Business Risk Management

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Module Title:	Business Risk Management	Module Code:	BBS 6 BRM
Assignment No/Title:	Coursework 2 RESIT	Assessment Weighting:	50%
Submission Date:	15/08/22	Feedback Target Date:	15/09/22
Module Co-ordinator/ Tutor:	Sergey Portyanko	Word count limit	Equivalent of 1500 words – MS Words document
Submission Instructions:
This assignment is to be submitted electronically
1. This assignment must be submitted electronically by 14:00 on the submission date 2. To submit electronically you must upload your work to the e-submission area within the respective module on Moodle. 3. Multiple drafts can be submitted up to the submission date. 4. Please remember you must leave at least 24 hours between submissions if you make changes to your work. Each submission will overwrite the previous one until the due date and time has passed. 5. You are reminded of the University’s regulations on cheating and plagiarism. In submitting your assignment, you are acknowledging that you have read and understood these regulations. 6. You are reminded that it is your responsibility to keep an electronic copy of your assignment for future reference. 7. Your citation needs to follow the Harvard style referencing.
The Assignment Tasks
Individual reflective report based on your experience of studying the Business Risk Management module. This report will typically be of 1,000-1,500 words and may include references to academic literature and visual materials from the practical exercises that you engaged during tutorials. This report should demonstrate your skills in reflecting on the learning experience. You should briefly discuss what you have gained from undertaking this module and reflect on the various tasks during studying the subject. You should include reflections on your learning experience during lectures/seminars/workshops and on your studying independently during your time own in shaping your learning environment. A reflective review report is not a purely theoretical consideration of what you have learnt during the module but a narrative about how that learning relates to your current practice experience and/or a discussion about possible implications of the knowledge for your future career. In that sense it should contain references within the literature related to the subject of Business Risk Management. Importantly your reflections should critique the existing ideas and/or apply them to your own context. State any assumptions you feel necessary to support your report. Assessment Details: Type: Individual report Resources: Refer to the Module guide and the VLE module content Word Count: As a guide, aim for [1000-1500 words]. The maximum word limit is [1500 words]. The title page, page of contents, and the list of references (bibliography) will not count towards the word total. Presentation: · Work must be referenced, and a bibliography provided · Work must be submitted as a Word document ( /docx) · Course work must be submitted using Arial font size 11 (or larger if you need to), with a minimum of 1.5 line spacing · Your student numbers must appear at the title page of the coursework. Your name must not be on your coursework. Referencing: Harvard Referencing should be used, see your Library Subject Guide for guides and tips on referencing. Regulations: Make sure you understand the University Regulations on expected academic practice and academic misconduct. Note in particular: · Your work must be your own. Markers will be attentive to both the plausibility of the sources provided as well as the consistency and approach to writing of the work. Simply, if you do the research and reading, and then write it up on your own, giving the reference to sources, you will approach the work in the appropriate way and will cause not give markers reason to question the authenticity of the work. · All quotations must be credited and properly referenced. Paraphrasing is still regarded as plagiarism if you fail to acknowledge the source for the ideas being expressed. TURNITIN: When you upload your work to the Moodle site it will be checked by anti-plagiarism software.
Assessment Criteria and Weighting:
LSBU marking criteria have been developed to help tutors give you clear and helpful feedback on your work. They will be applied to your work to help you understand what you have accomplished, how any mark given was arrived at, and how you can improve your work in future.

Each task is being marked according to the following rubric:

