2022留学代写CORPORATE RISK MANAGEMENT指导英国essay
CORPORATE RISK MANAGEMENTSEMESTER ONE
MODULE DESCRIPTIONThis module examines identification, measurement, control and financing of pure risks in business organisations.
MODULE / LEARNING OBJECTIVESAn understanding of how to deal with pure risk effectively. To integrate knowledge across the curriculum http://www.ukassignment.org/dxygessay/including finance, accounting, marketing and management.
MAIN READING (one of the following)
S.E. Harrington and G. R. Niehaus, Risk Management and Insurance, 2nd edition, McGraw Hill International, 2004 [HN]C A Williams, M L Smith, P C Young, Risk Management and Insurance, 7th edition, McGraw Hill, 1995 [WSY7]C A Williams, M L Smith, P C Young, Risk Management and Insurance, 8th edition, McGraw Hill, 1998, [WSY8]
SUPPLEMENTARY READINGN Crockford, Risk Management, Witherby, 1991 [C]D Cutter, Theft, all risks and money policies, Cromer Publications Ltd, 1990G C A Dickson, Risk Analysis, 2nd edition, Witherby, 1992G C A Dickson, Corporate Risk Management, Witherby, 1989M S Dorfman, Introduction to Risk Management and Insurance, 6th edition, Prentice Hall, 1998M R Greene & O N Serbein, Risk Management Text and Cases, 2nd edition, Reston Publishing Co, 1983N Lawrence, The Business guide to Insurance, Cromer Publications Ltd, 1989R I Mehr & B A Hedges, Risk Management in Business Enterprise, Irwin 1963R I Mehr & B A Hedges, Risk Management in Management Concepts and Applications, Irwin 1974J Woodhouse, Managing Industrial Risk, Chapman & Hall, 1993S Wilkinson, Physical Control of Risk, Witherby 1992
There is also much information on the subject of risk management to be found on the internet.
TEACHING METHODSLectures followed by interactive tutorials..Additional classwork (e.g. case studies, numerical examples) may also be included on an 'ad hoc' basis if the need arises.
MODULE ASSIGNMENTSOne (essay) to be submitted by the 10th week
METHOD OF ASSESSMENTCourse work 25% (one essay) Examination 75% (Two hours)
LECTURES/TUTORIALS2 hours per week
Lecture topicsThe nature of risk managementRisk identificationThe firm's loss exposures IThe firm's loss exposure IIRisk measurement and probability distributionsRisk control toolsRisk financingInsurance vs alternativesLegal aspects of insurance and insurance contractsDealing with insurers
LECTURE 1 The nature of risk managementReadingHN, chs 1 and 2WH, chs 1, 2, 14WSY7, chs 1, 2, 11, 20WSY8, chs 1, 2, 3, 15Greene & Serbein, Chs 1, 2, 4, 5Mehr & Hedges (1974), Chs 1, 2Mehr & Hedges (1963), Chs 1, 10C, Chs 1, 2, 10Dorfman (1998) chs 3 and 4
TopicsRisk management principles and processes.Risk management in organisationsRole of risk managersIntroducing, monitoring and updating risk management programmes
Discussion/Self test questions1.Distinguish the realm of risk management from other aspects of management.2.Provide an overview of the risk management cycle.3.What are the objectives or risk management?4.Provide examples of how risk management objectives might conflict with other organisational objectives.5.Explain the direct and indirect influences of risk management procedures on corporate profitability.
LECTURE 2 Risk Identification
ReadingHN Ch,. 3WH Chs 3,4WSY7, Chs 3, 20WSY8, chs 4, 15Greene & Serbein, Ch 3Mehr & Hedges (1974), Chs 7, 8, 14Mehr & Hedges (1963), Ch 6Dickinson (1991), whole bookWilkinson, Chs 1, 3C, Ch 3Dorfman (1998) ch3
TopicsNature of risk identificationAppropriate methods and techniquesSources of informationCommunication channels
Discussion/Self-test questions1.Provide an overview of the main pure risks faced by a business enterprise.2.Under ideal circumstances, how should a risk management department and other departments in organisations interact to maintain a continuous awareness of corporate pure risks.3.What recorded information (written and on computer) do organisations generally have available which is useful for pure risk identification?4.Explain why "bottom up" risk identification is better than "top down" risk identification.5.How are HAZOP studies performed? What are their advantages and limitations?
