Courses for Postbaccalaureate Studies Students

Qualified individuals may enroll in some program courses as non-matriculated students. Those interested in this enrollment option should send a résumé or CV and a statement of purpose detailing how the course fits into an overall career development plan to the Program Director. Enrollment is subject to space availability.

Individuals with a bachelor’s degree or its equivalent may apply to the Postbaccalaureate Studies program to take individual courses in Enterprise Risk Management.

General Information and Questions

Sim Segal
Director of ERM Programs
Columbia University
sim.segal@columbia.edu
646-862-6134

Course Availability and Descriptions

Course Number Course Title On-Campus Online
ERMC K5100 Value-Based Enterprise Risk Management  
ERMC K5200 Traditional Risk and ERM Practices  
ERMC K5250 External Stakeholder Requirements  
ERMC K5320 Strategic Risk Management  
ERMC K5340 Operational Risk Management  
ERMC K5360 Financial Risk Management  
ERMC K5380 Insurance Risk Management  
ERMC K5510 Company Failures  
ERMC K5550 ERM Modeling  
ERMC K5560 Systemic Risk  

ERMC K5100. Value-Based Enterprise Risk Management. 3 pts.

Availability

Spring and Fall

Description

Foundational ERM course. Addresses all major ERM activities: risk framework; risk governance; risk identification; risk quantification; risk decision making; and risk messaging. Introduces an advanced yet practical ERM approach based on the integration of ERM and value-based management that supports integration of ERM into decision making. Provides a context to understand the differences between (a) value-based ERM; (b) traditional ERM; and (c) traditional "silo" risk management.

ERMC K5200. Traditional Risk and ERM Practices. 3 pts.

Availability

Spring and Fall

Description

Two distinct topics in this course are traditional ERM frameworks (such as COSO and ISO 31000) and their tools, techniques, and risk vocabulary; and traditional “silo” risk management related to strategic, operational, financial, and insurance risk categories, as well as traditional risk management practices at banks and insurance companies. Provides familiarity with a range of current ERM and risk practices in the market.

ERMC K5250. External Stakeholder Requirements. 3 pts.

Availability

Spring only (starting with Spring 2017)

Description

Provides a global review of ERM requirements of regulators, rating agencies, and shareholders. Addresses four industry sectors: (1) insurance; (2) banking; (3) corporate; and (4) healthcare.

ERMC K5320. Strategic Risk Management. 3 pts.

Availability

Spring only

Description

Review of the types of strategic risks, such as a flawed strategy, inability to execute the strategy, competitor risk, supply chain risk, governance risk, regulatory risk, M&A risk, international risk, etc. Includes case studies, research, and common mitigation techniques, such as strategic planning practices, management techniques, governance practices, supply-chain management, etc.

ERMC K5340. Operational Risk Management. 3 pts.

Availability

Fall only

Description

Review of the types of operational risks, such as technology risk (e.g., cyber-security), human resources risk, disasters, etc. Includes case studies, risk analysis frameworks and metrics, and common mitigation techniques, such as insurance, IT mitigation, business continuing planning, etc.

ERMC K5360. Financial Risk Management. 3 pts.

Availability

Spring only

Description

Review of types of financial risks, such as equity market risk, interest rate risk, credit risk, etc. Includes case studies, risk quantification methods (e.g., Value-at-Risk (VaR) models), and common mitigation techniques, such as portfolio management, hedging, derivatives, etc. Also addresses traditional risk management practices at banking institutions.

ERMC K5380. Insurance Risk Management. 3 pts.

Availability

Fall only

Description

Review of types of insurance risk, such as pricing risk, underwriting risk, reserving risk, etc. Includes case studies, risk quantification methods (e.g., market-consistent economic capital models, dynamic financial analysis (DFA) models, catastrophe models, etc.), and common mitigation techniques, such as asset-liability management (ALM), reinsurance, etc. Also addresses traditional risk management at insurance companies and ERM actuarial standards of practice (ASOPs).

ERMC K5510. Company Failures. 3 pts.

Availability

Summer only (starting with Summer 2017)

Description

Examination of areas critical to an organization’s success from strategic, operational, financial, and insurance perspectives, and examines why many companies fail in spite of the vast knowledge of factors driving success. Several case studies examined in depth.

ERMC K5550. ERM Modeling. 3 pts.

Availability

Summer only

Description

This class is a workshop where students will assess risk and construct their own ERM models. The student will build all of their models within the Mathematica modeling language, where they will learn various modeling techniques used in legal and geospatial risk, along with copulas and sampling. Based on their own models they will pose a specific problem, such as a capital project, and use stand-alone and economic capital as metrics while finding a solution to their problem. Students will also prepare short videos where they will demonstrate their models and their proposed solution.

ERMC K5560. Systemic Risk. 3 pts.

Availability

Fall only

Description

A study of disasters from a common systems engineering perspective, to better understand and model risk in complex process systems. Course topics will introduce process systems engineering concepts and tools such as digraphs, fault trees, probabilistic risk assessment, HAZOP, FMEA, etc., for modeling enterprise-wide risk. We will develop risk models and analyze them for real-life inspired examples and case studies. Several disaster case studies will also be discussed.

