It all starts here MASTER'S PROGRAMME IN APPLIED RISK MANAGEMENT

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1 MASTER'S PROGRAMME IN APPLIED RISK MANAGEMENT

2 UARM Centre for Applied Risk Management Our vision is that UARM will empower risk stakeholders to better understand and manage risk. We work closely with our partners to provide innovative solutions to make a positive difference in your sector. Risk Matters

3 UARM What we offer Target group: Risk Stakeholders A globally groundbreaking approach Applied risk education and research How? Across sectors A qualitative approach allowing for risk understanding and transparency Post-graduate master s degree for employees who wish to develop their risk skill set Risk workshops at management, executive and board levels in organisations Consultative access to leading experts locally and internationally Applied Risk Thinking (UART) initiatives providing opportunities for discussion and analysis of topical risk-related issues leading to real-world solutions

4 Business Managers, Risk Managers and Risk Management 3. Risk management should form an integral part of all organisational processes. In May 2011 Ron Ashkenas posted an entry in the Harvard Business Review Blog section titled Every Manager is a Risk Manager. A comment on the blog post pointed out that ideally every employee of a company should be a risk manager. (Ashkenas, R. (2011). Every manager is a risk manager. Harvard Business Review Blogs: 3 May Date of access: 4 May. 2011) Business managers identify, create and execute the initiatives required to achieve an organisation s objectives. In support of the business manager s role, risk managers should: Actively participate in the process of defining organisational objectives and risk appetite Provide assurance that the risks taken are consistent with the organisation s objectives Identify, assess, mitigate, respond to and report on the risks to achieving an organisation s objectives Provide assurance that risks are adequately managed Assist the organisation in achieving its business objectives through ensuring that the pricing of products and services include the relevant risks Ideally, business and risk managers play complementary roles in the process of setting and achieving an organisation s objectives. In practice however, a lack of knowledge and understanding of the interconnectedness of these roles can create misunderstanding and conflict between the role players. When business managers understand the role risk management plays in achieving and sustaining business performance, they are better able to integrate risk management principles and practices into their daily business practices. On the other hand, risk managers who understand the needs of business managers to increase organisational profits and meet other business objectives, are able to optimally support business to achieve their tactical and strategic objectives.

5 4. Typical Risk Management Roles

6 5. Our Approach to Risk Education The NWU Vaal Masters in Applied Risk Management programme is aimed at the needs of full-time employees at organisations across the private and public sector. Adult education works best in an interactive, facilitative learning environment. Professional further education should also allow students to contribute and learn from guest lecturers, professional experts and from each other based on their own work experiences. Not all managers or employees will require or be ready for full master's degree training. Their needs may be satisfied through facilitated workshops and our Applied Risk Thinking (UART) sessions. Specific educational content and approaches can be tailored to cater for the risk education and training needs of specific employee groups from management to executive and board levels.

7 Why a More Qualitative Master's Programme in Risk? 6. Higher education programmes have traditionally focused on the more quantitative aspects of risk such as mathematical risk modelling. The increasing complexity of institutions and corporations mean that this is no longer enough. A pressing need has developed for formal academic programmes that focus on the more qualitative aspects of risk management. Correspondingly, professional risk organisations such as IRMSA, PRMIA, GARP and IRM are looking at academia to assist with the professionalisation of risk management in the market. Although quantitative post-graduate financial risk programmes are well represented at leading educational institutions across the world, very few qualitative, more general programmes exist at masters level at higher education institutions globally. What is the expected value add of a post-graduate university based education to other training programmes? It is the mark of an educated mind to be able to entertain a thought without accepting it. ( Aristotle ( BC) Reference: Delft University of Technology, Eindhoven University of Technology, University of Twente. Criteria for Academic Bachelor s and Master s Curricula. 2005) A post-graduate university degree is suitable for employees who need to be able to do more than just apply existing processes and knowledge. The learning outcomes for post-graduate study are not easily achievable via short courses or knowledge based certification programmes as they require sustained periods of immersion in critical thinking around a field of knowledge. Our applied approach to postgraduate education in risk management will play a valuable role in satisfying this need in the market.