20%

10%

Criteria	Feedforward comments
100-80%	79-70%	69-60%	59-50%	49-40%	39-30%	29-0%
25%	2. Subject Knowledge Understanding and application of subject knowledge. Contributing to subject debate.	Shows sustained breadth, accuracy and detail in understanding key aspects of subject. Contributes to subject debate. Awareness of ambiguities and limitations of knowledge.	Shows breadth, accuracy and detail in understanding key aspects of subject. Contributes to subject debate. Some awareness of ambiguities and limitations of knowledge.	Accurate and extensive understanding of key aspects of subject. Evidence of coherent knowledge.	Accurate understanding of key aspects of subject. Evidence of coherent knowledge.	Understanding of key aspects of subject. Some evidence of coherent knowledge.	Some evidence of superficial understanding of subject. Inaccuracies.	Little or no evidence of understanding of subject. Inaccuracies.
	20%	3. Critical Analysis Analysis and interpretation of sources, literature and/or results. Structuring of issues/debates.	Very high-quality analysis developed independently. Sustained evaluation and synthesis of resources. Use of evidence-based arguments. Thoroughly identifies trends, inconsistency, congruence, and states the implications.	Sustained evaluation and synthesis of resources. Use of evidence-based arguments. Thoroughly identifies trends, inconsistency, congruence, and states the implications.	Evaluation and synthesis of resources. Use of evidence-based arguments. Identifies trends, inconsistency, congruence, and states the implications.	Evaluation and synthesis of resources. Use of evidence-based arguments.	Some attempt at evaluation and synthesis of resources. Some use of evidence-based arguments.	Limited evaluation of resources. Limited use of evidence-based arguments	Little or no evaluation of resources. Very little use of evidence-based arguments.
15%	4. Communication and Presentation Clear intention in communication. Audience needs are predicted and met. Presentation format is used skilfully. Work is well structured.	Communication is entirely clear, persuasive and compelling with very skilful use of the presentation format. Presentation addresses fully the needs of the audience.	Communication is clear, persuasive and compelling with very skilful use of the presentation format. Presentation addresses fully the needs of the audience.	Communication is clear, mostly persuasive and compelling with skilful use of the presentation format. Presentation addresses the needs of the audience.	Communication is clear, with skilful use of the presentation format. Presentation takes into account the needs of the audience.	Communication is mostly clear and presentation format is adequate. Presentation may sometimes not take into account the needs of the audience.	Communication is unclear because presentation format is not used adequately and/or the needs of the audience are not taken into account.	Communication is very unclear because presentation format is not used adequately, and the needs of the audience are not taken into account.
9. Collaborative and/or Independent Working Demonstration of behaviour appropriate to discipline, including individual contribution to team or working with others in teams	Integrates a highly developed sense of own identity productively into real or simulated disciplinary situations. Meets the standards required for relevant discipline. Can work very effectively in a team or alone.	Integrates a sense of own identity productively into real or simulated disciplinary situations. Meets the standards required for relevant discipline. Can work very effectively in a team or alone.	Aware of and able to meet most standards required for relevant discipline in simulated or real disciplinary situations. Can work effectively in a team or alone.	Aware of and able to meet the main standards required of relevant discipline in simulated or real disciplinary situations. Able to work in a team or alone	Aware of main standards required of relevant discipline. Able to work in a team or alone	Some evidence of knowledge of relevant disciplinary standards; collaborates reluctantly or struggles to work alone.	Little or no evidence of knowledge of relevant disciplinary standards. No evidence of collaboration with others; unproductive working alone
	10%	10. Personal and Professional Development Management of learning through self-direction, planning and reflection	Takes full responsibility for own learning and development through continuous cycles of well-articulated purposeful analysis and planning, supported by extensive evidence	Takes full responsibility for own learning and development through continuous cycles of well-articulated purposeful analysis and planning, supported by evidence.	Reflection and planning are self-directed, continuous, habitual and evidenced clearly. Strengths have been built on; weaknesses have been mitigated.	Evidence that a cycle of reflection and planning has been continuous and productive. Actively works to develop strengths and mitigate weaknesses.	Evidence that reflection and planning have led to increased disciplinary engagement and commitment. Developing an awareness of strengths and weaknesses.	Weak evidence of reflection and planning for learning but not followed through consistently. Incomplete awareness of personal strengths and weaknesses.	Insufficient evidence of reflection or planning for learning and no evidence of awareness of personal strengths and weaknesses.
11. Performance Quality Demonstration of embodied practice including affecting and being affected.	An exceptional level of embodied awareness revealed in a highly sensitive and detailed performance.	Highly developed embodied awareness; consistent detailed and accurate responsiveness; clear and dynamic intentionality / connectivity	Well-developed embodied awareness; for the most part, a detailed and accurate responsiveness; a dynamic intentionality / connectivity	Some moments of embodied awareness; responsiveness is more generalised; intentions / connections are evident, but not dynamic	Little evidence of embodied awareness; responsiveness is slow and inorganic; intentions are self-conscious or guarded and lack connection	Blocked embodied awareness: attempts are frustrated by lack of engagement or resistance to make connections.	Responsiveness is consciously withheld; there is no attempt to make connections or embody intentionality

Page 1 of 1

Module Guide

Business Risk Management

BBS_

6

_BRM

Business School, Division of Business & Enterprise

2021/2022

6

Table of Contents

1.