Courses for Actuarial Science Students

Qualified individuals may enroll in some program courses as non-matriculated students. Those interested in this enrollment option should send a résumé or CV and a statement of purpose detailing how the course fits into an overall career development plan to the Program Director. Enrollment is subject to space availability.

Candidates in Columbia’s Master of Science in Actuarial Science program may find it useful to take courses in Enterprise Risk Management as electives, either to prepare for future opportunities in ERM or to gain skills for enhancing traditional actuarial practice, such as:

  • Building practical actuarial models
  • Designing more effective capital models
  • Enhancing product development efforts
  • Improving product pricing techniques; or
  • Elevating the sophistication of financial management of insurance products.

General Information and Questions

Sim Segal
Director of ERM Programs
Columbia University
sim.segal@columbia.edu
646-862-6134

Course Availability and Descriptions

Course Number Course Title On-Campus Online
ERMC K5100 Value-Based Enterprise Risk Management  
ERMC K5200 Traditional Risk and ERM Practices  
ERMC K5250 External Stakeholder Requirements  
ERMC K5320 Strategic Risk Management  
ERMC K5340 Operational Risk Management  
ERMC K5360 Financial Risk Management  
ERMC K5380 Insurance Risk Management  
ERMC K5510 Company Failures  
ERMC K5550 ERM Modeling  
ERMC K5560 Systemic Risk  

ERMC K5100. Value-Based Enterprise Risk Management. 3 pts.

Availability

Spring and Fall

Description

Foundational ERM course. Addresses all major ERM activities: risk framework; risk governance; risk identification; risk quantification; risk decision making; and risk messaging. Introduces an advanced yet practical ERM approach based on the integration of ERM and value-based management that supports integration of ERM into decision making. Provides a context to understand the differences between (a) value-based ERM; (b) traditional ERM; and (c) traditional "silo" risk management.

ERMC K5200. Traditional Risk and ERM Practices. 3 pts.

Availability

Spring and Fall

Description

Two distinct topics in this course are traditional ERM frameworks (such as COSO and ISO 31000) and their tools, techniques, and risk vocabulary; and traditional “silo” risk management related to strategic, operational, financial, and insurance risk categories, as well as traditional risk management practices at banks and insurance companies. Provides familiarity with a range of current ERM and risk practices in the market.

ERMC K5250. External Stakeholder Requirements. 3 pts.

Availability

Summer only (starting with Summer 2017)

Description

Provides a global review of ERM requirements of regulators, rating agencies, and shareholders. Addresses four industry sectors: (1) insurance; (2) banking; (3) corporate; and (4) healthcare.

ERMC K5320. Strategic Risk Management. 3 pts.

Availability

Spring only

Description

Review of the types of strategic risks, such as a flawed strategy, inability to execute the strategy, competitor risk, supply chain risk, governance risk, regulatory risk, M&A risk, international risk, etc. Includes case studies, research, and common mitigation techniques, such as strategic planning practices, management techniques, governance practices, supply-chain management, etc.

ERMC K5340. Operational Risk Management. 3 pts.

Availability

Fall only

Description

Review of the types of operational risks, such as technology risk (e.g., cyber-security), human resources risk, disasters, etc. Includes case studies, risk analysis frameworks and metrics, and common mitigation techniques, such as insurance, IT mitigation, business continuing planning, etc.

ERMC K5360. Financial Risk Management. 3 pts.

Availability

Spring only

Description

Review of types of financial risks, such as equity market risk, interest rate risk, credit risk, etc. Includes case studies, risk quantification methods (e.g., Value-at-Risk (VaR) models), and common mitigation techniques, such as portfolio management, hedging, derivatives, etc. Also addresses traditional risk management practices at banking institutions.

ERMC K5380. Insurance Risk Management. 3 pts.

Availability

Fall only

Description

Review of types of insurance risk, such as pricing risk, underwriting risk, reserving risk, etc. Includes case studies, risk quantification methods (e.g., market-consistent economic capital models, dynamic financial analysis (DFA) models, catastrophe models, etc.), and common mitigation techniques, such as asset-liability management (ALM), reinsurance, etc. Also addresses traditional risk management at insurance companies and ERM actuarial standards of practice (ASOPs).

ERMC K5510. Company Failures. 3 pts.

Availability

Summer only (starting with Summer 2017)

Description

Examination of areas critical to an organization’s success from strategic, operational, financial, and insurance perspectives, and examines why many companies fail in spite of the vast knowledge of factors driving success. Several case studies examined in depth.

ERMC K5550. ERM Modeling. 3 pts.

Availability

Summer only

Description

This class is a workshop where students will assess risk and construct their own ERM models. The student will build all of their models within the Mathematica modeling language, where they will learn various modeling techniques used in legal and geospatial risk, along with copulas and sampling. Based on their own models they will pose a specific problem, such as a capital project, and use stand-alone and economic capital as metrics while finding a solution to their problem. Students will also prepare short videos where they will demonstrate their models and their proposed solution.

ERMC K5560. Systemic Risk. 3 pts.

Availability

Fall only

Description

A study of disasters from a common systems engineering perspective, to better understand and model risk in complex process systems. Course topics will introduce process systems engineering concepts and tools such as digraphs, fault trees, probabilistic risk assessment, HAZOP, FMEA, etc., for modeling enterprise-wide risk. We will develop risk models and analyze them for real-life inspired examples and case studies. Several disaster case studies will also be discussed.