ACTL6001 Fundamentals of Risk and Risk Management

6 Units of Credit
Risk & Actuarial Studies

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This is the first in a series of four required courses in the Master of Risk Management program, which aims to introduce students to the complex and diverse range of risks that organizations must manage in today's increasingly global environment.The course discusses the complex nature of the words 'uncertainty' and 'risk', and how their many definitions and interpretations impact risk management. Subsequent lectures demonstrate why organizations must manage risks and what is different in the way they approach risk management today, compared to the past. The fundamental role risk culture and communication play in ensuring an organization’s ability to manage risks at Enterprise level is emphasized, and various frameworks for risk management reviewed. These include the ISO 31000 and Basel II, together with frameworks to manage risks in relation to major projects, emerging technologies and the environment.The course reviews concepts of audit and governance, together with risk disclosure, regulation and compliance, and their role in the risk management process. The final lecture challenges students to think laterally about some of today's complexities of risk management in organisations, including the role of ethics and corporate integrity, dealing with unknown risks, and the potential impact of globalization on risk management in the decades to come.The course aims to enhance students' ability to think 'outside the box' and encourages them to find solutions to complex problems, given limited information. Class debates and case study lectures are used to achieve these student attributes.