The MSc in Risk Management programme is a generalist academic programme which aims to provide students with a robust appreciation of the risks faced by industrial, commercial and governmental organisations, and of the distinct and integrated measures taken by risk managers and risk specialists to deal with the risk management function. It will enable students to have a deeper understanding of risk management covering most areas of financial, operational and enterprise risks.

The programme is primarily focused on career preparation and pre-experience, providing a theoretical approach, but with an emphasis on putting theory into practice. Total reliance on insurance is no longer the easy option to finance risk. Governments are now encouraging businesses and the public sector to improve their operations so that they can better cope with risk themselves, supported by their networks. This programme will train risk managers who can hopefully reduce the impact of risk, and deal with it internally, inter-organisationally and by skilfully financing it. With continued globalisation that will bring about both benefits and increased risks, the programme will pay due attention to the international dimensions of risk.

The programme is designed for students who have a first degree in any discipline seeking to develop a career including a risk management function. It provides the requisite knowledge base, organisational and analytical skills for those wishing to make progress in a number of risk management roles. It is also designed to enhance the necessary applied research skills of those desiring to pursue advanced research study.

In summary the programme provides students with the opportunity to:

• Understand the concepts and contexts of risk and uncertainty, such as acceptability of risks and the identification of cost-effective strategies in the risk environment to provide safe, reliable operations and business continuity
• Develop skills and methods for identifying risk signals and communicate these to stakeholders, including the risk scorecard, risk simulations, and handling governance and compliance issues
• Critically evaluate and utilise new and established risk management tools for environmental risk assessment, financial and industrial risk assessment, risk policy assessment, risk treatment, and measuring the effectiveness of risk policy implementation
• Gain insights into different sources of information used by individuals and stakeholders and the factors that influence their perceptions of risk identification, risk avoidance or reduction, risk mitigation and risk transfer

The programme provides students, both nationally and internationally, with new ideas, new knowledge and new learning in risk management best practice. The programme equips students with the appropriate level of analytical, interpersonal, computational and practical skills with respect to the variety of roles and responsibilities that are required when undertaking risk management activities.

Throughout the programme students are given an opportunity to develop Risk Management skills and capability through application of knowledge to activities in both real-world and simulated environments. The programme also enables students to use appropriate Risk Management methods and tools, and critically evaluate the existing Risk Management literature. The integrated nature of the programme ensures that students evaluate the nature of risk from a time horizon perspective, as well as from a financial and resource perspective. Each module is designed to enhance the students’ knowledge and understanding of the issues within risk environments, whist also developing the necessary skills for more effective Risk Management

For admission to postgraduate business and management programmes, applicants normally need to have either:

• An undergraduate honours degree from a recognised/accredited university with a minimum 2.2 classification, or equivalent. Note that ideally this would be in one of the more numerate disciplines of business, management, technology, engineering or similar – however we will give all applications due consideration, which may include prior work experience or by interview
• Pass in a recognised Premaster’s or Master’s Qualifying Programme

In the case of applicants whose first language is not English, then IELTS 6.0 (or equivalent) is required. International qualifications will be checked for appropriate matriculation to UK Higher Education postgraduate programmes.

Students that apply to enter stages of the programme may be admitted through normal Accreditation of Experiential Learning (AEL) or Accreditation of Certificated Learning (ACL) processes. Therefore such applicants must be able to demonstrate and evidence that they have the required learning outcomes as listed in the modules for which they are seeking exemption.

Postgraduate applicants are normally required to produce two supporting references, at least one of which should preferably be academic.

The MSc in Risk Management is a 180 credit M Level programme. The structure is based on the University wide framework for a Master’s Programme. The programme will be delivered as four x 30 credit modules, and a 60 credit Postgraduate Dissertation including research methods.

The MSc in Risk Management can be offered in both full-time and part-time modes of study depending on viability of student numbers.

The full-time mode normally takes place over one year. In semester A of Year 1, students take the core modules of Managing Operational Risks and also Risk Financing, followed in semester B of Year 1 by Measuring & Modelling Risks, and Strategic Management of Enterprise Risks. Students will normally complete the Postgraduate Dissertation Module during the summer if September entry or spring if February entry, but only if they have completed the taught part of the programme.

The part-time mode normally takes place over two years. In semester A of Year 1 students take the module Managing Operational Risks, followed in semester B of Year 1 by Measuring & Modelling Risks. In semester A of Year 2 students take Risk Financing, followed in semester B by Strategic Management of Enterprise Risks. Students will normally complete the Postgraduate Dissertation during the summer of Year 2 if September entry, or spring if February entry, but only if they have completed the taught part of the programme.

It should be noted that research methods and project support workshops will be held during the period of the Postgraduate Dissertation to ensure that both February and September start students are appropriately supported, in addition to individual supervision and project groups/learning sets.