LECTURE 3 The firms loss exposures I
Readinga)For property loss exposuresHN Ch.3 WH, chs 5, 6, 18WSY7, ch 5WSY8, ch5Greene and Serbein, Chs 8, 9Mehr & Hedges (1963), Chs 8, 9Wilkinson, chs 3 to 12Cutter, whole book
b)For personnel loss exposuresHN Chs. 16, 17, 18 WH, Chs 9, 21 to 25WSY7, ch 7WSY8, ch7Greene and Serbein, chs 10 to 12Mehr and Hedges (1974) chs 11, 12
TopicsProperty loss exposuresConsequential loss exposuresPersonal exposures
Discussion/self test questions1.What is "property"?2.Distinguish between a) a peril, b) a hazard, c) a loss3.Provide a detailed overview of what a firm's property loss exposure comprises4.Provide a detailed overview of what a firm's personnel loss exposure comprises.5.What key information is required for estimating a firm's consequential loss exposure?
LECTURE 4 The firms loss exposures II
ReadingHN chs. 12, 28, 29WH, chs 7, 8, 19WSY7, ch 6WSY8, ch8Greene and Serbein, chs 8, 9Mehr and Hedges (1974), chs 9, 10Mehr and Hedges (1963), ch 7
TopicsLiability exposuresLegal bases for liability actions
Discussion/self test questions1.Provide a detailed overview of a firm's liability loss exposure2.To what extent is a firm's liability exposure determined by a) internal factors, b) external factors?3.What records (internal and external) can be useful in determining a firm's liability exposure?4.Describe the legal bases for liability actions.5.What problems can arise in estimating the value of a liability loss?
LECTURE 5 Risk measurement and probability distributionsReadingHN chs 3, 26WH, ch 4, Appendices B, C, DWSY7, ch 4WSY8, ch10Greene and Serbein, ch 3C, ch 4
TopicsUse of probabilities and statistics for risk measurementProbability distributions
Discussion/self test question1.What are the main types of probabilities and where do they come from?2.What are the (i) advantages and (ii) limitations of probability distributions in risk management.3.Explain the procedure for estimating a firm's total loss exposure from details of past losses.4.Suggest situations and provide numerical examples for using the following probability distributions as an aid to risk management i) Binomial ii) Poisson iii) Pareto iv) Normal v) Lognormal vi) "other"
LECTURE 6 Risk Control tools
ReadingHN ch 11WH, ch 10WSY7, ch 8WSY8, ch11Greene and Serbein, ch 5Mehr & Hedges (1974), chs 3, 4, 5, 22Mehr & Hedges (1963), chs 2, 3, 4Wilkinson, ch 2C, chs 5, 6Dorfman (1998) ch3
TopicsRisk avoidanceLoss controlSeparation of risksRisk combinationRisk transferJustifying expenditure on risk control
Discussion/self test questions1.Explain the main techniques for handling pure risks.2.Distinguish between risk control and risk financing tools3.Distinguish between insurance and non insurance forms of risk transfer.4.What factors influence the decision on which technique for handling pure risk should be chosen?5.What information and what criteria can be useful for justifying expenditure on risk control?
LECTURE 7 Risk financing#p#分页标题#e#
ReadingHN chs 4, 22, 25WH, chs 11, 12WSY7, chs 9, 10WSY8, chs 12, 13Mehr & Hedges (1974), ch 19Gordon, 1992, whole bookC, chs 7, 8, 9Dorman (1998) ch3
TopicsRisk financing (non insurance)Risk financing (insurance)Optimum risk retentionCaptive insurance operations
Discussion/self test questions1.What are the advantages of insurance over other forms of risk financing?2.For non insured risk, what are the various forms of risk financing?3.What criteria are available for deciding how much risk should be transferred?4.What is a captive insurer and what are its advantages and limitations as a method for financing pure risk.
