coordinator or Unit Head or Academic Director or any individual designated by the Unit Head or the Academic Director. Each student submitting an individual assignment will receive a receipt. For group assignments one receipt will be issued to the group. Course work assignments once receipted will not be released to students. The student registration number must be used to identify the student or students in the case of group assignments, submitting the course work assignment. Names must not be placed on course work assignments or on examination scripts. Course work assignment sent by fax or will not be accepted. After grading, course work assignments will not be returned to students. If you wish to obtain a copy of your course work you must make a copy before you submit it for grading. Graded course work can be viewed briefly. Students will not be allowed to take away the graded course work. The facility for viewing graded course work will be available immediately after the course work marks have been placed on the Notice Board. This facility will be available for 10 working days. Course work marks will not be given out over the telephone or to third parties. Students who fail the course work (receive a mark of less than 50%) must see the Lecturer within 5 days after the course work marks have been placed on the Notice Board to discuss her/his course work submission. Page 26

29 Examinations Students are not allowed to write examinations in pencil Examination scripts written in pencil will not be graded. A pass/fail list for each course offered during the semester will be placed on the Notice Board within 4 weeks after the date of the examination for that course. Examination scripts can be viewed briefly. Students will not be allowed to take away graded scripts. The facility for viewing graded scripts will be available immediately after the pass/fail list has been placed on the Notice Board. This facility will be available for 10 working days. Final examination marks will not be given out to students who visit the office, to students who telephone or to third parties. If you wish to view your final mark for a course you must do so online (unofficial transcript) Students who fail the final examination (receive a mark of less than 50%, an FE designation) must see the Lecturer as soon as possible after the pass/fail list has been placed on the Notice Board to discuss her/his performance. In order to pass the course work or final examination a graduate student must receive a minimum mark of 50% out of 100%. In order to pass a course you must pass both the course work and the final examination. You must do over the section of the course (course work or final examination) you failed. If you fail both sections you must do over the entire course (course work and final examination). The following symbols are used to communicate examination results: P Pass FC- Fail Course Work FE Fail Examination F Fail Examination and Course Work Students who fail a course twice normally are asked to withdraw from the programme. However, if MSBM is aware of extenuating circumstances why a student should be given a 3rd attempt at an examination, a recommendation will be made to the Office of Graduate Studies and Research for approval of the Board for Graduate Studies and Research A graduate student, who is required to do an undergraduate course, must obtain a minimum mark of 50% out of 100% in order to receive a passing grade. Page 27

30 Plagiarism The unauthorized and/ or unacknowledged use of another person s intellectual efforts, ideas and creations under one s own name is regarded as a form of cheating. If a student is found guilty of plagiarism, the student will be awarded a fail grade in the course concerned and may also be subject to other disciplinary actions. Page 28