FIN570 – Insurance and Risk Management
Credit Hours: / 3Contact Hours: / This is a 3-credit course, offered in accelerated format. This means that 16 weeks of material is covered in 8 weeks. The exact number of hours per week that you can expect to spend on each course will vary based upon the weekly coursework, as well as your study style and preferences. You should plan to spend 10-25 hours per week in each course reading material, interacting on the discussion boards, writing papers, completing projects, and doing research.
Faculty Information
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CSU-Global Email:
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Course Description and Outcomes
Course Description:
This course provides students with an understanding of how large-scale complex risks can be quantified and managed. The needs in designing and implementing a risk management strategy are emphasized. We further examine the business and technical issues, regulatory requirements, and techniques involved in measuring and reporting those risks across organizations.
Course Overview:
This course provides learners with an understanding of how large-scale and complex risk can be quantified and managed, as well as presenting the design and implementation needs of a risk management strategy. A diverse array of risks may threaten the company’s property, liability, personnel, and net income. In treating these risks, the company must have a comprehensive program to identify and eliminate, or at minimum control, individual risks. Failure to do so not only has the potential to cost money but may literally put the company out of business. Thus, understanding and being able to apply risk management principles is essential. To that end, the course surveys business and technical issues, regulatory requirements, and techniques to measure and report risk across a major organization
The readings and lectures in the course present the best practices of risk management, and both real and hypothetical case studies involving the application of learning to build an Enterprise-Wide Risk Management program. On completion of this course, learners will be equipped to be key players in helping an organization mitigate the frequency and severity of identified risks and to assist the organization in meeting its risk management goals. Those completing the course have the opportunity to earn both college credit and prepare for the Associate in Risk Management (A.R.M.) 54 exam offered by the IIA.
Course Learning Outcomes:
1. Define and explain contemporary theories of Enterprise Risk Management and the financial theories underlying the discipline.
2. Identify and analyze those hazards that represent a risk to the organization.
3. Evaluate methods to reduce, eliminate, or otherwise mitigate a hazard.
4. Select and apply the best methods to accomplish an organization’s risk management goals.
5. Monitor and assess the results of a risk management strategy.
Participation & Attendance
Prompt and consistent attendance in your online courses is essential for your success at CSU-Global Campus. Failure to verify your attendance within the first 7 days of this course may result in your withdrawal. If for some reason you would like to drop a course, please contact your advisor.
Online classes have deadlines, assignments, and participation requirements just like on-campus classes. Budget your time carefully and keep an open line of communication with your instructor. If you are having technical problems, problems with your assignments, or other problems that are impeding your progress, let your instructor know as soon as possible.
Course Materials
Required:
Elliott, M. W. (2012). Risk management principles and practices (1st ed.). Malvern, PA: The Institutes. ISBN-13: 9780894636134.
NOTE: All non-textbook required readings and materials necessary to complete assignments, discussions, and/or supplemental or required exercises will be provided within the course itself. Please read through each course module carefully.
Course Schedule
Due Dates
The Academic Week at CSU-Global begins on Monday and ends the following Sunday.
Discussion Boards: The original post must be completed by Thursday at 11:59 p.m. MT and Peer Responses posted by Sunday 11:59 p.m. MT. Late posts may not be awarded points.
Critical Thinking Activities: Assignments are due Sunday at 11:59 p.m. MT.
