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Risk Management

  • Teacher(s):   J.Wagner  
  • Course given in: French
  • ECTS Credits: 3 credits
  • Schedule: Spring Semester 2020-2021, 2.0h. course (weekly average)
  •  sessions
  • site web du cours course website
  • Related programmes:
    Bachelor of Science (BSc) in Economics

    Bachelor (BSc) in Economic Sciences

    Bachelor of Science (BSc) in Management
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Objectives

Course objectives

Provide the student with solid knowledge in risk management.

General objective

At the end of the course, the student will be able to define the concept of "risk", to understand and explain the process of risk management as applied in companies, to distinguish alternative approaches for managing risk, among them insurance contracts play an important role, to know the main risk measures, and to determine the (base) price of simple insurance contracts.

Specific aims

  • Define the concept of risk and consider it from various perspectives.
  • Know the different stages of the risk management process and apply them to simple situations.
  • Know the theoretical justifications of insurance. Be able to define what is a utility function, state and comment on the concepts of utility theory.
  • Be able to define the "value at risk" (VaR) and other risk measures.
  • Know the basic life insurance and general insurance products; give the uses and characteristics; assess the base price of selected insurance covers.

Contents

  1. Introduction • Global risks • Global natural and technical disasters • Examples of risk management in Switzerland • Elements of history
  2. Risk • Definition of the term "risk" • Reference for risk analysis • Risks in a company • Characterization of risks • Characterization of risk exposures • Perils and "hazards" • Types of values exposed to a loss
  3. Risk assessment • Analysis of a risk exposure • Assessment of consequences • Random variables and probability theory • Utility and utility functions • Risk assessment principles
  4. Risk management • Definition and objectives of risk management • Methods of risk identification and analysis • Study of applicable risk management techniques • Selection of the most appropriate techniques • Implementation of the selected techniques • Control of results • Cyber-risk management and insurability
  5. Insurance economics • Economic functions and justification of insurance • Social insurance in Switzerland • Private insurance market • Branches and products of private insurance
  6. Risk pricing in insurance • Underwriting in life insurance • Underwriting in non-life insurance

References

Course notes and comprehensive set of lecture slides are provided.


References (for information):

  • Louisot, 2014, Gestion des risques
  • Gaultier-Gaillard et Louisot, 2014, Diagnostic des risques
  • Darsa, 2016, La gestion des risques en entreprise
  • Hull, 2018, Gestion des risques & institutions financières
  • Borghesi and Gaudenzi, 2013, Risk Management
  • Frenkel et al., 2005, Risk Management: Challenge and Opportunity

Further references are provided during the course.

Pre-requisites

None

Term project

- Type of project : Research on a topic chosen from the course
- Maximum number of projects admitted for this course : 5
- Deadline for applying to course professor for project : Friday 5th March 2021 (acceptance communicated by Monday 8th March 2021, "kick-off" meeting Wednesday 10th March 2021)
- Deadline for submitting finished project : Friday 28th May 2021
- Method of evaluation (including resit options) : Written report (retake: revised report to be submitted until 1st day of retake exam period)
- Other information : Application by e-mail including risk management topic and motivations. The topic and its motivation are integral part of the selection process. Presence at "kick-off" is mandatory except justifiable absence. More details are communicated in the first lecture.

Evaluation

First attempt

Exam:
Written 2 hours
Documentation:
Allowed
Calculator:
Allowed with restrictions
Evaluation:
  • Online exam.
  • Final grade = grade of the exam.
  • Restricted authorization : Scientific calculator according to HEC regulation (HEC (TI-30X II (B ou S) + TI-30 ECO RS, HP 10S – HP 10S+)

Retake

Exam:
Written 2 hours
Documentation:
Allowed
Calculator:
Allowed with restrictions
Evaluation:

Same conditions as regular session.



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