Module overview
The module provides practical insight into the workings of the corporate risk and insurance profession. Emphasising corporate risk management’s strong reliance upon corporate insurance programmes, it also introduces the broader range of risk retention and transfer options available today. The module is in two parts. The first part explores corporate risk management from the senior management/board supervisory standpoint of enterprise risk management. This serves to enable students to become familiar with corporate risk management processes and with closely linked internal control and governance issues in general. Furthermore the module’s concern with enterprise risk management development provides a critical perspective for contemplating improvements to corporate risk management, both generally and more particularly through nuanced understandings of what it can mean to integrate risk management within organisations. The second part of the module covers the practical knowledge which risk managers require of the insurance industry. While emphasising traditional insurance purchase and claims issues it also introduces broader risk financing options which corporate risk managers may use to control enterprise risk. Important principles guiding insurance practices and insurer-insured relationships are also elucidated using landmark insurance case law.