COURSE DESCRIPTION CARD

Transcription

1 COURSE DESCRIPTION CARD Załącznik nr 2 do zarządzenia Rektora nr /12 NOTE: If the course consists of lectures and classes, the Course Description applies to both forms of teaching 1. Course title: ENTERPRISE RISK MANAGEMENT 2. Course code. in Polish: Zintegrowane zarządzanie ryzykiem (ERM) Number of ECTS credits 3 Course completion method Z Course commenced / Year 2013/ Faculty: FINANCE AND INSURANCE 4. Field of Study: EUROCLASSES 5. Department of the Field of Study Coordinator: FINANCE 6. Name of tutor: Lectures dr MONIKA WIECZOREK-KOSMALA Classes dr MONIKA WIECZOREK-KOSMALA Lab classes Examiner 7. Tutor s department FINANCE 8. Number of contact hours with students: Type of course Full time study Part time study Lectures 15 Classes Foreign language classes Lab classes Seminars Introductory Seminars Other Total hours 15 Examination (hours) 9. Course timeframe (no. of semesters) 1 Course commencement / Year 2013/2014 Course commencement / Semester WINTER & SUMMER 10. Stage of tertiary education MASTER 11. Course status Compulsory for the field of study Compulsory for the specialization X Optional - 1 -

2 12. Requirements Compulsory: ---- Recommended: FINANCE, CORPORATE FINANCE, INSURANCE 13. Course objectives: The main objective of the course is to familiarise students with the idea and procedure of Enterprise Risk Management which is recently growing on popularity. The course will explain the ERM procedure and the meaning of its holistic approach, with special focus on connections with financial decision making process. The core issues related to risk identification and assessment will be developed together with the problem of proper choice of risk control techniques. Additionally, a practical approach will be embodied in the study of core world-wide known ERM standards. In particular, the course aims at: - understanding the rationale and scope of risk management - training student s skills to implement ERM procedure in practice - gaining extended knowledge in the field of risk analysis from a corporate finance perspective - providing the framework for a decision-making process in application of risk control techniques (including physical risk control and risk financing techniques) 14. Teaching and learning methods: A. Direct student/teacher contact hours: 1. No. Teaching methods Description lectures with the use of multimedia academic and interactive lectures covering specific theoretical aspects of the subject Number of teaching hours Full time study Part time study 8 2. interactive lectures group work: solution of applied tasks and examples during classes; solution of case studies 5 3. project student s related to case study solution (last meeting) 2 Total AS: 15 AN: B. Self-study hours: No. Learning methods Description 1. analysis of textbook and notes preparation for lectures, group work and case studies 2. case studies solution individual and group work over case studies solutions search of needed information Number of hours Full time study Part time study preparation for final group work over case

3 project presentation study subject to final assessment Total BS: 60 BN: Total AS+BS = 75 Examination (E) =. Total AS+BS+E=. Total AN+BN =. Examination (E) =. Total AN+BN+E =. 15. Key words: Enterprise Risk Management, Risk Management, risk control, risk finance, risk analysis, risk identification, 16. Course content: 1. Enterprise Risk Management in Context - Traditional concept of risk management rationale for managing risk, - A model process approach, - The definition of ERM and the core features of ERM approach, - ERM and corporate governance, ERM and internal control, ERM and corporate finance 2. The process of ERM - risk analysis (risk identification and measurement), - risk reporting, - risk control (planning) - implementation and monitoring 3. ERM standards an applicative approach - A Risk Management Standard (by RIMS), - Enterprise Risk Management Integrated Framework (by COSO) - main features of other less known standards 4. Mastering Risk Analysis within ERM - Useful risk identification techniques (checklists and prompt lists, gap analysis, risk taxonomy, PEST, SWOT, risk questionnaires, risk registers etc.), - Risk assessment and evaluation a) quantitative techniques (sensitivity and scenario analysis, Monte Carlo simulations), b) qualitative methods main barriers, R.Prouty approach - A concept of risk matrix 5. Mastering Risk Control within ERM - Traditional risk control tools (prevention, repression, retention, insurance and non-insurance risk transfer), - Alternative risk transfer (ART) mechanisms in risk financing 6. A study of exemplary risk management strategies (the business and the public sector cases) 17. Student learning outcome achieved in the course, as related to the outcome intended for the field of study. Methods of outcome achievement evaluation. Student learning outcome intended for the field of study / Symbols Student learning outcome achieved in the course Knowledge Methods of assessing student learning outcome achieved in the course Documentation K_W04 1. Student possesses a wider and deeper knowledge about mechanisms of decision making within risk management and knows advanced vocabulary within these issues Use of knowledge and language skills in preparing projects for final assessment K_W06 2. Student knows the advanced methods and tools supporting enterprise risk management in companies and financial institutions Case studies solutions (written form) - 3 -

4 and final project (either in electronic or printed form) Skills K_U01 K_U06 K_U09 K_U11 1. Student can in English interpret and explain complex connections between entities involved in the process of risk management 2. Student is able to implement in practice the knowledge about methods and tools supporting risk management in companies and financial institutions together with the assessment of their consequences 3. Student is able to prepare a wider written works in English as related to the analysis and assessment of risk management issues 4. Student uses spoken and written English in various professional situations, according to the requirements of B2+ level Social skills Participation in of final projects and case studies solutions Case studies solutions (written form) and final project (either in electronic or printed form) K_K05 K_K06 1. Student is able to communicate with others in English while preparing the chosen project 2. Student is able to extent English vocabulary by himself and is aware of the importance of active self-development of language skills in professional life The assessment of the quality of final (including communication) K_K07 3. Student is able to prepare and fulfill tasks related to the implementation of enterprise risk management in situations that require the use of English 18. Methods of grading student performance: No. Student performance assessment methods and course completion requirements Description 1. Presentation Presentation of the final project ERM for a chosen company (oral presentation with the use of multimedia techniques, in accordance to required elements (included in assessment criteria) 2. Case study solution Project (2) case study solution (the correctness of answers related to included open questions/tasks) 3. Percentage of the final grade 60% 40% * If students are required to earn credits and pass an exam, the credit accounts for at least 30% of the final grade - 4 -

5 19. Reading list Compulsory reading list: 1. M.Wieczorek-Kosmala, Enterprise Risk Management, [in:] Advanced Issues of Corporate Finance, Wyd. UE Katowice, Katowice 2013 (chapter 13). 2. R.R.Moller, Understanding the New Integrated ERM Framework. John Wiley & Sons, Hoboken, R.J.Chapman, Simple Tools and Techniques for Enterprise Risk Management. John Wiley & Sons, Hoboken, 2006 Recommended reading: 4. D.W.Hubbard, The Failure of Risk Management. Why It s Broken and How to Fix It. John Wiley & Sons, Hoboken, Corporate Risk Management, Ed. by D.H.Chew. Columbia University Press, New York, A Risk Management Standard, RIMS (źródło internetowe) 7. Enterprise Risk Management Integrated Framework, COSO 8. Ch. Culp, The ART of Risk Management. Alternative Risk Transfer, Capital Structure and the Convergence of Insurance and Capital Markets. John Wiley & Sons, New York, Williams Jr., C.A., Heins, R.M., Risk Management and Insurance. 6th ed., McGraw-Hill, New-York, St. Louis, San Francisco, Banks E., Alternative Risk Transfer. Integrated Risk Management through Insurance, Reinsurance and the Capital Markets. John Wiley & Sons, Chichester, Baranoff E., Risk Management and Insurance. John Wiley & Sons, Hoboken, Language of instruction: ENGLISH 21. Tutors recommendations: - 5 -