25795 Risk Management and Insurance

Handbook description

This subject introduces students to the theoretical considerations underpinning corporate risk management and insurance processes, particularly directing attention to the development of an understanding of contemporary contextual issues which may impact upon the viability of alternative risk management practices.

Subject objectives/outcomes

On successful completion of this subject students should be able to:

1. An understanding of basic risk theory and the corporate risk management process and the underpinning theoretical considerations supporting this process.
2. An understanding of the elements of the analytical processes utilised to establish the organisational risk management context including an assessment as to the influence of such contextual issues.
3. An understanding of the contemporary issues impacting upon the risk management process and the extent to which there is a structuring influence by the issues upon available risk treatments strategies.
4. An understanding of the role of insurance as a medium for the management of risk and a structuring influence in the determination of commercial, economic and social outcomes and the impact of current issues and change processes upon this role.
5. An understanding of the legal framework of the insurance contract and the context within which the Australian insurance contract and the insurance function is regulated.

Contribution to graduate profile

This subject contributes to the degree by exposing students to the core principles of risk management and insurance. This is important since risk management is an integral part of corporate and Financial Service Sector strategies.

Teaching and learning strategies

The subject will be taught using a combination of lectures and workshops. These classes will be supplemented with both printed and electronic learning materials and resources. The UTS web-based communication tool (Blackboard Course Information) will be used to share information and encourage interaction between staff and students. Students will also use appropriate computer software such as spreadsheets and word processors to complete assigned tasks.

Content

• Why Risk Management? –Risk Theory/The Corporate Risk Management Process/Risk Management Standard AS/NZS 4360:2004
• Risk Treatment Strategies/Alternative Risk Financing Strategies
• Contingency & Disaster Planning
• The Insurance Mechanism & Insurance Markets
• Underwriting & Reinsurance
• Legal Principles & Insurance Contract Regulation
• Insurance Intermediaries & Regulation
• Insurer Regulation
• Life Insurance & Superannuation

Assessment

Recommended text(s)

Principles of Risk Management & Insurance, 9th Ed

Rejda, G.

Addison Wesley, Boston, 2004

Indicative references

Risk Management & Insurance 2nd Ed

Harrington E. & Niehaus G.

Irwin McGraw-Hill Boston 2004

Risk Management and Insurance

Baranoff, E

Wiley, New York, 2004

Risk Management: Framework, Methods & Practice

Focardi ,S. & Jonas,C.

Fabozzi Associates, New Hope, 1998

Integrating Corporate Risk Management

Shimpi, P Ed.

Texere, New York, 2001

Insurance Law in Australia, 3rd Ed

Sutton K.

LBC Information Services, Sydney ,1999