RMA401 - Risk Management Foundations

Outline info
Semester
School
Last revision date Nov 27, 2020 12:13:15 PM
Last review date Nov 27, 2020 12:13:15 PM


Subject Title
Risk Management Foundations

Subject Description
This subject is intended for students pursuing the Canadian Risk Management (CRM) designation and is accredited with the Risk and Insurance Management Society (RIMS) and the Global Risk Management Institute (GRMI). This course is intended to teach techniques to examine exposure to property, liability, personnel and net income losses. During this course you will learn how to manage the risks that your business is exposed to. Global risk management standards and guidelines are also discussed and other important financial risks such as liquidity and capital investment are addressed.

Credit Status
One credit.

Learning Outcomes
Upon successful completion of this subject the student will be able to:


1. Understand the nature, purpose and steps involved in risk management and identify the four risk classifications and how they assist risk management.
2. Describe hazard risk and its treatment and describe operational risk and its subcategories.
3. Examine the purpose and component parts of an enterprise-wide risk management framework.
4. Examine risk identification and its purpose and describe risk analysis and its importance.
5. Analyze and apply the risk treatment process and risk treatment techniques.
6.  Describe the purpose of financial statements (balance sheet, income statement, statement of cash flows).
7.  Explain the concept of present value and apply it to calculate the present value of a future payment.
8.  Describe the role of Boards of Directors.

Academic Integrity
Seneca upholds a learning community that values academic integrity, honesty, fairness, trust, respect, responsibility and courage. These values enhance Seneca's commitment to deliver high-quality education and teaching excellence, while supporting a positive learning environment. Ensure that you are aware of Seneca's Academic Integrity Policy which can be found at: http://www.senecacollege.ca/about/policies/academic-integrity-policy.html Review section 2 of the policy for details regarding approaches to supporting integrity. Section 2.3 and Appendix B of the policy describe various sanctions that can be applied, if there is suspected academic misconduct (e.g., contract cheating, cheating, falsification, impersonation or plagiarism).

Please visit the Academic Integrity website http://open2.senecac.on.ca/sites/academic-integrity/for-students to understand and learn more about how to prepare and submit work so that it supports academic integrity, and to avoid academic misconduct.

Discrimination/Harassment
All students and employees have the right to study and work in an environment that is free from discrimination and/or harassment. Language or activities that defeat this objective violate the College Policy on Discrimination/Harassment and shall not be tolerated. Information and assistance are available from the Student Conduct Office at student.conduct@senecacollege.ca.

Accommodation for Students with Disabilities
The College will provide reasonable accommodation to students with disabilities in order to promote academic success. If you require accommodation, contact the Counselling and Accessibility Services Office at ext. 22900 to initiate the process for documenting, assessing and implementing your individual accommodation needs.

Prerequisite(s)
Students should have strong English language skills. Familiarity with fundamental accounting and insurance principles and completion of Grade 12 English and Mathematics are strongly recommended.

Topic Outline

  • Introduction to Risk Management 
  • Risk Management Standards and Guidelines 
  • Hazard Risk and Insurance 
  • Operational, Financial and Strategic Risk 
  • Risk Management Framework and Process
  • Risk Identification 
  • Risk Analysis 
  • Risk Treatment
  • Financial Statement Risk Analysis
  • Capital Investment and Financial Risk
  • Risk Monitoring and Reporting

Mode of Instruction
A combination of teaching methods which may include group work, discussion, and case study through lectures that will be offered in-class and online through BlackBoard Collaborate.

Prescribed Texts

Use the Following Link to Purchase the: https://www.theinstitutes.org/guide/college/shop. Under STEP 1: Select your college or university, please select Canadian Risk Management (CRM) Curriculum.
 
Materials are provided through the American Institute of Chartered Property Casualty Underwriters (AICPCU – “The Institutes”).
 
Text – “Risk Management Principles and Practices, 3rd Edition – Edited by Michael W. Elliott, 2018.
 
Course Guide – “Risk Management Principles and Practices” – CRM 54 Course Guide, 3rd Edition, American Institute for Chartered Property Casualty Underwriters/Insurance Institute of America.

Reference Material
For guides on research and citations: https://library.senecacollege.ca/

Required Supplies
None.

Student Progression and Promotion Policy

http://www.senecacollege.ca/about/policies/student-progression-and-promotion-policy.html

Grading Policyhttp://www.senecacollege.ca/about/policies/grading-policy.html

A+ 90%  to  100%
A 80%  to  89%
B+ 75%  to  79%
B 70%  to  74%
C+ 65%  to  69%
C 60%  to  64%
D+ 55%  to  59%
D 50%  to  54%
F 0%    to  49% (Not a Pass)
OR
EXC Excellent
SAT Satisfactory
UNSAT Unsatisfactory

For further information, see a copy of the Academic Policy, available online (http://www.senecacollege.ca/about/policies/academics-and-student-services.html) or at Seneca's Registrar's Offices. (https://www.senecacollege.ca/registrar.html).


Modes of Evaluation
Assignments are due on the dates specified. Should extenuating circumstances arise, contact your instructor prior to the assignment due date so that an appropriate course of action can be established. Late assignments may be subject to a penalty and may not be accepted after a set period of time.
 
In cases of cheating or plagiarism, the College Academic Policy will prevail. Please ensure that all assignments and reports are properly documented.
 
Students are referred to the following website for Seneca College Library style guides, Academic Honesty Policy and Copyright guidelines: https://library.senecacollege.ca/
 
Dates for evaluations are specified in the weekly schedule addendum to this outline. The evaluation process may include, but is not limited to, tests, exams, assignments or presentations. Supporting documentation may be requested for absences or missed submissions due to medical or other reasons. Faculty must be notified immediately in the event of a missed evaluation. Upon acceptance of the absence, and applicable documentation, the weighting of the missed deliverable will normally be applied to the final exam. 

English Competency:

The ability to communicate effectively is essential for success in business. Therefore, you must demonstrate English competency in this subject in both oral and written work. Ensure your written work includes correct sentence structure, spelling and punctuation. Always spell check, edit and proofread your work.

Students must achieve an overall grade of 50% in order to pass the subject and be eligible for the examination with the Risk and Insurance Management Society (RIMS) and the Global Risk Management Institute (GRMI).

Grading is based on the following marking scheme:

 
Discussion Boards  10%
Mid Term Assessment  40%
Final Assessment  50%

Please retain this subject outline document for future educational and/or employment use.

Academic Program Manager:
John Wong
John.Wong1@senecacollege.ca

Approved by: John Wong1, Danielle Mercier