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FP-SrrpPAcad. year: 2023/2024
In an ever-changing business environment, encountering risk is inevitable. The ability to manage these increasingly significant risks is now the difference between a business thriving and one struggling to meet the challenges it faces. A properly organized and focused risk management process and a strong risk management team will allow you to maintain and strengthen your competitive advantage over your competitors. In addition, studies have shown that financial risk is only the "tip of the iceberg", as almost 80% of key risks are not insurable. This critical 80% of risks must be “insured” internally by a capable risk management team. A business risk management strategy is planned and implemented with the aim of identifying, evaluating and preparing for any potential threats and dangers that the business may face. The key is to realize that risk is not something businesses should avoid – risk is often an opportunity in disguise.
Language of instruction
Number of ECTS credits
Mode of study
Guarantor
Department
Entry knowledge
No prior knowledge is required.
Rules for evaluation and completion of the course
The following conditions must be met for credit to be granted:
1. Active participation in exercise
2. Preparation of an individual seminar work within a predetermined deadline
3. Written work for credit
The total number of points obtained for the exercise is 50, in order to be awarded credit, the point gain must be higher than 30. The exam will focus on the oral presentation of the prepared seminar work and on the verification of professional knowledge in the form of an oral examination (max. 50 points). The total grade is given by the sum of the points from the exercises and the final exam.
The same conditions apply to students with ISP.
Aims
Enterprise risk management deepens students' knowledge not only of business risk management topics, but also of strategic risks (including tools for linking strategy and risk, integrating risk management into the strategic architecture of the enterprise, scenario planning, war games and risk ownership maps); risk assessment techniques (including the selection and use of various techniques during the risk management process, probabilistic and other quantitative risk assessment techniques); risk transfer (including insurance, reinsurance, loss control, alternative risk transfer techniques). Students will acquire the skills to identify, evaluate and manage various business risks that could adversely affect the implementation of the company's strategy.
Study aids
Study support is prepared and published lectures, including additional exhibited materials and further recommended literature.
Prerequisites and corequisites
Basic literature
LAM, James. Enterprise risk management: from incentives to controls. Second edition. Hoboken, New Jersey: Wiley, 2013. ISBN 978-1-118-83443-5.
FRASER, John R. S., Rob QUAIL a Betty J. SIMKINS. Enterprise risk management: today's leading research and best practices for tomorrow's executives. Second edition. Hoboken, New Jersey: John Wiley & Sons, [2021]. ISBN 9781119741480.
Recommended reading
eLearning
Classification of course in study plans
Lecture
Teacher / Lecturer
Syllabus
1 Introduction to enterprise risk management
2. Situational analysis of the company in the context of risk management
3. Competitive strategy and strategic change
4. Identification of risks and their classification
5. Analysis and quantification of risks
6. Risk assessment and response
7. Monitoring, controlling and reviewing risks
8. Tools for risk analysis and management
9. Creation of a risk profile and an action plan of the company
10. Current topics in risk management
11. Information systems and ERM software
Exercise
1. Strategic situation analysis of the company in the context of risk management
2. Identification of risks and their classification
3. Risk analysis and assessment
4. Creating a risk profile of the company
5. Creation of a risk management action plan
6. Written work for credit