Minor in Risk Man­age­ment

Course content

Purpose

The Minor in Risk Management prepares students to assume different risk management roles in private enterprises and public sector entities with capabilities to critically develop and apply relevant approaches in different industry and institutional contexts.     

Organizations with international activities and relations face many emergent risks that can be managed systematically, if they are identified in a timely manner, analyzed, mitigated, and monitored. They are also increasingly exposed to unexpected (often unpredictable) incidents with potentially extreme effects, e.g., financial crisis, competitive disruptions, pandemic, political unrest, military conflict, climate change, natural disasters, etc. 

This introduces new potentially dramatic challenges that need different approaches of dynamic adaptation exploiting (global) strategic opportunities and avoiding extreme downsides as the means to generate sustainable resilience. It requires specific leadership attention to advance critical thinking around modern risk management practices considering how to lead organizations through the complexity of the evolving risk landscapes.

The minor provides a strong quantitative foundation to identify and assess contemporary risk phenomena using quantitative analytical methods including artificial intelligence and machine learning for ongoing information updating. 

This extends to dealing with international business exposures with implied global strategy issues and strategic risk governance challenges to build a strong theoretical foundation for critical transformative analyses. 

It provides a basic grounding in enterprise risk management (ERM) frameworks and practices forming a basis to assess needed strategic risk leadership capabilities in complex dynamic risk environments.

Content

Quantitative risk management with elements of machine learning to build systems that learn and adapt real-world information to detect and manage risks in corporate settings. 

The methodologies will include linear regression, logistic regression, deep neural networks, clustering, and entail writing of software scripts for learning algorithms applied to deal with real-world problems, e.g., credit risk, collections management, and fraud detection.

Strategic options for risk mitigation in global firms place students as managers to consider basic questions of risk mitigation and seizing opportunities generated by turbulence and uncertainty. 

The student/manager is confronted with trade-offs between exposure and risk remediation cost, between cost efficiency and flexibility gains. Dealing with and applying distinct risk management strategies of:

1. ‘safeguarding’
2. ‘agility’
3. ‘embracing’

Different economic, operational, and strategic exposures faced by organizations operating across multiple nations managing related risk events adopts different functional perspectives, e.g., finance, operations, accounting, controls, planning, governance, behavior, cognition, and ethics. 

Understanding formal risk management frameworks and advance critical thinking on enterprise risk management considering how leaders can deal (more) effectively with exposures faced today.

The Minor in Risk Management collaborates with the Risk Management Society of the Confederation of Danish Industry – DARIM.