• Class Number 4007
  • Term Code 2930
  • Class Info
  • Unit Value 6 units
  • Mode of Delivery In Person
    • Dr Gaurav Khemka
    • Dr Gaurav Khemka
  • Class Dates
  • Class Start Date 25/02/2019
  • Class End Date 31/05/2019
  • Census Date 31/03/2019
  • Last Date to Enrol 04/03/2019
    • Yunxi Hu
SELT Survey Results

This course aims to develop expertise in several aspects of Enterprise Risk Management including a thorough understanding of:
• the concept of ERM
• the drivers behind ERM - governance, regulation, improvements in understanding of risk and techniques for measuring and managing risk, enterprise value protection and creation etc
• practical aspects of ERM, including all elements of a robust risk management framework (people, systems, processes) and its operation, and critical success factors
• standards and good practice in use around the world
• the different types of risk - financial (including liquidity, credit, equity market, interest rate), insurance (including catastrophe, mortality, product options), operational, and strategic
• the quantification of risk, including tools and techniques and supporting mathematics with particularly strong skills in the financial aspects of risk management.

Research-Led Teaching

Gaurav has many years of professional practice and active research. He also has the relevant background in the field of enterprise risk management. The course will address current issues of interest and current approaches to actuarial practice in enterprise risk management.

Examination Material or equipment

The following material is permitted in the examination room:

  • Non-programmable calculator,
  • paper dictionary (without annotation),
  • 1 A4 page with notes on both sides, and
  • Formulae and Tables for Actuarial Examinations (Yellow Book).

Required Resources

It is strongly advised that students undertaking this course have access to the following texts:

  • Actuarial Education Company (ActEd) ST9 Course Notes 2019

These can be purchased from the course website. 

  • SWEETING, P. 2011. Financial Enterprise Risk Management, Cambridge University Press. 2nd edition

These will be available at the Co-op bookshop.

Both of these resources are available from the ANU Library and will be placed as a two hour loan.

All other reading material will be available via Wattle.

Staff Feedback

Students will be given feedback in the following forms in this course:

  • Following the mid-semester examination, feedback will be given to the whole class about the general performance on the exam.
  • Students will have an opportunity to look over their script-book following both the mid-semester and final examinations.
  • Students will have the opportunity to speak with the lecturer and seek comments from the lecturer about their performance in the assignments.

Student Feedback

ANU is committed to the demonstration of educational excellence and regularly seeks feedback from students. Students are encouraged to offer feedback directly to their Course Convener or through their College and Course representatives (if applicable). The feedback given in these surveys is anonymous and provides the Colleges, University Education Committee and Academic Board with opportunities to recognise excellent teaching, and opportunities for improvement. The Surveys and Evaluation website provides more information on student surveys at ANU and reports on the feedback provided on ANU courses.

Other Information

Consultation hours will be confirmed at the start of the semester.

As a further academic integrity control, students may be selected for a 15 minute individual oral examination of their written assessment submissions.

Any student identified, either during the current semester or in retrospect, as having used ghost writing services will be investigated under the University’s Academic Misconduct Rule.

Actuaries Institute Exemption

The standard for exemption from the Actuaries Institute Part III – Module 1 - Course C7A Enterprise Risk Management is achievement of a weighted average mark of 75 per cent or better over the combination of the two units ACST4060 and ACST4061, with a minimum requirement of 65 per cent in each unit. Each course counts 50% towards this exemption.

Class Schedule

Week/Session Summary of Activities Assessment
1 Introduction to ERM ActEd ST9 Course Notes Modules 1, 2, 3 and 33
2 ERM Frameworks - internal ActEd ST9 Course Notes Module 4 Quiz 1
3 ERM Processes and structures; Risk Policy ActEd ST9 Course Notes Modules 8 and 9 Quiz 2
4 Monitoring and communication of risk; Stakeholders ActEd ST9 Course Notes Modules 10 and 11 Quiz 3
5 Business analysis, risk identification and initial assessment ActEd ST9 Course Notes Module 13 Quiz 4
6 Governance/assurance, role of CRO ActEd ST9 Course Notes Module 12 Quiz 5
7 ERM Frameworks - external ActEd ST9 Course Notes Modules 5, 6 and 7 Quiz 6
8 Risk optimisation and risk responses ActEd ST9 Course Notes Module 26 Quiz 7
9 Management of market and credit risks ActEd ST9 Course Notes Module 27 and 28 Quiz 8
10 Management of operational and other risks ActEd ST9 Course Notes Module 29 Quiz 9
11 Capital Management ActEd ST9 Course Notes Module 30 Quiz 10; Assignment Due
12 Course Review ActEd ST9 Course Notes Modules 31 and 32 Quiz 11
13 Examination period

