| CODE | INS3011 | |||||||||
| TITLE | Enterprise Risk Management Fundamentals | |||||||||
| UM LEVEL | 03 - Years 2, 3, 4 in Modular Undergraduate Course | |||||||||
| MQF LEVEL | 6 | |||||||||
| ECTS CREDITS | 3 | |||||||||
| DEPARTMENT | Insurance | |||||||||
| DESCRIPTION | This study-unit will provide the student with the basics of an Enterprise Risk Management Process, starting with the different methodologies used for Risk Identification, followed by Risk Assessment and Analysis, Mapping, Risk Mitigation and follow - ups. It will than touch upon Risk Governance, explaining the set up in an organization, Risk Ownership, Risk Reporting. This extends to Policies such as the Risk management and Risk Appetite Policies. The five Macro Risks Categories of Strategic - Business Risk, Operational Risk, Credit Risk, Market Risk and Underwriting Risk are introduced with a myriad of Micro Risks falling under each Risk Category and particularly relevant to an Insurance Organization identified and explained, discussing a number of case studies in the process and examples of internal controls mitigating them. The programme is mainly based on the COSO framework for Risk Management, giving students first hand experiences of risks and also introducing Solvency II, the new Insurance Legislation, which is risk based and expected to be in force as from the 01st January 2016. Study-unit Aims: To develop in the participant: - An understanding of the methods and processes used by organizations to manage risks related to the achievement of their objectives; - A framework for risk management, which typically involves identifying particular events or circumstances relevant to the organization's objectives; - Assessment skills in the determination of likelihood and magnitude of impact; - The determination of a response strategy, and the monitoring of the risk management process; - An outline on how Enterprise Risk management can be described as a risk-based approach to managing an enterprise. Learning Outcomes: 1. Knowledge & Understanding: By the end of the study-unit the student will be able to: - Understand risk maps; - Understand risk governance and the reporting structures in an organization; - Understand the different sources of risk and the possible impacts they may have on an Insurance organization; - Understand the importance of Internal controls; - Understand the importance policies, procedures, process manuals; - Have a broad idea of the Solvency II requirements. 2. Skills: By the end of the study-unit the student will be able to: - Identify the Risk Identification techniques to use in a risk assessment; - Assess risks and judge whether to mitigate or not. Main Text/s and any supplementary readings: Recommended Text: - COSO Enterprise Risk Management: Understanding the New Integrated ERM Framework (Hardcover) by Robert Moeller (Author) Publisher WILEY FINANCE. Supplementary Texts: - Risk Management code 655 – Chartered Insurance Institute. - Risk Regulation and Capital Adequacy code 510 – Chartered Insurance Institute. - Corporate Risk Management Professor GCA Dickson – Witherby. - Corporate Governance – Robert Monks and Nell Minow – Blackwell publishing. - Simple Tools and Techniques for Enterprise Risk Management by Robert J. Chapman (Author) Publisher WILEY FINANCE. - Enterprise Risk Management: From Incentives to Controls by James Lam (Author) Publisher WILEY FINANCE. - Manager's Guide to Compliance: Sarbanes-Oxley, COSO, ERM, COBIT, IFRS, BASEL II, OMB's A-123, ASX 10, OECD. - Principles, Turnbull Guidance, Best Practices, and Case Studies by Anthony Tarantino Publisher WILEY FINANCE. - The complete Guide to Business Risk Management – Kit Sadgrove – Gower Publishing. |
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| STUDY-UNIT TYPE | Lecture and Tutorial | |||||||||
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| LECTURER/S | John Mifsud |
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The University makes every effort to ensure that the published Courses Plans, Programmes of Study and Study-Unit information are complete and up-to-date at the time of publication. The University reserves the right to make changes in case errors are detected after publication.
The availability of optional units may be subject to timetabling constraints. Units not attracting a sufficient number of registrations may be withdrawn without notice. It should be noted that all the information in the description above applies to study-units available during the academic year 2023/4. It may be subject to change in subsequent years. |
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