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

Cameel Singh
Advisor, Enterprise Risk Management
Columbia University
erm@sps.columbia.edu
212-854-9666

Course Availability and Descriptions

Course Number Course Title On-Campus Online
ERMC PS5100 Value-Based Enterprise Risk Management
ERMC PS5200 Traditional Risk and ERM Practices
ERMC PS5250 External Stakeholder Requirements
ERMC PS5320 Strategic Risk Management
ERMC PS5340 Operational Risk Management
ERMC PS5350 Intro to Quantitative Risk Management
ERMC PS5360 Financial Risk Management
ERMC PS5370 FRM Practices  
ERMC PS5380 Insurance Risk Management  
ERMC PS5510 Company Failures
ERMC PS5550 ERM Modeling
ERMC PS5560 Systemic Risk
ERMC PS5570 Information Technology Risk Management
ERMC PS5590 Cognitive Bias & ERM

ERMC PS5100. Value-Based Enterprise Risk Management. 3 pts.

Availability

On Campus: Every term
Online: Every term, starting Fall 2019

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 PS5200. Traditional Risk and ERM Practices. 3 pts.

Availability

On Campus: Fall and Spring
Online: Fall and Spring

Description

Two distinct topics in this course: (1) Traditional ERM frameworks (such as COSO, ISO 31000) and their tools, techniques, and risk vocabulary; and (2) Traditional "silo" risk management grouped into the four risk categories – strategic, operational, financial, and insurance – 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 PS5250. External Stakeholder Requirements. 3 pts.

Availability

On Campus: Every term
Online: Every term, starting Fall 2019

Description

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

ERMC PS5320. Strategic Risk Management. 3 pts.

Availability

On Campus: Every term
Online: Every term, starting Fall 2019

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 PS5340. Operational Risk Management. 3 pts.

Availability

On Campus: Every term
Online: Every term, starting Fall 2019

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 PS5350. Intro to Quantitative Risk Management. 3 pts.

Availability

On Campus: Every term
Online: Every term, starting Fall 2019

Description

Students without a strong math background will require significant additional time and effort to achieve the learning objectives and work through the course assignments. This course builds a foundation in the mathematics and statistics of risk management. Students are empowered to understand the output of quantitative analysts and to do their own analytics. Concepts are presented in Excel and students will have the opportunity to practice those concepts in Excel, R or Python. This course is a required prerequisite for registering for the following courses: Financial Risk Management, Insurance Risk Management, ERM Modeling.

ERMC PS5360. Financial Risk Management. 3 pts.

Availability

On Campus: Every term
Online: Every term, starting Fall 2019

Description

Students considering selecting this course are advised to first evaluate their knowledge of material covered in ERMC PS5350: Intro to Quantitative Risk Management (IQRM), which can be done by completing this online assessment test. If the test indicates a material gap of IQRM knowledge, then it is strongly suggested – though not required – that the student first successfully complete the IQRM course prior to registering for this course.

A survey of market, credit, liquidity, and systemic risk. Includes case studies, risk quantification methods, and common mitigation techniques using portfolio management, hedging, and derivatives. Also addresses traditional risk management practices at banking institutions.

ERMC PS5370. FRM Practices. 3 pts.

Availability

On Campus: Every term
Online: Not offered

Description

(Students must complete ERMC PS5360: Financial Risk Management prior to registering for this course.) Provides the opportunity to learn how business units operate at an investment bank. Several industry practitioners will each spend one to two sessions providing a hands-on experience that recreates the operations and decision-making process of front, middle, and back office work at a bank. Data flow, risk assessment, and decision making will be simulated.

ERMC PS5380. Insurance Risk Management. 3 pts.

Availability

On Campus: Fall and Spring
Online: Not offered

Description

(Students must complete ERMC PS5350. Intro to Quantitative Risk Management prior to registering for this course.) 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 PS5510. Company Failures. 3 pts.

Availability

On Campus: Every term
Online: Every term, starting Fall 2019

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 PS5550. ERM Modeling. 3 pts.

Availability

On Campus: Every term
Online: Every term, starting Fall 2019

Description

(Students must complete ERMC PS5350. Intro to Quantitative Risk Management prior to registering for this course.) This class equips students with the basics of risk measurement and simulation using a hands-on approach to ERM modeling. Some sessions will be workshops while others will be lectures. Recorded video presentations will be available to help students learn the material. Concepts are presented in Excel and students will have the opportunity to practice those concepts in Excel, R or other programming languages of their choice.

ERMC PS5560. Systemic Risk. 3 pts.

Availability

On Campus: Fall and Spring
Online: Fall and Spring, starting in Spring 2020

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.

ERMC PS5570. Information Technology Risk Management. 3 pts.

Availability

On Campus: Every term
Online: Every term, starting Fall 2019

Description

Students will learn how to better identify and manage a wide range of IT risks as well as better inform IT investment decisions that support the business strategy. Students will develop an instinct for where to look for technological risks, and how IT risks may be contributing factors toward key business risks. Review of IT risks, including those related to general controls, cybersecurity, governance, compliance, and project management.

ERMC PS5590. Cognitive Bias & ERM. 3 pts.

Availability

On Campus: Every term, starting Fall 2019
Online: Every term, starting Fall 2019

Description

(Students must complete ERMC PS5100 Value-Based Enterprise Risk Management prior to registering for this course.) Explores key concepts of behavioral economics and cognitive psychology, how to identify key cognitive biases in ERM activities, and how to apply techniques to address these, enhancing the quality and integrity of an ERM program. The course also includes best practices in leveraging analytic models to improve decision making.