Module Details

3

2.

Short Description

3

3.

Aims of the Module

3

4.

Learning Outcomes

3

4.1

Knowledge and Understanding

3

4.2

Intellectual Skills

3

4.3

Practical Skills

4

4.4

Transferable Skills

4

5.

Learning and teaching strategies

4

6.

Attendance

4

7.

Assessment of the Module

4

7.1

Assessment and assignments

4

7.2

Late Submission and Extenuating Circumstances Notification Procedure.

5

8.

Feedback

6

9.

Introduction to Studying the Module

6

9.1

Overview of the Main Content

6

9.2

Overview of Types of Classes

6

9.3

Importance of Student Self-Managed Learning Time

7

9.4

Getting Heard and Getting Help

7

10.

Employability

8

11.

The Programme of Teaching, Learning and Assessment

8

12.

Student Evaluation

8

13.

Learning Resources

9

Reading List

9

Module Details

Module Title:

Business Risk Management

Module Level:

6

Module Reference Number:

BBS_6_BRM

Credit Value:

20 credits

Student Study Hours:

200

Contact Hours:

52

Private Study Hours:

148

Pre-requisite Learning (If applicable):

Co-requisite Modules (If applicable):

none

Course(s):

Various at Level 6

Year and Semester

2021/22 Semester 2

Module Coordinator:

Sergey Portyanko

MC Contact Details (Tel, Email, Room)

portyans@lsbu.ac.uk

Teaching Team & Contact Details
(If applicable):

Colston Sanger
sangerc@lsbu.ac.uk

Subject Area:

Corporate Strategy

Summary of Assessment Method:

100% coursework consisting of two assessments

External Examiner appointed for module:

Dr Sunita Dewitt

Short Description

This module provides an integrative overview of risk assessment and risk management across the different functional areas and operational contexts of the business enterprise. Case studies and simulations are used to provide a realistic introduction to business continuity planning and crisis management.

Aims of the Module

Within the context of Enterprise Risk Management (ERM), this module draws together a range of disciplines and seeks to apply them in real-world situations where incomplete information, risk and crises of one sort or another are ever-present.

Learning Outcomes

Knowledge and Understanding
A1: Understand the main asset-based and resource-based risks facing individuals and corporate entities
A2: Appreciate the impact of incomplete information in knowledge-based decision making environments
A3: Have knowledge of the main secondary sources of information and techniques of gathering primary information for risk management in the international business environment
A4: Have a practical knowledge of the main insurance and risk management techniques and when they should be applied

Intellectual Skills
B1: Appreciate the multi-disciplinary approaches to risk and business continuity planning
B2: Critically evaluate and formulate a risk management strategy for an international business

Practical Skills
C1: Act effectively in a situation of crisis management within a simulated environment

Transferable Skills
D1: Communicate effectively within a crisis environment

Learning and teaching strategies

Learning and teaching for this module will typically comprise of the following;
· Directed learning – to include lectures, seminars/workshops
· Independent/student managed learning – to include reading, research activities and preparatory work for seminars/workshops
· Summative assessment – to include a group study report (50%), and an individual report (50%).

This module will comprise of lectures and seminars for which preparatory reading and study will be required.
Directed Learning: 52 hours (4 hours per week)
Independent/Self-managed learning: 148 hours (average 10 hours/week)
Total: 200 hours

Attendance

The university has an attendance policy. For this programme, you are expected to attend all lectures and seminars and complete all assessments as not only has attendance been closely linked to academic achievement but students who actively participate in their learning are more likely to enjoy their learning experience. If you are unable to attend a seminar/workshop, please advise the relevant tutor or programme administrator in advance where possible. For further details, please refer to your programme of study information site which can be found on Moodle.

