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MN50219: Risk management

[Page last updated: 15 October 2020]

Follow this link for further information on academic years Academic Year: 2020/1
Further information on owning departmentsOwning Department/School: School of Management
Further information on credits Credits: 3      [equivalent to 6 CATS credits]
Further information on notional study hours Notional Study Hours: 60
Further information on unit levels Level: Masters UG & PG (FHEQ level 7)
Further information on teaching periods Period:
Modular (no specific semester)
Further information on unit assessment Assessment Summary: CW 100%
Further information on unit assessment Assessment Detail:
  • Coursework (CW 100%)
Further information on supplementary assessment Supplementary Assessment:
Like-for-like reassessment (where allowed by programme regulations)
Further information on requisites Requisites:
Description: Aims:
The aim of this course is to give students a basic understanding of the principles of risk management and their application.

Learning Outcomes:
By the end of this unit, the student should be able to:
* Define the risk profile of a company;
* Develop an enterprise risk policy;
* Have a broad understanding of the risk management function in a company.

Intellectual Skills
* the facility to apply subject-specific knowledge into a range of complex situations, taking into account the overall implications for the other areas of the business;TFA
* a critical awareness of current issues and frameworks in management;F
* the ability to acquire and analyse data, information and situations; to evaluate relevance and validity, and to synthesise it in the context of topical business problems;FA
* an understanding of appropriate research and methodological techniques that allow detailed investigation into topical business issues and ability to use these skills to produce professional, critical reports in business and management.A
Professional Practical Skills
* evaluate the current standing of an organization and practically contribute to the attainment of their company's strategies and objectives;TFA
* operate effectively both independently as well as within teams and assume leadership roles where appropriate;A
* be self-directed and able to act autonomously in planning and implementing projects at professional levels.A
Transferable/Key Skills
* ability to recognise ethical corporate/social responsibility issues and to manage in light of these issues;Not covered
* ability to conduct in-depth research into management and business issues.FA
* the facility to communicate including presenting and marketing themselves and their ideas; preparation and production of effective business plans and reports.FA

In the last three decades companies have been more and more exposed to risks. Increased volatility in foreign exchange markets, interest rates and the stock market, increased costs arising from possible environmental damages and the threat of law suits for deficient products has made it even more important for companies to prevent losses they are not able to bear. Risk Management has therefore gained importance. In this course we will explore the basics of risk management. Besides financial risks, other risks like environmental risks or operational risks are also covered. The focus will be to give the non-specialist an understanding of the principles of risk management and how to apply them to facilitate managerial decisions. Topics covered include: corporate perception of business risk, understanding business risk trough decision trees, management and risk management, the risk management process, understanding business risks through simulation models, risk control and ownership, operational risk, contingency planning and disaster recovery, strategic risk and sustainable development, the new role of risk managers.
Management is an important component of risk management, which is too often neglected. This year, we will focus on service companies. Service activities are traditionally described with the help of the IHIP paradigm (Intangibility, Heterogeneity, Instantaneity, and Perishability).
Further information on programme availabilityProgramme availability:

MN50219 is Optional on the following programmes:

School of Management


  • This unit catalogue is applicable for the 2020/21 academic year only. Students continuing their studies into 2021/22 and beyond should not assume that this unit will be available in future years in the format displayed here for 2020/21.
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