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9 Key Learning Outcomes of a Master's Programme 8. In essence, the key learning outcomes of a master's level programme are that the student will be: Familiar with the existing knowledge in relevant fields Able to expand on and synthesise relevant knowledge in own work and social contexts Able to critically evaluate and apply theoretical knowledge to solve real-life problems including the ability to find new solutions to existing problems Able to do independent research. Research here implies the development and testing of models based on knowledge and insights in a purposeful and methodical manner. An employee who has learnt how to do scientific research can be expected to approach challenges and problems in the work environment in a critical, structured manner leading to more robust solutions Able to follow a systematic approach to problem solving based on critical insight into the development and use of theories, models and coherent interpretations Able to reason, reflect and form an opinion in an academic environment and able to apply this skill to her/his daily role in the workplace Willing and able to work with others. This requires the willingness to interact, a sense of responsibility, leadership and also the ability to communicate effectively with colleagues and non-colleagues. Able to take context into account. Knowledge and research always have a temporal, economic and social context. A university graduate should be aware of the origins of knowledge, beliefs and methods as well as the economic and social consequences of decisions. Students are expected to be able to integrate these insights into the work environment. References: Delft University of Technology, Eindhoven University of Technology, University of Twente. Criteria for Academic Bachelor s and Master s Curricula SAQA Level Descriptors for the National Qualifications Framework (NQF), Dec 2010

10 Risk Competency Model Values Skills Knowledge Experience Honesty/Integrity/Morality Adaptability/Flexibility Dedication/Hard-Working/Work Ethic/Tenacity Dependability/Reliability/Responsibility Loyalty Positive Attitude/Motivation/Energy/Passion Professionalism Self-Confidence Self-Motivated/Ability to Work With Little or No Supervision Willingness to Learn Accountability Conceptual Analytical and Critical Thinking Contextual/Systems Thinking Communication Conflict Management Core Competency Related Teamwork Leadership Enterprise Risk Management Framework Legislative and Regulatory Environment Project Management Risk Management Process Risk Management Tools and Techniques Risk Management Systems Risk Reporting Risk Financing Vendor Relations 1. Novice 2. Experienced Beginner 3. Practitioner 4. Knowledgeable practitioner 5. Expert Take your career to the next level with the Masters in Applied Risk Management! 9.

11 Master's in Applied Risk Management: A Systemic View 10.

12 Master's in Applied Risk Management: Brief Description 11. The UARM masters programme is designed to achieve the learning outcomes expected from a post-graduate student with relevant work experience. The learning outcomes for post-graduate study at masters level require sustained periods of immersion in critical thinking around a field of knowledge. These outcomes are not easily achievable via short courses or knowledge based certification programmes. A post-graduate university degree is suitable for employees who need to be able to do more than just apply existing processes and knowledge. This programme will therefore be aimed at increasing student ability to think critically about work-related issues and find appropriate solutions to these issues. Delivery Professional adult education at Masters level Contact sessions UARM NWU Vaal Triangle Campus consisting of facilitated workshops, guest speakers, expert and practitioner panels Facilitated sessions based on risk principles and questions applied to practice Off-site on-line work sessions, e.g. discussion groups and webinars Assessment Continuous assessment methods will include: Self assessment Peer group evaluation Written assignments on risk issues in the workplace Presentation of research results Case studies Simulations and scenario analyses Group work Mini-dissertation

13 Master's in Applied Risk Management: Overview 12. Part-time programme Two years Post-graduate business school model 89% Research based Target group Full-time employees supported by employer to do the programme Entrance requirements Suitable Honours Degree at NQF level 8 (Note: This excludes the BTech degree) At least two years risk-related experience Students will be selected for this programme based on their level of readiness to benefit from a challenging programme in applied risk management. In addition to academic readiness, attitude will play an important role in the student selection process, e.g. why does the student want to do this study, how much is the student willing to put into the programme and in which way does the student intend to apply what s/he has learned? Students will also have to show a willingness to work with others to find creative, yet scientifically solid solutions to issues related to risk at work. Note: One credit equals 10 notional study hours