The programme offers two intermediate awards: a Postgraduate Certificate awarded following successful completion of 60 credits, and a Postgraduate Diploma for achieving 120 credits. However, given the relevance of the content to the named awards, students will need to have passed Managing Operational Risks and Financing Risks to achieve the Postgraduate Certificate, additionally Measuring & Modelling Risks and Strategic Management of Enterprise Risks to achieve the Postgraduate Diploma.

The programme will utilise various teaching and learning strategies, including:

• Formal lectures to present the theoretical concepts, models and theories necessary to understand Risk Management at the appropriate level;
• Seminars and workshops where the students have an opportunity to investigate and understand specific areas of interest within Risk Management, and discuss these with their peers and tutors;
• Analytical and “applied” skills-based activities, including case studies, where students have the opportunity to contextualise and apply their knowledge;
• Practical laboratory sessions to equip students with the necessary research skills to access the growing best practice relating to Risk Management;
• Guest lecturers and sessions to enable students to network within the Risk Management community and enhance their future career opportunities;
• The explicit use of IT and e-learning materials to familiarise students with risk simulation tools and risk management resources.

The assessment strategy takes into account the different needs of each individual module on the programme. The assessment strategy therefore employs a range of assessment methods, such as individual coursework (essays, reports, and portfolio work), group projects (reports, presentations, case studies, and assessed seminars), formal examinations and a final applied project/dissertation with a written product/deliverable of about 15,000 words, and a Progress Portfolio including a reflective element.. 

The range of assessment is designed to reflect the learning outcomes of each module. The planning team has been careful to ensure that the assessment weighting/burden for each 30 credit core module is roughly equivalent. More detailed assessment criteria will be made available in the Module Handbook.

This is a generic programme designed for those students who wish to pursue careers as risk managers, strategists or risk specialists in the diverse fields of financial risk management, governance, operational and safety risk management, and the management of product development risks, environmental risks, intellectual property risks, and disaster response. It should be noted that the Institute of Risk Management (http://www.theirm.org/careers, 2003) states that “... risk management is a key discipline in its own right, as well as meeting the requirements of corporate governance and best value.’”

The MSc in Risk Management programme is designed to enhance employability and understanding of Risk Management issues, activities and roles within organisations, and enable students to develop a career within those roles. Careers in risk include Corporate Risk Manager, Corporate Risk and Insurance Manager, Corporate Risk Operations Manager, Business Development Manager, Corporate Risk Auditor, Risk and Safety Manager, Risk Control Manager, Risk Management Consultant, Safety and Reliability Manager.

The 60 credit module Postgraduate Dissertation is an integrated module which aims to enhance student capability through the application of the knowledge gained from the programme, as well as providing the key skills required to initiate and produce a significant piece of applied research.

The Postgraduate Dissertation includes a 14,000 word maximum written submission that is related to Risk Management. This provides students with the opportunity to apply their knowledge and skills to a specific/applied area of individual interest. They should demonstrate extensive knowledge of their selected topic, problem area or project, adopting a critical approach, alongside use of appropriate and relevant research methods/Risk Management tools.

The rationale behind this piece of work is not just for assessment, but a piece of applied research which can be both used as a showcase for the student to display their abilities to third parties, and as an initiating statement for their professional experience. Students are encouraged to select project/dissertation topics which will have value to them in the future or on returning to employment. There are a variety of appropriate risk management organisations that work closely with UEL, and these may help to facilitate ideas and topics.

Students will be appropriately matched to a dedicated supervisor who is likely to be familiar with the topic area and is there to advise and guide the student during this stage of focused research and application of knowledge.

The added value for this programme comes from its vocational and applied focus, combined with the underpinning academic knowledge and development of experience. The programme displays currency in terms of content (knowledge, understanding and skills) and prepares the student for immediate and active employment in a risk management environment. The MSc in Risk Management should attract students from a variety of backgrounds and disciplines. This is an important added value, as it familiarises and prepares students to work in teams with people from diverse cultural and perceptual backgrounds and differing competencies in their working career. The programme is also certified by the Institute of Operational Risk.

We expect that the qualification will gain national and international recognition and become an established passport to starting a career in Risk Management, or facilitate promotion opportunities for someone already in that area.

1. A full and relevant Induction Programme to help you get settled in
2. Accessible and supportive module tutors and a personal tutor
3. Substantial learning and research resources accessible on and off campus
4. Computer labs and self study areas, as well as online materials
5. A dedicated student support centre with friendly and efficient staff
6. Ongoing parallel support programme of English language and study skills
7. Student friendly comprehensive lecture notes and handouts
8. Personal Development Planning (PDP) and a personal tutor in accordance with UEL policy
9. A dedicated project supervisor who is familiar with the topic area and is there to guide and supervise during the specialist research stage
10. Training in academic skills and research methods
11. UELPlus resources to interact with the lecturers and other students

1. Exposure to networks within the developing area of Risk Management
2. Study at a location in close proximity to central London
3. Programme venue accessible by ample and convenient public transport
4. Learning points taken from real case studies and risk simulations