| CODE | INS3030 | ||||||||||||
| TITLE | Enterprise Risk Management | ||||||||||||
| UM LEVEL | 03 - Years 2, 3, 4 in Modular Undergraduate Course | ||||||||||||
| MQF LEVEL | 6 | ||||||||||||
| ECTS CREDITS | 4 | ||||||||||||
| DEPARTMENT | Insurance and Risk Management | ||||||||||||
| DESCRIPTION | Objectives: To develop in the participant: - an understanding the principles of Enterprise Risk Management to be applied in an Insurance Company; - an understanding of the methods and processes used by Insurance Company’sto 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 Insurance Company’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 measure risks and the capital requirement to mitigate them in line with Solvency II Requirements. Contents: Enterprise Risk Management concept and process: - the risk identification tools and techniques available; - the Five Macro Categories of Risks, Underwriting, Market, Credit, Operational and Strategic – Business risks and the micro risks under each category. The Risk management policy: - Riskappetite policy; - Drawing up of control risk Assessment techniques; - Risk Mapping; - The setting up of action mitigation plans and follow ups; - Interaction between risk management/internal audit and compliance units; - Corporate governance explanation of the risk based approach under Solvency II and its relation to ERMC. Reading List: Recommended Text: COSO Enterprise Risk Management: Understanding the New Integrated ERM Framework (Hardcover) by Robert Moeller (Author) Publisher WILEY FINANCE. Supplementary Text: - 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 | ||||||||||||
| METHOD OF ASSESSMENT |
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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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