Assessment of the Module

Assessment and assignments

Formative Assessment
Regular tasks relating to critical information gathering, analysis, discourse and negotiation will feature during the seminar and workshop sessions which will support the formal assessment tasks below; opportunities for
review and discussion during sessions will feature and the skills for peer-based review developed.
Summative Assessment
This module will be 100% coursework consisting of two assessments:
Coursework 1 (50%)
Group-based tutor facilitated analysis of risks facing a particular international business, and development of a risk management strategy and business continuity plan. This will comprise a report of 3500 words (exclusive of tables, figures, references, appendixes) (10% either side). Groups are typically of no less than 3 and no more than 6 students. Groups are formed by the tutor on the first seminar sessions.

The learning outcomes assessed by the report are:
Abilities to analyse, interpret, and evaluate multidisciplinary business risks
Abilities to integrate a number of aspects of earlier and parallel final year studies in the context of business risk management
Skills in case and company related situation analysis, group work and problem solving
Assessment criteria for the group report are:

Evidence of a well-planned, organised and structured piece of work including clear conclusions and recommendations
Content and coherence; relevance of the content to the questions set; have the assessment questions been squarely and clearly answered?
To what extent does the content develop coherent themes of argument in answering the questions?
Analytical standard; emphasis on analysis rather than repeating descriptive detail from the data sources; application of theoretical concepts and techniques studied on the Business Risk Management module.
Presentation; use of case study report format, use of diagrams and visual aids, quality of academic writing, correct referencing in text and Bibliography.

Coursework 2 (total 50%)
Individual reflective report based on experience in crisis management simulation. These simulation sessions typically last 4 hours and will be run during the teaching sessions time. Attendance to the simulation is compulsory for attempting and submitting this piece of assignment. Feedback/transitions briefing given as integral part of this simulation and part of the assessment.
This report will typically be of 1,000-1,500 words and to support the reflections on the experience and the learning may include visual materials from the simulation.
Assessment Brief(s)
Your Assessment Brief(s) include your submission deadlines and the date by which you will receive feedback.
Your Assessment Brief(s) will include the marking criteria that will be used to assess your work. Not all the Undergraduate Marking Criteria (PDF) will be relevant to every module or assignment. The criteria that are relevant to each assessment you take will be shown in the Assessment Brief.
The feedback you receive on your assessment will use these criteria and will help you to improve your performance in future assessments.
For further information regarding assessment in this course, please see your Course Handbook on Moodle. This contains detailed information regarding assessment including an explanation of the procedures to be followed if an assessment deadline is missed, as well as how to make an application for extenuating circumstances.

Late Submission and Extenuating Circumstances Notification Procedure.
Students should be reminded that the University has a policy on claiming for mitigating circumstances, such as illness, and penalties for unauthorised late submission of coursework.
The full procedure document will be available on the Policies and Procedures section of our website, and the form students will use within MyAccount also provides detailed information to students, depending on (for example) whether they are submitting a prospective or retrospective claim, or claiming for an exam or course.
It is important that you meet all deadlines, but if you are having difficulties in doing so, it is also important to let us know as soon as possible so that we can provide the best support and guidance.
The Late Submission and Extenuating Circumstances Notification form in MyAccount allows you to:
· Request the opportunity to submit your work up to 5 working days late for an uncapped mark if this is included as part of your DDS support arrangements;
· Notify us of an unexpected issue which is outside of your control that is impacting an assessment (an ‘Extenuating Circumstance’), which may allow an uncapped late submission or the opportunity to attempt the assessment at another time;
· Request additional time to submit an upcoming piece of coursework, without having a valid extenuating circumstance (but this will incur a marking penalty of 5% for each working day past the deadline, up to 5 working days).
If you submit an assessment late (up to a maximum of 5 working days), and do not notify us in advance via the Late Submission and Extenuating Circumstances Notification form, then your mark will be capped at a pass.
If you do not attempt your assessment within 5 working days of the main deadline, then you will usually be able to attempt the assessment again during the resit period, but your mark will be capped at a pass (unless you are able to provide evidence of a valid Extenuating Circumstance, in addition to giving a reason why you were unable to submit this evidence before the deadline had passed).
From the 18th October 2021, students can use MyAccount to submit Late Submission or ECs requests – in the event that there are any submission deadlines or exams prior to this date, students can use the existing ECs form on MyLSBU.

Feedback

Feedback will normally be given to students 15 working days after the final submission of an assignment or as advised by their module leader.
 Feedback on formative assessments is normally given during the seminar/workshop sessions. All students discuss the seminar activities together to brainstorm possible solutions and the seminar leader provides guidance and direction on how the seminar activities may be tackled.

