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.

Learning Outcomes

Upon successful completion, students will have the knowledge and skills to:

1. Demonstrate an understanding of risk management frameworks for financial organisations in different regulatory environments.
2. Demonstrate an understanding of the relevance of ERM to stakeholders.
3. Describe and show an understanding of different risk categories.
4. Recommend methods to manage an organisation’s risk, including risk optimisation, and management of market risk, credit risk, operational and other risks.
5. Demonstrate an understanding of economic capital and capital allocation.

Research-Led Teaching

Tim Gorst is a qualified actuary and CERA, with around 25 years of experience working in the Australian financial services industry.

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

The following notes are required for the course:

• Actuarial Education Company (ActEd) ST9 Course Notes 2020

Students DO NOT need to purchase these notes, as they will provided.

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

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

The Sweeting text will be available at the university bookshop Harry Hartog. It will also be available from the ANU Library and will be placed on two hour loan.

All other reading material will be available via Wattle.

Staff Feedback

Consultation time will be finalised at the start of the semester.

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

• Students will have an opportunity to look over their script-book following the final examination.
• 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

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 ACST8060 and ACST8061, 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; ERM processes and structures – internal ActEd ST9 Course Notes Modules 4 and 8	Quiz 1
3	Risk policy; Monitoring and communication of risk ActEd ST9 Course Notes Modules 9 and 10	Quiz 2
4	ERM stakeholders; Governance/assurance & role of CRO ActEd ST9 Course Notes Modules 11 and 12	Quiz 3
5	Business analysis, risk identification and initial assessment ActEd ST9 Course Notes Module 13	Quiz 4
6	Weeks 1-5 Review; Mid semester exam	Quiz 5
7	ERM Frameworks – external ActEd ST9 Course Notes Modules 5, 6 and 7
8	Risk optimisation and risk responses; Management of market and credit risks ActEd ST9 Course Notes Modules 26, 27 and 28	Quiz 6
9	Management of operational and other risks ActEd ST9 Course Notes Module 29	Quiz 7
10	Capital management ActEd ST9 Course Notes Module 30	Quiz 8
11	ERM implementation; Case studies / learning from the past ActEd ST9 Course Notes Modules 31 and 32	Quiz 9. Assignment Due.
12	Course Review
13	Examination period

Assessment Summary

Assessment task	Value	Due Date	Return of assessment	Learning Outcomes
Weekly Online Quizzes	5 %	*	*	1, 2, 3, 4, 5
Assignment	15 %	20/05/2020	02/06/2020	1, 2, 3, 4
Final Exam	80 %	04/06/2020	02/07/2020	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

Policies

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:

• Student Assessment (Coursework) Policy and Procedure
• Special Assessment Consideration Policy and General Information 
• Student Surveys and Evaluations
• Deferred Examinations
• Student Complaint Resolution Policy and Procedure

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. In rare cases where online submission using Turnitin software is not technically possible; or where not using Turnitin software has been justified by the Course Convener and approved by the Associate Dean (Education) on the basis of the teaching model being employed; students shall submit assessment online via ‘Wattle’ outside of Turnitin, or failing that in hard copy, or through a combination of submission methods as approved by the Associate Dean (Education). The submission method is detailed below.

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.

Examination(s)

The course includes formal examination through a final examination as described above.

Assessment Task 1

Weekly Online Quizzes

With the exception of weeks 1, 7 and 12, online quizzes will be available covering material from the previous week. There will be 9 such quizzes. For 7 of the 9 quizzes you will be required to answer a random selection of 5 questions. For 2 of the 9 quizzes, 10 questions are required to be answered, with more time being allotted to answer these questions. Each quiz will count towards the final grade, pro-rata by the number of questions.

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. More time will be alloted to 2 of the quizzes.

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

Assessment Task 2

Assignment

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: 3000

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 Wednesday 20.05.2020

Assessment Task 3

Final Exam

The Final Exam will be 3 hours plus an additional 15 minutes as reading time. The Final Exam is compulsory. Further details about the contents and format of the exam will be provided closer to the exam date, and no later than Week 12.

Value: 80%

Date: To be advised 

Academic Integrity

Academic integrity is a core part of the ANU culture as a community of scholars. At its heart, academic integrity is about behaving ethically, committing to honest and responsible scholarly practice and upholding these values with respect and fairness.

The ANU commits to assisting all members of our community to 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 be familiar with the academic integrity principle and Academic Misconduct Rule, 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 Academic Misconduct Rule is in place to promote academic integrity and manage academic misconduct. Very minor breaches of the academic integrity principle may result in a reduction of marks of up to 10% of the total marks available for the assessment. The ANU offers a number of online and in person services to assist students with their assignments, examinations, and other learning activities. Visit the Academic Skills website for more information about academic integrity, your responsibilities and for assistance with your assignments, writing skills and study.

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. Extensions may be granted 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).

• ANU Health, safety & wellbeing for medical services, counselling, mental health and spiritual support
• ANU Diversity and inclusion for students with a disability or ongoing or chronic illness
• ANU Dean of Students for confidential, impartial advice and help to resolve problems between students and the academic or administrative areas of the University
• ANU Academic Skills and Learning Centre supports you make your own decisions about how you learn and manage your workload.
• ANU Counselling Centre promotes, supports and enhances mental health and wellbeing within the University student community.
• ANUSA supports and represents undergraduate and ANU College students
• PARSA supports and represents postgraduate and research students