14 Masters in Applied Risk Management: Overview 13. Master s Programme Format Professional adult education Facilitated workshop structure, Expert guest lecturers Contact sessions General structure of contact sessions Intro UARM811 UARM812 UARM821 UARM822 UARM813 UARM814 T F S T F S T F S T F S S T F S T F S UARM873 - Proposal Year 1 - Feb Year 1 - Apr Year 1 - Jun Year 1 - Sep Year 1 - Nov Year 2 - Jan Year 2 - Mar UARM873 T F S Year 2 - Jul T F S Year 2 - Sep F S Year 2 - Oct Year 2- Nov Hand in mini-dissertation Graduation year - 2 nd Year Conference for business managers and academic guests

15 Master's in Applied Risk Management: Exit Level Outcomes 14. Exit level Outcome 1 Scope of knowledge, knowledge literacy, information production and information management: The student will be able to source, select, analyse, evaluate and communicate the specialist knowledge and information necessary to find solutions to practical risk issues in her/his area of employment. Associated assessment criteria: Proof of ability to: Understand and apply the main theoretical and practical risk frameworks Source, select, analyse and evaluate advanced knowledge and information necessary to solve risk issues in practice Evaluate current processes of knowledge and information production in risk management, both in practice and academia Successfully communicate specialist risk-related knowledge and information to risk and non-risk managers at all levels in the organisation Exit Level Outcome 2 Problem solving methods and procedures: The student will be able to design, select and apply appropriate and creative methods, techniques, processes or technologies to investigate and solve complex practical risk-related problems in a solid theoretical framework. Associated assessment criteria: Proof of ability to: Select an appropriate process of enquiry for risk issues in own work environment Use a wide range of specialised skills in identifying, conceptualising, designing and implementing methods of enquiry to address complex and challenging problems within the field of risk Select and apply research and analysis methods suitable for practical situations in risk management Critique current research, analysis and problem solving practices in risk management Creatively adapt existing methods and design new methods to solve issues related to own working environment Understand the consequences of solutions or insights generated within practical risk contexts

16 Master's in Applied Risk Management: Exit Level Outcomes 15. Exit Level Outcome 3 Ethics, professional practice, context and systems: The student will have obtained an advanced understanding of risk management as a profession, the ethics of risk and application in risk management within systems based context and will be able to apply these insights in practice. Associated assessment criteria: Proof of ability to: Apply risk management principles in professional practice Adapt risk management principles to fit professional practice when required Make autonomous ethical decisions that affect knowledge production, or complex organisational or professional issues Critically contribute to the development of ethical standards in the professional practice of risk management Make interventions at an appropriate level within a system, based on an understanding of hierarchical relations within the system, and the ability to address the intended and unintended consequences of interventions Exit level Outcome 4 Management of learning and accountability: Students will be encouraged to develop their own learning strategies to sustain independent learning, and academic and professional development. In addition students will practice their communication and presentation skills to effectively interact within the learning and professional group. Associated assessment criteria: Proof of ability to: Independently design and execute academic assignments in own professional environment Contribute and cooperate effectively in group tasks and discussions Operate independently and take full responsibility for own work Lead and initiate processes and implement systems, ensuring good resource management and governance practices in the work environment

17 Master's in Applied Risk Management: International Academic Cooperation 16. We are in the privileged position to cooperate with the following international academic partners in the development and presentation of our programme: Profs Michael Damm and Theo Kocken of the Masters in Risk Management for Financial Institutions of the Vrije Universiteit of Amsterdam ( Profs Damm and Kocken were appointed as extraordinary professors at UARM in 2013.

18 Master's in Applied Risk Management: FAQ 17. Q: Is there a business oriented programme rather than the more general quantitative orientation, basically knowing the numbers and what they mean versus how to calculate them? A: Yes, the Masters in Applied Risk Management will be a business oriented programme as described in this question. Q: Will the programme be available on a part-time and full-time basis? A: This will be a part time programme with as prerequisite that the student's employer is involved and supports the programme. The assignments will be based on questions applied to the student s own working environment. Q: When will the programme start? A: The programme commences in Our first master s degree in the programme, namely the MCom in Banking and Financial Risk Management has been accredited and is listed on the SAQA list of qualifications. The MCom in Applied Risk Management should be accredited in 2015 and then offered from 2016 onwards. Students will have the option to transfer to the MCom in Applied Risk Management in 2015 should they wish to do so. Note: The programme content stays the same. It is just the practical sector specific application that differs between the two degrees. Q: How much will the programme cost? A: A taught masters programme is more expensive than a pure research based masters study due to the costs associated with contact sessions and a lower government subsidy for taught masters programmes as compared to pure research based masters. This programme costs approximately ZAR55,000 per year and therefore approximately ZAR115,500 for the two years of study. Note: This is an estimate for 2015 based on an approximate annual 10% increase in fees and excludes registration fees of approximately ZAR1,500 per year. Q: Why do you formally select students during an assessment day for this programme? A: The assessment day forms part of our selection for success motto. Feedback from the assessment day provides the student with knowledge and understanding about him/herself in order to be best equipped for succeeding in this programme. It also provides UARM with knowledge about our students and how best to assist them with their studies.

