STRATEGIC RISK MANAGEMENT - 2023/4

Module Overview

The world is increasingly complex and interconnected and there is a need to identify and manage the resulting hazards and risks (WEF, 2011). Business is facing unprecedented risks. The level of uncertainty and tensions resulting from climate change, pandemics, trade wars, geopolitics and just- in-time supply chains require the identification and strategic management of risk.

A successful business manages its downside risks and takes advantage of opportunities resulting from upside risks. This module provides students with a fundamental understanding of uncertainty, hazards and risks required to succeed in business.

Many of the increasing unanticipated commercial costs of risk are related to incomplete hazard identification (Goh and Chua, 2010). This course will provide you with an understanding of generic and operational risks of business, using research-led insight into the identification of risk, hazards, and uncertainty. The module facilitates learning through a combination of case studies and insight from practitioners and professionals in risk management.

The course provides students with the opportunity to produce a Strategic Risk Management Report. Students work in groups to identify, analyse, and propose a risk management strategy for a corporate or public institution. Students will use the knowledge and skills gained from risk professionals and practitioner lectures, literature, frameworks, and real-world examples which are embedded in the module to produce a Strategic Risk Management report.

The course equips students of management with key risk management skills to confidently communicate verbally and in written format risk management required for the strategic management of risk.

Module provider

Surrey Business School

Module Leader

PARCHMENT Ann (SBS)

Number of Credits: 15

ECTS Credits: 7.5

Framework: FHEQ Level 7

Module cap (Maximum number of students): N/A

Module Availability

Semester 2

Prerequisites / Co-requisites

none

Module content

1. Understand the fundamental theories and frameworks for risks, hazards, and uncertainty 


2. Multidisciplinary risk identification 


3. Analysis, evaluation, and quantification of risk


4. Physical, legal, and financial methods used to manage and mitigate risk in business


5. Operational risk management


6. Risk management in a merger and acquisition


7. Digital risk management


8. Political risk management 


9. Environmental risk management and adaptation for business


10. Risk reporting and compiling a risk register

Assessment pattern

Alternative Assessment

Individual risk report

Assessment Strategy

The assessment strategy is designed to give students the opportunity to demonstrate their understanding of the subject matter and mastery of the learning outcomes through practical application. The latter is assessed through a group report replicating real world practical application, problem solving and professional practice.

The individual presentation/ viva provides evidence of student subject specific knowledge, cognitive skills, problem solving, and evidence based critical evaluation.

Summative assessment  

1. Strategic risk management report 60%


2. Presentation and viva  40%

 

1.  Students receive marks out of 100 for both assessments, with feedback on their individual performance. 

Formative assessment and feedback  

Students will work collaboratively in groups on case studies and group discussions, active learning sessions and report tutorials, which may be done face to face or on-line. Formative feedback is given in tutorials based on the different activities which test understanding of the risk topics. Formative feedback supports the final summative assessments.

Module aims

• Analyse the importance of risk identification in strategic risk management
• Develop a multidisciplinary approach to risk management
• Communicate evidenced based risk management by applying a consultative approach to strategic risk management
• Critique meta-cognitive knowledge of the multidisciplinary information requirements and quality of evidence required for consultative risk management.

Learning outcomes

Methods of Teaching / Learning

The learning and teaching strategy is designed to:

• The learning and teaching strategy is designed on the principles of project- based experiential pedagogy and thus combines research- informed academic content with applied learning through project work.


• Learning and teaching is research led and follows a student focused, experiential, flipped-classroom methodology with online elements. It comprises lectures, seminars, group discussions, Masterclass sessions, report tutorials. It includes active and self-directed learning-both group and individual. Prior to attending lectures and seminars, students are expected to undertake the essential reading and complete any set work for the sessions.


• The report work, which is based on both active learning and module assessment, is designed to give students the experience of working in an international and cross-cultural context. It is supported by engagement with practice through talks with guest practitioners, research seminars and webinars. Together with dedicated group report tutorials – run face-to-face or online. These sessions are designed to support student learning project work providing formative feedback in preparation for assessment.

The learning and teaching methods include:   

• Lectures which are designed to illustrate and explain theoretical concepts and models


• Seminars/ group discussions which are designed to develop a more practical insight into the applied nature of the various topics covered: they help explore the theoretical concepts and models by reference to a range of topical issues and case studies.


• Active learning includes engaging in classroom practical exercise, video and case analysis and group report work. Active learning through online study.


• Self-directed learning pertains to engaging with learning materials and undertaking desk research required for classroom participation and assessment 


• Masterclass sessions support the student -led reports, which run for the duration of the module and are the basis for the module assessment. Masterclass sessions deal with current issues of direct relevance to student projects and are informed by the latest research and business practice.

• Report tutorials support students in their project work through systematic review of progress, discussion, and formative feedback from an academic tutor. These may run face to face or online.

Indicated Lecture Hours (which may also include seminars, tutorials, workshops and other contact time) are approximate and may include in-class tests where one or more of these are an assessment on the module. In-class tests are scheduled/organised separately to taught content and will be published on to student personal timetables, where they apply to taken modules, as soon as they are finalised by central administration. This will usually be after the initial publication of the teaching timetable for the relevant semester.

Reading list

https://readinglists.surrey.ac.uk
Upon accessing the reading list, please search for the module using the module code: MANM489

Other information

This module embeds the five pillars of the SBS (Surrey Business School) curriculum framework. This is achieved by: -

1. Knowledge and skills development which underpin employability.
2. Supporting the sustainability of organisations to remain a going concern.
3. The module adheres to the nuances of global and cultural intelligence by embedding the inclusion of the principles of responsible management education.
4. Understanding of the attributes of risk management underpin the requirement to adhere to corporate governance through the growing exposure to digital risks.
5. The interconnectivity of ethics, governance, and risks validates the continuous development of resourcefulness and resilience as life skills for business.

Programmes this module appears in

Please note that the information detailed within this record is accurate at the time of publishing and may be subject to change. This record contains information for the most up to date version of the programme / module for the 2023/4 academic year.