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Gestion du risque

  • Teacher(s):   E.Fragniere  
  • English title: Risk Management
  • 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 programme: Master of Science (MSc) in Accounting, Control and Finance
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Objectives

In the last three decades companies have been more and more exposed to risks. Increased volatility in foreign exchange markets, interest rates and the stock market, increased costs arising from possible environmental damages and the threat of law suits for deficient products has made it even more important for companies to prevent losses they are not able to bear. Risk Management has therefore gained importance.

In this course we will explore the basics of risk management. Besides financial risks, other risks like environmental risks or operational risks are also covered. The focus will be to give the non-specialist an understanding of the principles of risk management and how to apply them to facilitate managerial decisions.

Topics covered include: corporate perception of business risk, understanding business risk through decision trees, management and risk management, the risk management process, understanding business risks through simulation models, risk control and ownership, operational risk, contingency planning and disaster recovery, strategic risk and sustainable development, the new role of risk managers.

Management is an important component of risk management, which is too often neglected. This year, we will focus on human risk in service companies. Service activities are traditionally described with the help of the IHIP paradigm (Intangibility, Heterogeneity, Instantaneity and Perishability).

What will I learn?

By the end of this unit, the student should be able to:

• Define the risk profile of a company.

• Develop an enterprise risk policy.

• Have a broad understanding of the risk management function in a company.

Most enterprise risk management approaches are unfortunately too normative. In this course we will see how risk management methods can be fully customized for any given company.

Contents

The curriculum focuses on four key areas

1. Corporate perception of business risk and risk assessment

In an ERM (Enterprise Risk Management) setting, we view the company as if it would be an individual. Next, we attempt to assess its risk profile, that is, its global risk appetite and risk tolerance. After taking an inventory, the risks are then ranked from most to least important. The most frequently used method of ranking is called risk mapping. The measure of risk applied in this context is defined as the probability multiplied by the damage.

2. Risk treatment and control

The sequence of a risk management approach is often stated as follows: Identification of risks, Prioritization of risks, Establishing internal control system (ICS) and risk ownership, Risk management per say (transfer, eliminate, mitigate, accept), Actions plans and Risk communication. In our case, risk is not only seen as damage, but rather as a sequence involving the following steps (or “risk stages”): threat, event, ignorance and damage. Consequently, we believe that threats (upstream treatment of risk) should be handled with the same care as damages (downstream treatment of risk). We will see that the allocation of risk resources should be more oriented towards the identification of threats and the implementation of detective controls to prevent any contagion of risks. We will also also learn about BCM (Business Continuity Management) and crisis management.

3. The analytics of risk management: understanding business risk through decision trees and simulation

Using decision trees, we will develop risk scenarios and apply different kinds of risk measurements. Monte-Carlo simulation will help us to understand typical linkages connecting “risk events”. Monte-Carlo simulation will help us to understand typical linkages connecting “risk events”.

4. Corporate governance and the new role of risk managers

Strategic risks generally involve long term risks such as being unable to handle projects, lack of innovation, bad reputation or image, lack of motivation from human resources, lack of vision, poor choice in mergers and acquisitions, political risks, ethical risk, environmental risk.

The risk manager of the company (also called CRO, which stands for Chief Risk Officer) will play a major role in the implementation of an IRM approach throughout the whole company. We will analyse the evolution of this profession.

References

Fragnière, E., & Sullivan, G. (2006, new edition 2015). Risk management: safeguarding company assets. George Sullivan.

Pre-requisites

No prerequisites

Evaluation

First attempt

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Written 2h00 hours
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Examen classique de 2 heures, open book,

Retake

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