GRA 6231 Strategic Risk Analysis
GRA 6231 Strategic Risk Analysis
An organization always faces various risks. It is essential for financial professionals and managers to have the skills to identify, evaluate and manage various risks that could adversely affect the organization. This course provides the students with the competences required to identify, analyze, evaluate and manage risks as well as developing techniques, processes and internal control systems to manage the risks associated with both operations, cash flows and capital investment decisions.
After finishing this course, the student should have knowledge about:
- Differing types of risk that organizations face as well as possible responses to these risks.
- Tools and processes required for strategy implementation.
- Corporate governance and its associated risks.
- The internal auditing process.
- Financial risks that organizations face.
- Alternative tools to manage financial risks.
After finishing the course, the student should be able to:
- Identify, evaluate and respond to the different types of risk facing an organization.
- Evaluate the tools and processes required for sustainable strategy implementation.
- Understand the importance of good corporate governance in order to manage risk.
- Develop, evaluate and apply internal control systems managing risks.
- Evaluate risk management strategies and internal control.
- Identify and evaluate different types of financial and operational risks.
- Evaluate alternative risk management tools.
- Understand the potential risks that come with particular risk management tools and how to avoid them.
Upon completion of the course, the student should understand the risks companies face; and the ethical, social and environmental issues arising from risk management. They should also know how risk is identified and evaluated and how they are addressed to avoid affecting future cash flows, and misstatements in financial reporting.
The course content is composed of selected parts from the CIMA (Chartered Institute of Management Accountants) professional qualification syllabi. The first part of the course follows the P3 module on risk management with a focus on how governance and assurance relate to risk management. The second part follows the F3 module on financial strategy with a focus on different tools to manage various financial risks such as currency risk and interest rate risk.
Topics covered include:
- Risk, and risk management
- Strategies and corporate objectives
- The role of risk management in a corporate governance perspective
- The process of risk management – identification, assessment of risk
- Considering internal control and judging control risk
- Implications of risk on financial reporting
- Risk reporting
- Strategic financial and non-financial objectives
- Identifying the exposure to financial risks
- Tools to mitigate finanancial risks
The course has 24 hours of plenary lectures and the students are expected to read the material before the lectures. During the lectures, the main materials will be the selected chapters from the CIMA textbooks, which will be compiled and uploaded as an e-book. The students are not required the buy them as paper copies.
Throughout the course, the students will also be provided with several online articles. They will be required to read these articles and discuss them in class.
There will be one lecture in which a manager from a reputable Norwegian firm will present how risk management tools are implemented in the industry in a sustainable manner, and how this is reflected in the financial statements.
It is the student’s own responsibility to obtain any information provided in class.
All courses in the Masters programme will assume that students have fulfilled the admission requirements for the programme. In addition, courses in second, third and/or fourth semester can have specific prerequisites and will assume that students have followed normal study progression. For double degree and exchange students, please note that equivalent courses are accepted.
Disclaimer
Deviations in teaching and exams may occur if external conditions or unforeseen events call for this.
| Assessments |
|---|
Exam category: Submission Form of assessment: Structured test Invigilation Weight: 100 Grouping: Individual Support materials:
Duration: 3 Hour(s) Comment: Written examination (structured test) under supervision Exam code: GRA 62314 Grading scale: ECTS Resit: Examination when next scheduled course |
| Activity | Duration | Comment |
|---|---|---|
Student's own work with learning resources | 136 Hour(s) | |
Teaching | 24 Hour(s) |
A course of 1 ECTS credit corresponds to a workload of 26-30 hours. Therefore a course of 6 ECTS credits corresponds to a workload of at least 160 hours.