Week # / Readings / Assignments1 / · Chapter 1 in Risk Management Principles and Practices / · Discussion (25 points)
2 / · Chapter 2 in Risk Management Principles and Practices / · Discussion (25 points)
· Critical Thinking (150 points)
3 / · Chapters 3 4 in Risk Management Principles and Practices / · Discussion (25 points)
4 / · Chapter 5 in Risk Management Principles and Practices / · Discussion (25 points)
· Critical Thinking (150 points)
5 / · Chapters 6 7 in Risk Management Principles and Practices / · Discussion (25 points)
6 / · Chapter 8 in Risk Management Principles and Practices / · Discussion (25 points)
· Critical Thinking (150 points)
7 / · Chapters 9 10 in Risk Management Principles and Practices / · Discussion (25 points)
8 / Chapter 11 in Risk Management Principles and Practices / · Discussion (25 points)
· Portfolio (350 points)
Assignment Details
This course includes the following assignments/projects:
Module 2
CRITICAL THINKING: ISO 31000: Case Study 1 (150 Points)
Select an organization with which you are familiar or one you have researched. Identify four “hazard risks” as described in Chapter 1. These hazard risks can be from any of the four “High-level categories of risk.” Then, using the ISO 31000 Standard: Risk Management Principles, Framework, and Process Matrix found in this week’s readings, describe and treat each of the four risks you identified according to Clause 5 (Process).
Each student must select a different organization and type of organization for this analysis. Go to this week’s discussion and identify your choice after reviewing the selections others have made. It’s first come, first served, so if you have a favorite, make your selection early.
Your response must be in a Word document of 4-5 pages in length, not counting a title and references page. Include at least three references in addition to your course textbook. Your references and your paper must be formatted in accordance with CSU-Global APA requirements. The CSU-Global Library is a great place to look for sources! Examine the Critical Thinking grading rubric for this assignment, found on the Course Information page, to see how you will be graded.
Module 4
CRITICAL THINKING: Risk Management Process: Case Study 2 (150 Points)
Using the traditional, six-step Risk Management Process described in the module and this week’s readings, go through the process using CSU-Global as your model company. Identify and take five traditional risk management loss exposures through the six-step process.
Your response must be in a Word document of 4-5 pages, not counting a title and references page. Include at least three references in addition to your course textbook, and format your paper in accordance with CSU-Global APA requirements. The CSU-Global Library is a great place to find these sources! Examine the Critical Thinking grading rubric for this assignment, found on the Course Information page, to see how you will be graded.
Module 6
CRITICAL THINKING: Enterprise-Wide Risk Management: Case Study 3 (150 Points)
Describe a hypothetical community bank with approximately 30 employees. The bank has only one location—a 2,800 square foot building located downtown housing their 30 employees. Describe the relevant characteristics of this small bank in depth.
Using the Enterprise-Wide Risk Management Process and the various techniques taught to this point in the course, identify the firm’s top five financial risks and treat them. For this exercise, ignore traditional risk management and focus solely on the financial (pure) risks of the firm. As you go through the process, describe the firm, its risks, and how you would treat those risks. For this exercise you should have five separate risks and risk treatments to demonstrate your knowledge of Enterprise-wide Risk Management.
Your response must be in a Word document of 4-5 pages in length, not counting a title and references page. Include at least three references in addition to your course textbook. Your references, and your paper, must be formatted in accordance with CSU-Global APA requirements. The CSU-Global Library is a great place to look for sources! Examine the Critical Thinking grading rubric for this assignment, found on the Course Information page, to see how you will be graded.
Module 8
CRITICAL THINKING: Portfolio Project: A Risk Management Program for a Financial Institution (350 Points)
You are the Chief Risk Officer (CRO) for a small community bank located in a town of about 100,000 people. The institution has one building, which is the bank itself. The bank has a two-lane drive-thru, as well as a walk-up automated teller machine. There are 18 full-time employees and 12 part-time employees. Your job as the CRO is to design a complete risk management program, covering both perspectives of traditional risk management and financial Enterprise Risk Management.
In your paper, go through the step-by-step risk management processes that were presented in the course (see Module 4 in particular). Identify and address at minimum ten risks, with at least three each from traditional risk and ERM. You are expected to provide clarity and thoroughness in your explanations, and focus on risks that a business owner/bank manager would need to be legitimately concerned with. Please do not choose trivial examples.