Assessment Summary

Assessment task Value Due Date Return of assessment Learning Outcomes
Weekly Online Quizzes 5 % 08/03/2019 08/03/2019 1, 2, 3, 4, 5
Mid-Semester Exam 25 % 01/04/2019 17/05/2019 1, 2, 3
Assignment 15 % 23/05/2019 06/06/2018 1, 2, 3, 4
Final Exam 55 % 06/06/2019 04/07/2019 1, 2, 3, 4, 5

* If the Due Date and Return of Assessment date are blank, see the Assessment Tab for specific Assessment Task details


ANU has educational policies, procedures and guidelines, which are designed to ensure that staff and students are aware of the University’s academic standards, and implement them. Students are expected to have read the Academic Misconduct Rule before the commencement of their course. Other key policies and guidelines include:

Assessment Requirements

The ANU is using Turnitin to enhance student citation and referencing techniques, and to assess assignment submissions as a component of the University's approach to managing Academic Integrity. For additional information regarding Turnitin please visit the ANU Online website Students may choose not to submit assessment items through Turnitin. In this instance you will be required to submit, alongside the assessment item itself, hard copies of all references included in the assessment item.

Moderation of Assessment

Marks that are allocated during Semester are to be considered provisional until formalised by the College examiners meeting at the end of each Semester. If appropriate, some moderation of marks might be applied prior to final results being released.


The course includes formal examination through a mid-semester and final examination as described above.

Assessment Task 1

Value: 5 %
Due Date: 08/03/2019
Return of Assessment: 08/03/2019
Learning Outcomes: 1, 2, 3, 4, 5

Weekly Online Quizzes

Each week (starting week 2), online quizzes will be available covering material from the previous week. You will be required to answer a random selection of 5 questions. There will be 11 such quizzes. Best 10 scores will be counted towards the final grade. You will need to complete a minimum of 10 quizzes for the grade to be counted.

Value: 5%

Hurdle Assessment requirements: None

Date: The quizzes will open on 00:00 hrs Monday of the corresponding week and close on Sunday 23:59 of that week.

Time Limit: Each quiz needs to be completed within 1 hour of starting it.

Feedback: The feedback will be available once he quiz is closed, i.e. Monday the following week.

Assessment Task 2

Value: 25 %
Due Date: 01/04/2019
Return of Assessment: 17/05/2019
Learning Outcomes: 1, 2, 3

Mid-Semester Exam

The mid-semester exam will be 90 minutes in length, plus 15 minutes of reading time. Please note that the mid-semester exam is compulsory and non-redeemable. The mid-semester exam will cover material from up to and including the week before the exam.

Value: 25%

Date: The Mid-Semester Exam will be scheduled for Week 6 or Week 7, however, this date may change depending on room availability. Further details relating to the exam will be provided closer to the scheduled date.

Assessment Task 3

Value: 15 %
Due Date: 23/05/2019
Return of Assessment: 06/06/2018
Learning Outcomes: 1, 2, 3, 4


Aim of the assignment:

  • Describe a current practice related to the topic and identify the challenges to practical application and solutions.
  • Meaningfully discuss with an expert/practitioner the theory & concepts of a particular topic in ERM arising from the Learning Outcomes of the course.
  • Explore the topic from the perspectives provided by the expert/practitioner and the course concepts and theories and critically reflect on differences between theoretical and practical forms.
  • Increase your networks with ERM professionals and understanding of the practice environment.

Assignment details:

  1. Choose a particular topic from this course for which you are interested in aspects of its practical application.
  2. You will be assigned a partner/s for the assignment and a person to interview, together with your partner/s. Prepare for this interview by searching for available public information regarding the person you will be speaking to - their employment history, publications or presentations. Prepare your questions accordingly - they may be more general or more specific - but also be ready to adapt as the interview takes place.
  3. Arrange the interview time and medium. Interview can be via phone, email, Skype or indeed in person. Interview should be verifiable. Interview should not last more than 30 minutes, unless the person agrees to continue. If you wish to record the interview, instead of relying on notes alone, you must have the explicit agreement of the subject (and this must be recorded so it can be verified).
  4. Interview the person on your chosen topic, focusing on the aspects you are particularly interested in or the parts of their work that are related to ERM, making sure to cover the practical application of the theory and concepts covered in the course work.
  5. At the end of the interview remember to:
  6. thank the person for their time
  7. remind them that none of the interview, the assignment you prepare or their name will be published as part of this assignment
  8. Each student must individually write up/present the interview as described in the assessment rubric.

Assessment Rubric

Word/time limit:

  • If submitted in Word/pdf: 3 000
  • If submitted in video/audio format: 20 minutes
  • OR any combination of the above at a rate of 150 words per minute.

The assignment must address these three elements (value shown in brackets):

  • Brief description of chosen topic and reason(s) for choosing (15%)
  • Record of the interview (effectively your transcript of the content), which can be edited for relevance, clarity etc (20%)
  • Your reflection on what you have learned (expected or unexpected, what surprised you the most...), and what improvements you could suggest to either the clarity of the theory and concepts or the application of the concept in practice. You must explicitly connect the content of the interview to relevant elements of the coursework for your chosen topic. (65%)

Value: 15%

Due Date: 4pm on Thursday 23.05.2019

Assessment Task 4

Value: 55 %
Due Date: 06/06/2019
Return of Assessment: 04/07/2019
Learning Outcomes: 1, 2, 3, 4, 5

Final Exam

The Final Exam will be 3 hours plus an additional 15 minutes as reading time. The Final Exam is compulsory. Further details relating to the Exam will be provided closer to the scheduled date.

