Courses

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.

Availability

On Campus: Every term
Online: Every term

This course provides an overview of the traditional ERM frameworks used to identify, assess, manage, and disclose key organizational risks. The traditional ERM frameworks are those that are more commonly in use and include COSO ERM, ISO 31000, and the Basel Accords. This course also provides an understanding of the methods, tools, techniques, and terminology most organizations use to manage their key risks, presented in the context of the foundational elements of an ERM process. This will enable students to navigate the ERM landscape within most organizations, and, along with the second-semester course Value-Based ERM, evaluate opportunities to enhance the existing ERM practices and evolve their ERM programs over time.

Availability

On Campus: Fall and Spring
Online: Fall and Spring

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

(It is recommended but not required that students take Traditional ERM Practices as a prerequisite to this course.)  

Availability

On Campus: Every term
Online: Every term

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.

Availability

On Campus: Every term
Online: Every term

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.

Availability

On Campus: Every term
Online: Every term

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 either (a) first successfully complete the IQRM course prior to registering for this course; or (b) select Strategic Risk Management, Operational Risk Management, or Insurance Risk Management as your elective to complete the Certificate. (If the IQRM course is taken, it would not count as one of the four required Certificate courses.)

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.

Availability

On Campus: Every term
Online: Every term

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).

Availability

On Campus: Fall and Spring
Online: Not offered