Introduction to Studying the Module

Overview of the Main Content
The module curriculum is organised around three main areas of implications for Business Risk Management.
1. Risk assessment and management within projects
–Most strategic initiatives are run as projects
–Project management provides a relevant context to assess and learn how to manage risks to objectives
2.Enterprise-level aspects
–Risk appetite, governance, business model and reputation risks, innovation, insurance and risk transfer, enterprise risk management, business continuity planning…
3.Crisis management
–Scenario planning, simulation, stakeholder communications, distributed leadership, teamworking
In addressing these contexts and implications for business risks a set of theoretical frameworks and practical tools will be covered on the module:
· Historical overview of insurance and risk management
· Risk definitions and typology
· Risk context
· Enterprise risk management and business continuity
· Risk assessment approaches
· Risk response
· Insurance and risk transfer
· Reputation and Business model risks
· Risk management standards
· Crisis management, communications and business continuity planning

Overview of Types of Classes
Learning and teaching will be through a variety of different methods, including tutor input, class discussions, and small group seminars, case studies, presentations and examples from students’ own organisations, where possible, as methods of applying learning. Their own contribution will therefore be a critical factor in successfully achieving learning outcomes and the sharing of own experience will be used wherever possible to complement more theoretical underpinning and as an active learning method.
The teaching programme is delivered in a 4-hour block over a 12-week period comprising:
· One two-hour lecture. 
· One two-hour interactive seminar.          
Students will have four hours a week timetabled, which will be a workshop consisting of introducing students to the key models, methodologies and theoretical concepts of the module together with more informal discussions based around the relevant lecture topics using case examples and practical exercises.
 
Directed private study will include relevant data collection, analysis and writing up the risk management report using Moodle and other online resources as appropriate.

Students are expected to be knowledgeable about the use of new media for information gathering and dissemination. Indeed, students will be asked to demonstrate an ability to use technology by participating in presentations and preparing reports. Students are also expected to undertake a significant amount of reading, and failure to do so will undermine the value of the classroom experience. The self-managed learning time is guided through a portfolio of readings (textbook- and article-based) outlined in the supporting documentation for this module.
Course materials and learning guidance will be provided via the VLE moodle site.

Importance of Student Self-Managed Learning Time
Student responsibility in the learning and development process will be emphasised. Students are required to undertake directed self-study and prepare solutions/discussions to questions relative to various topic areas. Students will be encouraged to identify for themselves particular problems of difficulty and to use seminar discussions, where appropriate, for the resolution of these. Students must regularly access the Moodle site for this module. They should download the class/lecture material from the Moodle site, and do the recommended reading, before each lecture/class.
Where appropriate, students are also expected to download the relevant seminar questions and study them in advance of each seminar, in order to derive maximum benefit from seminar time. The programme of teaching, learning and assessment gives guidance on the textbook reading required for each week, the purpose of which is to encourage further reading both on and around the topic.

Getting Heard and Getting Help
Getting Heard If at any time you are not clear about anything we have discussed, not sure if something is a good idea or not sure what to do – please talk to your seminar tutor or the module leader. Usually, we will make time then and there to discuss it or arrange a mutually more convenient time. If you don’t feel you can talk to any of the module team, then please contact your Course Director or the Head of Division.
Alternatively, ask your student course representative to discuss the matter at the next Course Board. Course Boards are held in each semester. They are a constructive forum in which participants – students, tutors and the whole course team – can exchange viewpoints and expectations regarding the operation of the course. They are attended by the Head of Division (HoD, or nominee), the Course Director, the relevant School Administrator and module leaders.
In addition, other staff involved in seminars and workshops and the School Information Advisor are always invited. Getting Help The Student Centre is intended as a ‘one-stop shop’ for getting confidential help with a range of things, including study skills and academic English. It’s free. Please make use it.

