The nature of risk management

The nature of risk management essay assignment

The nature of risk management essay assignment

Aims: To provide an understanding of pure risk and its management. To provide an analytical background to identifying, measuring, controlling and financing loss exposures. To examine decision rules for choosing between alternative risk management strategies. To apply risk management concepts and techniques in practical situations.

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Objectives: After studying this module students should be able to demonstrate an understanding of:

 

· The risk management function in business, risks faced by business organizations, risk management objectives and the interaction of risk management with other business functions,

 

· risk identification and measurement (including the uses and limitations of probability distributions) and costs and benefits of risk control and financing techniques

 

· uses and limitations of insurance within the overall risk management strategy and interactions between insurance and internal risk management activities.

Teaching method: Teaching will be a two hour lecture/workshop per week.

 

Method of assessment: Course work 40%

Exam 60%

 

Reading: Main texts

S. E . Harrington and G. R. Niehaus, Risk Management and Insurance, 2nd ed. McGraw Hill International, 2004 (HN)

 

C.A. Williams Jr., M.L.Smith and P.C. Young, Risk Management and Insurance, 8th. ed., McGraw Hill, 1998. (WSY) (NOW OUT OF PRINT – is also a good text if you can find an old copy