1. To develop in the student an understanding of and insight into risk analysis. 2. To examine the nature of the interface between the corporate risk management function and the insurance sectors servicing response. 3. To introduce students to the theory and practice of risk analysis and to acquaint students with the complex and rapidly changing environment within which risk managers operate.

1. Analysis of overall corporate risk - concept of enterprise risk management - categories of risk and control strategies 2. Statistical concepts and probability 3. Types and costs of risk 4. Managing risk 5. Decision making under conditions of total uncertainty - minimax ; maximax criteria - minimal regret criterion Using measures of probability - determining threshold probability factors - economic value of information. 6. Bayesian decision analysis - prior probabilities - insurance applications 7. Design of retention programmes - types of retention/accounting treatment - overview of process - determination of ruin probabilities 8. Portfolio management - portfolio co-variance factors solvency strategies 9. Alternative risk transfer 10. Risk control - use of NPV as decision tool - stochastic interest rate theory 11. Risk analysis - Intellectual Capital - types of intellectual capital - risk management options 12. Analysis of the occupational noise risk 13. Analysis of the ionising radiation risk 14. Analysis of the pandemic

On successful completion of this module students should be able to: Understand the role of risk analysis in resolving risk management problems. Apply a suitable decision making paradigm to situations with a minimal probability data set. Design the parameters of a risk retention strategy. Analyse the financing dimension of a risk control decision within a stochastic context. Understand the behavioural aspects of work safety amelioration. Implement a range of risk analytics to an illustrative occupational hazard

Appreciation of position of various stakeholders

N/A

Real world case studies form a major part of the learning experience; it adds an empirical dimension to the module and permits the student the facility to acquire a highly relevant skill set Modern trends in International Insurance , such as Monte Carlo simulation and Risk Modelling are incorporated into the risk analytic methodologies that are a bedrock of the course