Employability

This module contributes to student employability by ensuring that they are well equipped for careers in risk management or insurance, as well as the professions, finance and broader scale commerce and industry.
Employability can be described as the ‘set of achievements – skills, understanding and
personal attributes – that makes graduates more likely to gain employment and be successful in their chosen occupations, which benefits themselves, the workforce, the community and the economy. Hence, the intended learning outcomes of this module are designed to assist participants in developing their resourcefulness and flexibility as ‘knowledge professionals’ and lifelong learners, capable of critically engaging with, evaluating and acting on information from disparate sources, including their own experience. As such, they are likely to be and to remain eminently employable.
All students – undergraduate, postgraduate, UK or international – can use the Employability and Careers Service Job Shop within the Student Centre. Their services are available to you for two years after graduation.
Where practicable, participants are encouraged actively to take up some of the many and
varied extra-curricular activities organised by professional bodies, employers, LSBU student societies and the LSBU Enterprise Centre: in particular, the CIBS lecture series
(http://bus.lsbu.ac.uk/cibs/ and the Start and Evolve enterprise talks and workshops organised by the Clarence Centre (see http://www.lsbu.ac.uk/business and http://www.lsbu.ac.uk/business/employ-our-students

The Programme of Teaching, Learning and Assessment

The Lecture / Seminar sequence will focus on:

· Historical overview of insurance and risk management
· Current risk and insurance market features
· Risk identification, analysis and underwriting
· Alternative Risk Transfer (ART)
· Risk ‘packaging’ and placement
· Competitive intelligence, fraud and security
· Information risks, technology risks
· Relationships and ‘ownership’ of decisions and risks
· Corporate governance and professional risks
· Health & Safety and working practices
· Environmental, supply chain and project risks
· Sustainability and risk management
· Catastrophe risks
· Crisis management, communications and business continuity planning

Student Evaluation

The module will be taught for the first time with this teaching team.

Learning Resources

Reading List
Core Reading:
Borodzicz, E P (2005); Risk, Crisis & Security Management; Wiley
Hopkin, P. (2014 )Fundamentals of Risk Management: Understanding, Evaluating and Implementing Effective Risk Management (3rd edition). Kogan Page Publishers
Optional Reading:
Poole-Robb, S. and Bailey, A. (2003); Risky Business – Corruption, Fraud, Terrorism & other threats to global business. Kogan Page Publishers
Reuvid, J. (2014) Managing Business Risk: A Practical Guide to Protecting Your Business (Edition 10) Kogan Page Publishers
Taylor, L. (2014); Practical Enterprise Risk Management: How to Optimize Business Strategies Through Managed Risk Taking, Publisher Kogan Page Publishers
Vaughan & Vaughan (2010); Fundamentals of Risk and Insurance; Wiley
Al-Thani, F (2008); Corporate Risk Management – an organisational perspective; Wiley
Template version: 8

2
Template version: 8

Business Risk Management

Session 3

David Clemson

Today’s Topics
Risk identification
Risk analysis
Underwriting

Risk identification
More art, less science…
Differing approaches, differing views…
Stakeholder mapping
From stakeholder mapping to risk mapping
Using tools from strategic analysis and business analysis for risk analysis
Approaches will vary from business to business and sector to sector…

Steps in Risk Mapping
Like a full strategic planning exercise, not a trivial exercise
Risk appetite across all operating areas?
What are the critical risks? This needs agreement!
1. Measurement
2. Classification
3. Identification
4. Assessment
5. Analysis

Measurement
Establish parameters to quantify impact of any risk
How significant are they?
Need agreement on how they are measured – not just financial!
Qualitative and quantitative approaches
Severity of loss and frequency

Classification
Organise top-down framework for cataloguing risks – operational risk, business risk, market risk
Major areas e.g. property, casualty, health, weather, product liability, credit
Again – what is critical to your enterprise?
Again – needs management agreement across disciplines
Complexity and sensitivity…
See Telecom Risk Map from Shimpi as example

Identification
Develop bottom-up list of specific risks facing the firm using the previously developed classification framework
See Pharmaceutical Industry example from Shimpi
Risk prioritisation will vary by sector and over time
There can be sudden changes which are interesting research areas – see XLRe.com ‘Unseen today, here tomorrow – the perils of ignoring emerging risks’

Assessment
Evaluate significance of each identified risk
Quantitative and qualitative assessment
Frequency and severity – see Pharmaceutical Industry risk profile from Shimpi

Analysis
Model collective impact of risks on the firm
Concept of ‘model office’
Dynamic financial analysis
Speed of business, speed of analysis

Underwriting
How much are you prepared to retain?
Who is ‘placing’ your risks?
Solvency ratings?
A brief word about hedging…