OVERVIEW

The course illustrates the essential elements of risk management systems and how they work in different economic sectors. The main topics are: objectives, principles and guidelines for the planning and implementation of risk management systems, main risks, measurement and management tools. During the course, case studies will be discusses and best practice will be analized, with the help of professionals coming from different sectors.

AIMS AND CONTENT

LEARNING OUTCOMES

This program will provide an understanding and application of risk management systems in enterprises. It will describe and discuss the main building blocks of these systems: governance, objectives, organizational roles and functions, processes, controls, culture, reporting and information flows, links with budget and compensation systems, risk taxonomy, evaluation, measurement, mitigation and monitoring tools. Quantitative and qualitative methods of analyzing and managing risk will be presented. Students will know the structure and working of the main frameworks, such as Enterprises Risk Management (ERM) model. A section of the program will analyse a case study which is also considered a best practices in business: the risk management systems of banks, i.e. how the regulator and the banks manage credit, market, operational, liquidity, compliance, systemic strategic and reputational risk. At the end of the program students will be able to understand the risk management systems and they will be equipped with the knowledge, the tools and the best practices to work successfully in this area.

AIMS AND LEARNING OUTCOMES

The course teach basic knowledges about the structuring and the working of risk management systems. Main topics are: the theromost common operating models, the objectives of risk management systems, their role in the management of the firm, their contribution to the economic equilibria of the firm, their processes and tools, the risk and control functions, the relationships with other business systems.

The course is based on a strict link between theoretical approach and business practices. Professionals will integrate the lectures of the teacher and will discuss case studies and best practices.

The expected learning results are:

- Knowledge – students will acquire the basic knowledge necessary to understand the stucture and the working of the risk management systems; they will know theoretical and operational models, applications in different sectors and business best practices;

- Implementation of knowledege – thanks to the knowledge acquired, students will be able to solve risk management problems (e.g. how to assess qualitative risk, how to manage emerging risk), to use analytical tools, to evaluate the quality of the systems; to adapt the systems and their tools to the different business contexts and risks;

- Authonomy of judgement – thanks to the learning of the theoretical models and business best practices, students will be able to critically evaluate the risk  management systems (their effectiveness and efficiency, their strenghts and weaknesses, their possible evolution), with specific reference to the case studies and the business practices illustrated during the course;  

- Communication skills – The students will acquire the technical terminology in order to communicate clearly with professionals and non professionals;

- Learning skill – The students will know how to update and  improve their knowledge: what are the scientific sources, the information provider, the professional associations, the international bodies in the field of risk management.

PREREQUISITES

Basic knowledges in business administration and management

TEACHING METHODS

Lectures by the teacher, lectures by professionals, case study analysis and teamwork

AULAWEB

Yes

SYLLABUS/CONTENT

• STUDENTS WHO ATTEND LESSONS
• Business risks; taxonomy and features
• Risk management systems in the business context: objectives, relationsips with other organisational systems, contribution to economic equilibria of the firm
• The main operational model: the Enterprise Risk Management
• The components of the system: governance, control and risk organizational functions, processes, controls, information flows and reporting, links with strategic plan, budget and compensation systems
• The tools for mapping, analyzing, measuring, monitoring, mitigating and managing risks
• Case-study: the banking sector
• Case-study: the insurance sector
• Case-study: the energy sector

STUDENTS WHO DO NOT ATTEND LESSONS

The program for the exam consists on the content of the selected chapters of the textbook (Fraser and others; see Recommended reading/bibliography section)

RECOMMENDED READING/BIBLIOGRAPHY

John Fraser, Rob Quail, Betty Simkins, "Enterprise Risk Managament", Wiley, Second edition, 2021

Chapters: 4, 7, 10, 16, 18, 20, 22, 23, 26, 27, 28, 29, 30, 31, 32

TEACHERS AND EXAM BOARD

Exam Board

MARCO DI ANTONIO (President)

FRANCESCA QUERCI

LESSONS

LESSONS START

The course will be in the second semester. It will start on February 2023.

The lecture scheduling is available on EasyAcademy.

Class schedule

The timetable for this course is available here: Portale EasyAcademy

EXAMS

EXAM DESCRIPTION

Written exam on theoretical and practical contents of the course

ASSESSMENT METHODS

The exam will evaluate both the theoretical knowledge of the student and his capacity to analyse context-specific situations and to solve problems

Exam schedule

FURTHER INFORMATION

Further and detailed information will be provided by the teacher and will be available on the Aulaweb site of the course