Introduction to Risk Management
6 Credits (ECTS)
Introduction to Risk Management
Get 70% back via Tax Credit
Module Description
This module introduces risk management in insurance, requiring students to explore the concept of risk, its origins, and its impact on organizations. Students will examine how risks arise and the various ways they can affect business operations.
The module emphasizes the importance of managing, measuring, and controlling risk effectively. Students will learn strategies to identify and assess risks, implement control measures, and develop plans to mitigate potential threats.
Additionally, the module covers preventative measures to minimize the occurrence of risks.
Through reflection and practical application, students will gain a comprehensive understanding of risk management principles, preparing them to handle and mitigate risks in an insurance context.
Entry Requirements
Candidates who apply for this course must possess one of the following:
• A related qualification at MQF Level 4
and/or
• One ‘A’ Level or equivalent and a pass in English Language*, Mathematics, and/or Business Studies at MQF Level 3 (‘O’ Level or equivalent).
• Preference will also be given to applicants having 1 year work experience related to the study programme.
*In the case of students who do not possess all the formal required academic qualifications, then the Recognition of Prior Learning (RPL) process could be applied such that if evidence of equivalent learning is found then the applicant could still be accepted in the course.
Target Audience
This course is targeted at:
- Individuals seeking to advance their academic and professional knowledge in Insurance.
- Individuals wanting to pursue a wide range of career paths within the insurance profession.
- Individuals wanting to enhance their ability to interpret, assess and communicate insurance related information.
Career Paths
This programme leads to a bachelor’s qualification that will cover the general requirements of the Chartered Insurance Institute, which will secure the competences for individuals who aspire for professional roles in this industry.
The potential positions for which this programme aims to prepare could be and are not limited to:
- Claims: Claims Handler Surveyor, Claims Executives
- Insurance Compliance Officer
- Insurance Advisor
- Insurance Business Analyst / Consultant
- Insurance Operations Executives
- Insurance Product and Business Development Executives
- Risk Management Executives
- Underwriting Executives
How you’ll be assessed
The course comprises:
- Evening classes for part-time courses.
- Classes held throughout the day for full-time courses.
- Guided learning, presentations, comprising synchronous online discussions, tutorials and/or videos.
- Self-study hours comprising research, reading and assignment work.
Assessment
Assessment is carried out via two mandatory components:
- Assessment 1
- Assessment 2
The programme includes different forms of assessment which allow for and promote students’ critical engagement. The assessment tasks may include an in-class assignment and/or a home-based written assignment using diverse assessment tools which may take the form of online and in-class discussions, examinations, case studies, reports, proposals, essays, and presentations, etc., as applicable to the diverse modules.
Additional Info
Upon successful completion of this course, students will be eligible for a 70% refund of the cost through the ‘Get Qualified’ scheme.**
Due to the modular structure of the course, you may also opt to take individual modules as stand-alone. The entry requirements still apply.***
*Prices are applicable to students who reside in Malta at the time of applying.
**Terms and conditions apply.
*** For the price of individual modules, please contact the IDEA College team.
Learning Outcomes
Competences:
At the end of the module/unit the learner will have acquired the responsibility and autonomy to:
- Identify the basic elements of risk in society in general and for individuals.
- Apply main methods to collect risk information for the identification, measurement, and analysis of risk.
- Outline main criteria applied in the evaluation of risk.
- Evaluate risk control methods used in the management of risk.
- Explain adequate risk transfer mechanisms which may be applied to various risk scenarios.
- Analyse the impact of management roles and responsibilities in the management of risk in practice.
- Discuss the function of business continuity management and impact on crisis management.
Knowledge:
At the end of the module/unit the learner will have been exposed to the following:
- Identify the basic elements of risk in society in general and for individuals.
- Apply main methods to collect risk information for the identification, measurement, and analysis of risk.
- Outline main criteria applied in the evaluation of risk.
- Evaluate risk control methods used in the management of risk.
- Explain adequate risk transfer mechanisms which may be applied to various risk scenarios.
- Analyse the impact of management roles and responsibilities in the management of risk in practice.
- Discuss the function of business continuity management and impact on crisis management.
Skills:
At the end of the module/unit the learner will have acquired the following skills:
- Describe the main types of risk that can arise within an organisation.
- Explain the impact that risk has on organisations.
- Explain risk information and how this can be collected.
- Gain knowledge regarding risk registers.
- Describe and identify the main sorts of risk control.
- Explain how insurance serves as a risk transfer mechanism.
- Describe the role and duties of enterprise risk management (ERM).
- Find ways to identify and analyse risks.
- Identify the correct methods to evaluate risks.
- Pinpoint how risk can be treated.
- Identify methods to retain risk.
- Find ways to manage risk.
Module-Specific Communication Skills:
The learner will be able to:
- Communicate ideas, problems, and solutions to both specialist and non-specialist audiences.
Module-Specific Learner Skills:
At the end of the module/unit the learner will be able to:
- Delineate the main aspects of the business continuity management (BCM) process.
- Identify prevention methods for risk and for risk spreading.
Module-Specific Digital Skills and Competences:
The learner will be able to:
- Navigate through the online learning platform to benefit from assignments, discussion boards, literature, tutorials etc.