Value: 55%

Date: To be advised 

Academic Integrity

Academic integrity is a core part of our culture as a community of scholars. At its heart, academic integrity is about behaving ethically. This means that all members of the community commit to honest and responsible scholarly practice and to upholding these values with respect and fairness. The Australian National University commits to embedding the values of academic integrity in our teaching and learning. We ensure that all members of our community understand how to engage in academic work in ways that are consistent with, and actively support academic integrity. The ANU expects staff and students to uphold high standards of academic integrity and act ethically and honestly, to ensure the quality and value of the qualification that you will graduate with. The University has policies and procedures in place to promote academic integrity and manage academic misconduct. Visit the following Academic honesty & plagiarism website for more information about academic integrity and what the ANU considers academic misconduct. The ANU offers a number of services to assist students with their assignments, examinations, and other learning activities. The Academic Skills and Learning Centre offers a number of workshops and seminars that you may find useful for your studies.

Online Submission

You will be required to electronically sign a declaration as part of the submission of your assignment. Please keep a copy of the assignment for your records. Unless an exemption has been approved by the Associate Dean (Education) submission must be through Turnitin.

The ANU is using Turnitin to enhance student citation and referencing techniques, and to assess assignment submissions as a component of the University's approach to managing Academic Integrity. For additional information regarding Turnitin please visit the ANU Online website.

Hardcopy Submission

For some forms of assessment (hand written assignments, art works, laboratory notes, etc.) hard copy submission is appropriate when approved by the Associate Dean (Education). Hard copy submissions must utilise the Assignment Cover Sheet. Please keep a copy of tasks completed for your records.

Late Submission

No submission of assessment tasks without an extension after the due date will be permitted. If an assessment task is not submitted by the due date, a mark of 0 will be awarded.

Referencing Requirements

Accepted academic practice for referencing sources that you use in presentations can be found via the links on the Wattle site, under the file named “ANU and College Policies, Program Information, Student Support Services and Assessment”. Alternatively, you can seek help through the Students Learning Development website.

Returning Assignments

Marked assessments will be returned as soon as they are marked, at the next available lecture time, or you will be able to collect them from the course convener.

Extensions and Penalties

Extensions and late submission of assessment pieces are covered by the Student Assessment (Coursework) Policy and Procedure The Course Convener may grant extensions for assessment pieces that are not examinations or take-home examinations. If you need an extension, you must request an extension in writing on or before the due date. If you have documented and appropriate medical evidence that demonstrates you were not able to request an extension on or before the due date, you may be able to request it after the due date.

Resubmission of Assignments

There is no possibility of resubmitting assignments.

Privacy Notice

The ANU has made a number of third party, online, databases available for students to use. Use of each online database is conditional on student end users first agreeing to the database licensor’s terms of service and/or privacy policy. Students should read these carefully. In some cases student end users will be required to register an account with the database licensor and submit personal information, including their: first name; last name; ANU email address; and other information. In cases where student end users are asked to submit ‘content’ to a database, such as an assignment or short answers, the database licensor may only use the student’s ‘content’ in accordance with the terms of service — including any (copyright) licence the student grants to the database licensor. Any personal information or content a student submits may be stored by the licensor, potentially offshore, and will be used to process the database service in accordance with the licensors terms of service and/or privacy policy. If any student chooses not to agree to the database licensor’s terms of service or privacy policy, the student will not be able to access and use the database. In these circumstances students should contact their lecturer to enquire about alternative arrangements that are available.

Distribution of grades policy

Academic Quality Assurance Committee monitors the performance of students, including attrition, further study and employment rates and grade distribution, and College reports on quality assurance processes for assessment activities, including alignment with national and international disciplinary and interdisciplinary standards, as well as qualification type learning outcomes. Since first semester 1994, ANU uses a grading scale for all courses. This grading scale is used by all academic areas of the University.

Support for students

The University offers students support through several different services. You may contact the services listed below directly or seek advice from your Course Convener, Student Administrators, or your College and Course representatives (if applicable).

Dr Gaurav Khemka

Tuesday 13:00 14:00
Thursday 10:00 12:00
Thursday 10:00 12:00
Dr Gaurav Khemka
6125 4642

Research Interests

Dr Gaurav Khemka

Tuesday 13:00 14:00
Thursday 10:00 12:00
Thursday 10:00 12:00
Yunxi Hu

Research Interests

Yunxi Hu

Tuesday 13:00 14:00

Responsible Officer: Registrar, Student Administration / Page Contact: Website Administrator / Frequently Asked Questions