19 Master's in Applied Risk Management: FAQ 18. Q: How much time off work will be required for contact sessions? A: There will be one contact session of three days each running from Thursday through to Saturday for each of the 6 modules. Year 1: 4 modules = 4 contact sessions plus one Saturday (13 days total) requiring 8 days off work Year 2: 2 modules (6 days) plus 3 contact working sessions on the research project (8 days) = 14 days in total, requiring 9 days off work Note: see page 13 for the contact session format Q: I do not have a SAQA accredited Honours degree at NQF level 8. I do have postgraduate diplomas and a significant level of work experience. Can I enter the programme? A: We require as a minimum a qualification at NQF level 8 for entry to the programme (excluding a BTech degree). If you do not meet this requirement you can contact a university with an Honours degree of your choice and discuss with them what you need to do to formally complete your Honours. Depending on your qualifications and experience, they should give you recognition of prior learning for a part of the course. Q: In this information booklet it states that I will have to do 1800 notional hours of study in order to master the learning outcomes. How am I going to find so much time when I am working full-time? A: The 1800 hours indicates the notional hours required to complete the master's degree. It is calculated by using the credits for the degree which are 180 credits. One credit is equal to 10 notional hours. A master's degree is required by SAQA to have a minimum of 180 credits. A notional hour includes any activity in which a student is involved that relates to their mastering of an outcome - this could include: set readings, contact hours, preparing for and writing an assignment, individual study, assessment, practical application of the module content in a work environment, etc. The average MBA is 300 credits, therefore 3000 notional hours, over three years. This translates to an average of 100 credits per year. The master's programme in applied risk management is an average 90 credits per year. So if you take into account that many full-time employees complete an MBA, it should be possible to do this degree in the time available. You can also take into consideration that this programme is focused on the application of risk management and that a significant proportion of the notional hours should therefore be spent in the application of what you learn from the programme in your work environment.

20 Applied Toegepaste Jo bo dirisitsweng Tekeletso Risk Risiko Bestuur Tsamaiso Management Trots Proud Boikgogomoso Tekeletso Risk Risiko Trots Proud Boikgogomoso Leakanyetsopele Voorkeur Preferred Bestuur Tsamaiso Management Applied Toegepaste Jo bo dirisitsweng Tekeletso Risk Risiko Bestuur Tsamaiso Management Trots Proud Boikgogomoso For more information, please contact: Henry Cockeran (Helei Jooste) Webpage Facebook page: NWU Vaal UARM Applied Risk Management Sign up for our newsletters! Risk Matters

21 UARM AWARDED TWO AWARDS FROM IRMSA We are delighted to announce that The Institute of Risk Management South Africa (IRMSA) has awarded two Industry Specific Risk Initiative Awards for 2013 to the UARM Centre for Applied Risk Management at the NWU Vaal Triangle Campus during the annual IRMSA awards ceremony. The two awards are: The Industry Specific Risk Initiative Award in the Education Category, and the overall Industry Specific Risk Initiative Special Award for Recognition of Exceptional Service. These awards give recognition to our innovative approach to risk management as an applied discipline. For this honour, we wish to thank the IRMSA Executive Management Team. For more information on our product offering please view our website at: Left to right: Henry Cockeran UARM team member, Prof Hermien Zaaiman - Manager UARM, Prof Linda du Plessis Vice-rector NWU Vaal Triangle Campus, Hermie le Roux and Sonja Gilliland UARM team members, Prof Wynand Grobler Director School of Economic Sciences