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“Risk management (program of the Higher School of Management and Innovation)” - course 20,000 rubles. from MSU, training 15 weeks. (4 months), Date: November 29, 2023.
Miscellaneous / / December 01, 2023
The purpose of the course is to develop in students a complex of modern theoretical and practical knowledge and skills in the field of identification, assessment and counteraction to risk events in companies. Reduce risks and ensure business security, build risk management processes, conduct analysis and assessment of risks, analyze financial risks from the perspective opportunities and conditions for attracting additional capital, manage strategic, operational and investment risks, measure business profitability taking into account risks. Risk management is considered as a tool for achieving maximum profitability, taking into account the risk of possible losses. Risk management is not a technology that allows you to avoid losses altogether. Risks of loss, especially financial, accompany any business. Risk management only allows you to predict possible risks and losses, thereby eliminating the factor of surprise, as well as develop effective methods for minimizing losses. The course focuses on studying the integrated risk management system of an enterprise. Qualitative and quantitative risk analysis. Stages of risk management system maturity. ISO 31000 and COSO EnterpriseRiskManagement standards.
Position: senior lecturer at the Lomonosov Moscow State University Higher School of Management and Innovation, expert practitioner in the field of corporate finance, business coach
1. Risks in modern business.
Interaction of risk management with other management functions.
Subjectivity of risk management.
Risks: positive and negative side of forecasts. Risks: managing flexibility (reactive and proactive). Business process risks and asset risks.
2. Risk classification.
Methods for classifying risks for the purposes of making management decisions. Controllable and uncontrollable risks.
Internal and external risks. General economic and political risks (environmental risks). Business process risks: types and causes of occurrence. Operational risk – efficiency, effectiveness of investment management. Management risk – ignorance of the basics of risk management, illegal actions on the part of the company manager. Information technology risk is a discrepancy between information technology and the company’s competencies. Loyalty risk – fraud.
Risks associated with information for decision making. Operational risk – inadequacy of key performance indicators. Strategic risk is an inadequate assessment of the value of a business model.
Financial market risk – volatility, liquidity, concentration of credit resources, changes in banks’ credit policies.
3. Sources for developing the theory and practice of risk management. 4 sources for developing the theory and practice of risk management:
1. Statistics and probability theory.
2. The authors are economists.
3. Reliability theory.
4. Financial crises (1929 USA, 1967 currency crash, 1987-89 Japan).
4. Risk management culture.
1. Risk of appetite. Risk appetite.
2. Classification of assets (fundamental speculative with option).
3. Risk culture and control environment.
4. Major business failures caused by inadequacy of risk management systems.
• Sumitomo/Hamanaka & EAST-WEST BANK (VIENA) Cases, 1980.
• Cases of LTCM & Barrings, 1990.
• Cases of Enron & WorldCom, early 2000.
• Resulted in the SOX law and the subsequent COSO model.
• Mortgage derivatives crash of 2008.
• Case of Societe Generale / Kervel, 2008.
• Development of new approaches to risk management regulation in 2010 through new failures.
The continuation of the course is in the advanced training section (instructions for going to the Moscow State University website are in the following sections).
5. Risk assessment. Quantitative risk analysis.
1. Risk analysis, their prioritization.
2. Beta coefficient.
3. VaR (Value at Risk) as a tool for assessing and making short-term decisions.
4. ROV (Real Options Valuation) as a tool for assessing and making long-term decisions regarding investment projects.
5. Application of a decision tree for making strategic development decisions.
6. Workshop on calculating leading risk indicators.
6. Risk map as a tool for risk analysis and control.
Purpose and structure of the risk map.
Examples of mapping for various industries.
Risk register of a manufacturing company.
Compiling a database of risk events that have occurred. Updating the risk base: annual and quarterly. Procedures and responsible persons.
7. Business risk management model.
1. Application of the provisions of the Sarbanes Oxley Act in the practice of risk management of international companies.
2. COSO model. Model structure and business risk analysis. Development of strategies. Functioning of the model.
3. An integrated approach to organizing a risk management and internal control system. Coordination of risk management and the internal control service. The role of internal audit.
8. Process risk management with analysis of consequences and causes.
1. Risk management process.
2. Potential risks of the process/function/requirements, significance and mechanisms of occurrence, measures for prevention and detection, determination of risk priority number and recommended actions.
9. Development of anti-risk measures.
Ways to counteract risks. Diversification.
Avoidance. Monitoring. Lack of action (conscious). Hedging.
Risk avoidance programs. Assessment of the control consequences of anti-risk measures. Changing the probability of an event occurring.
Expenses for risk avoidance, Features of work on the risks of the HSE group and ecology, Experience of Russian companies in risk management.
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