LECTURE 8 Insurance vs alternatives
ReadingHN chs 4, 8, 9, 23, 25WH, chs 12, 13, 14WSY,7 chs 9, 10, 13WSY8, chs 12,1 3, 16Greene and Serbein, chs 6, 7Mehr and Hedges (1974), ch 6Mehr and Hedges (1963), ch 5, 14Gordon, 1992, ch 6C, ch 8
TopicsTechniques of loss control (passive, active, and post loss)Cost benefit analysis of risk management decisionsPrinciples and treatment of losses and recoveries for accounting and tax purposes.
Discussion/self test questions1.Insurers charge a mark up on top of the level of expected losses so how can the purchase of insurance be justified?2.What services can an insurer offer which an organisation cannot provide for itself.3.What are the firm's alternatives to insurance for dealing with pure risk?4.Explain the procedure for justifying the purchasing of insurance on an after tax basis.
LECTURE 9 Legal aspects of insurance and insurance contracts
Reading
HN chs 6, 10, 21WH, chs 15, 16, 17, 29WSY7, chs 16, 17, 18, 19WSY8, chs 19, 20, 21, 22Mehr and Hedges (1974), chs 15, 16Mehr and Hedges (1963), chs 13Cutter, chs 1 and 2Dorfman (2998) ch9Lawrence, whole book
TopicsNature of insurance contractsKey legal conceptsStructure of insurance contractsInsurer's and insured's obligations
Discussion/self test questions1.Distinguish between insurance contracts and other contracts.2.What key legal concepts should be understood by risk managers when dealing with insurance companies?3.Explain the general structure of an insurance contract.4.What are the insured's and insurer's obligations a) prior to a loss, and b) post loss5.Can I purchase an insurance under which I can claim if you die? Why?
LECTURE 10 Dealing with insurers
ReadingsHN chs 5, 8WH, chs 26, 27, 28WSY7, chs 14, 15, 20WSY8, chs 15, 17, 18Greene and Serbein, chs 14, 15, 16Mehr and Hedges (1974), chs 17, 18Mehr and Hedges (1963), chs 12, 16, 17Dorfman (1998) ch 5
TopicsStructuring an insurance programmeStructure of insurance marketsNature and types of reinsuranceCriteria for selecting an insurerInsurance and risk management manuals
Discussion/Self test questions1.Provide a checklist of things that a risk manager should do to maintain satisfactory relations with insurers (from both parties) points of view.2.Why do risk managers need to know about the structure of insurance markets?3.What are a risk manager's main criteria for selecting an insurer?4.What information could an "insurance and risk management manual" usefully contain?5.Briefly explain the main types of reinsurance.6.What kinds of intermediaries can go between risk managers and insurers and what are the advantages and disadvantages of each?
ESSAYS
1.How can the costs and benefits of risk management procedures be measured a) in the short run and b) in the long run?
2."Risk identification is an underdeveloped art" Discuss and include an overview of risk identification aids and techniques in your answer.
3.To what extent should a firm's exposure to physical risk be taken into account in capital budgeting decisions? How can this be achieved?
4. Provide an overview of the techniques available for risk managing a firm’s liability exposure.
5.To what extent can the use of probability distributions in risk management be used to remove the need for a genuine understanding of the perils and hazards faced by the firm?
6.You are the risk manager for a fleet of motor vehicles. Your usual insurer has just sent you a quote for next year's insurance premium and you consider it to be too high. (i)Explain the alternative risk management courses of action available to you, and (ii)Explain the thought processes and analysis that should be undertaken in order to choose between the alternative courses of action.(Note you are not required to be an expert in motor risks and insurance. Answer the question with reference to the general principles of risk management and common sense.)
7.How should a firm decide between risk retention and risk transfer (including partial risk transfer) (i)if a captive insurer is not to be employed. (ii)using a captive insurer.
8.Explain in detail how a risk manager can make optimal use of insurance as part of an overall risk management strategy.
9.(a)Explain the main sections of a firm's "All risks" insurance policy, and(b)Insurance contracts tend to be in "standardised" form. What http://www.ukassignment.org/dxygessay/factors could lead to them becoming more "tailor made".
10.Explain how the decision to purchase insurance should be influenced by (a)the structure of insurance markets (b)the price of cover (c)availability of intermediaries (d)insurers’ underwriting policies (e)insurers’ security and solvency.