In your paper, address how the Risk Management Goals presented in Module 1 of the course will be attained. They are:
· Tolerable Uncertainty
· Legal and Regulatory Compliance
· Survival
· Business Continuity
· Earnings Stability
· Profitability and Growth
· Social Responsibility
· Economy of Risk Management Operations.
Your Portfolio Project must be completed in a Word document of 8-10 pages, not including the title and reference pages. Cite and integrate at minimum six supportive sources, one of which may be the course textbook. The CSU-Global Library is a great place to do your research.
Spend time to ensure that all formatting complies with CSU-Global APA guidelines, and thoroughly proofread and grammar-check your final product. Be sure to examine the Portfolio Project grading rubric, found on the Course Information page, to see how you will be graded and to guide your project writing and organization.
Course Policies
Late Work
Students are permitted a 7 day grace period during which they may submit a Critical Thinking assignment after the original due date without penalty. Papers submitted between 8 and 14 days after the original due date will be accepted with a potential 10 percent reduction in grade for late submission. Papers submitted 15 or more days beyond the original due date may not be accepted unless prior arrangements have been made with the instructor. No Portfolios will be accepted late and no assignments will be accepted after the last day of class unless a student has requested an incomplete grade in accordance with the Incomplete Policy.
20% Discussion Participation
45% Critical Thinking Activities
35% Final Portfolio Paper / Grading Scale and Policies
A / 95.0 – 100
A- / 90.0 – 94.9
B+ / 86.7 – 89.9
B / 83.3 – 86.6
B- / 80.0 – 83.2
C+ / 75.0 – 79.9
C / 70.0 – 74.9
D / 60.0 – 69.9
F / 59.9 or below
FN* / Failure for Nonparticipation
I** / Incomplete
FN* Students who have completed less than 60% of the graded assignments will be issued a grade of FN. Grades of FN may impact financial aid or military benefits.
I** Students must request an Incomplete through their course instructor. The faculty member will provide the student with the Request for Incomplete Grade form, which must be signed by the student and approved by the faculty member prior to the faculty member submitting to the Office of the Registrar. Incompletes cannot include unsubmitted assignments from the first six (6) weeks of the class as defined by the late policy and may only be awarded to students that have completed 60% of the graded coursework with a passing grade. Incomplete forms must be on file with the Office of the Registrar no later than Thursday of the final week of class.
Academic Integrity
Students must assume responsibility for maintaining honesty in all work submitted for credit and in anyother work designated by the instructor of the course. Academic dishonesty includes cheating, fabrication, facilitating academic dishonesty, plagiarism,reusing your own work, re-purposing your own work, unauthorized possession of academic materials, or unauthorized collaboration. The Library providesinformation on how studentscan avoid plagiarism by understanding what it is and how to use Library and internet resources.
Citing Sources with APA Style
All students are expected to follow the CSU-Global Guide to Writing and APA Requirements when citing in APA (based on the APA Style Manual, 6th edition). For details on CSU-Global APA style, please review the APA resources within the CSU-Global Library under the “APA Guide & Resources” link. A link to this document should also be provided within most assignment descriptions on your course’s Assignments page.
Netiquette
Respect the diversity of options among the instructor and classmates and engage with them in a courteous, respectful and professional inner. All posts and classroom communication must be conducted in a professional and respectful manner in accordance with the student code of conduct. Think before you push the Send button. Did you say just what you meant? How will the person on the other end read the words?
Maintain an environment free of harassment, stalking, threats, abuse, insults or humiliation toward the instructor and classmates. This includes, but is not limited to demeaning written or oral comments of an ethnic, religious, age, disability, sexist (or sexual orientation), or racist nature; and the unwanted sexual advances or intimidations by email, or on discussion boards and other postings within or connected to the online classroom.
If you have concerns about something that has been said, please let your instructor know.
Institutional Policies
Refer to the Academic Catalog for comprehensive documentation of CSU-Global institutional policies.