Individual Courses for Postbaccalaureate Studies Students

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.

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 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.

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 either Strategic Risk Management or Operational 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, starting Fall 2019

Provides the opportunity to learn how business units operate at an investment bank. Several industry practitioners each spend one to two sessions providing a hands-on experience that recreates the operations and decision-making of front, middle, and back offices work at a bank. Students typically learn the common activities, the data inputs, the analytics, and the applications of the insights.

(Students must complete ERMC PS5360: Financial Risk Management prior to registering for this course.)

Availability

On Campus: Summer and Fall 
Online: Not offered

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 either Strategic Risk Management or Operational 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.)

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

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.

Availability

On Campus: Every term
Online: Every term

Equips students with the basics of risk measurement and simulation using a hands-on approach to ERM modeling. Using industry-standard simulation software, students build systems of risk drivers for finance and insurance companies. Topics include risk correlations, VaR and TVaR, capital modeling, capital allocation, and parameter, process, and model Risk. Students acquire both quantitative experience building models and qualitative appreciation for model weaknesses.

Availability

On Campus: Every term
Online: Every term

A study of financial, economic, and engineering 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.

Availability

On Campus: Fall and Spring
Online: Fall  

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. This course includes a review of IT risks, including those related to governance, general controls, compliance, cybersecurity, data privacy, and project management. Students will learn how to use a risk-based approach to identify and mitigate cybersecurity and privacy related risks and vulnerabilities. No prior experience or technical skills required to successfully complete this course.

Availability

On Campus: Every term
Online: Every term

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.

Availability

On Campus: Every term
Online: Fall and Summer