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Risk is more than the chance of loss or injury; it’s about predicting such loss or injury and putting in place plans, procedures and finances to manage both the risk and its possible consequences. The course explores the many causes of “risk” and its impact on the organisation, finances, assets, operations, people, community and other stakeholders.
The course equips students to understand and apply legal risk theory, principles, policies, procedures and governance to identify, evaluate, accept and manage risks. The course aims to integrate the theory and practice of “risk” analysis and management through the application of legal risk analytical tools.
The law is often considered as the basis to seek remedies when things go wrong; however, the law also provides the fundamental basis to define, identify, assess, mitigate and manage risk. The course covers fundamental aspects of “risk” based on the law of torts, contracts, market and regulatory regimes and the management of risk through policy-procedures, assignment, mitigation, hedging, underwriting and reinsurance. Students will develop a broad understanding of “risk” and its impact on governance, asset valuation, counter party capability, and how risk can be managed using contracts, securitisation, hedging and transaction based products within Australia and overseas.
The course explores how assets may be protected, how to execute disaster / adverse event plans, and how to determine and manage foreseeable risks and develop legal risk rating systems and procedures to preserve the organisation’s assets and operations.
The course also provides an examination of the general principles applicable to the contracts of risk assignment / securitisation and insurance contracts including insurable interests, disclosure, misrepresentation, agency, formation of insurance contracts, policy terms and construction, claims, indemnity and regulations. The course examines specific legal risk analysis and management techniques adopted by accountants, auditors, actuaries, and insurance, finance, and portfolio and project and operational managers in Australia and overseas.