Master of Commerce in Applied Risk Management

Purpose

Risk management education at Postgraduate Level is one of the key strategic development areas of the Faculty of Economic Sciences and Information Technology at the University.

This qualification is designed to complement the School of Economic Science's existing Master of Commerce (MCom) in Banking and Financial Risk Management by expanding the qualifications to cater for learners from sectors other than the banking and financial sector.

Upon completion of the qualification the learner will have to demonstrate the following

• Source, select, analyse, evaluate and communicate the specialist knowledge and information necessary to find solutions to the practical risk issues in her/his area of employment.
• Design, select and apply appropriate and creative methods, techniques, processes and technologies to investigate and solve complex practical risk-related problems in a solid theoretical framework.
• Acquire an understanding of risk management as a profession, the ethics of risk and the applications in risk management within systems-based contexts and apply these insights into practice.
• Develop own learning strategies to sustain independent learning, academic and professional development, as well as effective communication and presentation skills.

Rationale

Risk management has become a key employment area across sectors with an increasing number of roles in the fields of enterprise, operational, financial and compliance risk management. Companies struggle to find suitably qualified candidates for these roles and have to rely on employees who have learnt about risk and risk management whilst on the job.

Higher education qualifications have traditionally focused on the more quantitative aspects of risk such as mathematical risk modelling in the banking and financial sectors. The increasing complexity of institutions and corporations mean that this is no longer enough. A real need has been warranted for the development of a formal academic programme that focuses on the more qualitative aspects of risk management across sectors. Also the professional risk organisations such as the Institute of Risk Management South Africa (IRMSA) are looking at academia to assist with the professionalisation of risk management in the market. Corporations and employees are also requesting for formal risk qualifications at a Master's Level. Risk is relevant to all aspects of corporate and societal endeavour.

Risk management is an inherently multi - and inter-disciplinary occupation. Correspondingly, risk managers come from many different academic backgrounds. The ideal Master's qualification for risk managers will be to focus on developing the knowledge, skills and values so that they will be able to make a success of their Risk Management role.

The Master of Commerce in Applied Risk Management will be designed to satisfy the needs of institutional and corporate sectors for suitably qualified risk managers. The qualification will be able to fill a significant gap in the higher education market as evidenced by requests for, and interest in this qualification from stakeholders in the market.

The qualification is intended and designed specifically for the further educational needs of full-time employees who wish to enter or grow in a senior risk management-related role. This qualification will offer the opportunity to enrol for a Master's Degree with a qualitative risk management focus. No similar qualification at a Master's Degree level currently exists in South Africa.

Recognition of Prior Learning (RPL)

The institution subscribes to the principles underlying outcomes-based, source-based and lifelong learning. In this context, considerations of articulation and mobility play an important role. The institution endorses the view that recognition of prior learning (RPL) constitutes an essential element of the transformation of access and admissions policies at education institutions in South Africa. The transformation of access and admissions policies is intended to increase participation and to broaden access to higher education in order to produce learners with the skills and competencies necessary to meet the human resource needs of the country.

The institution acknowledges that the recognition of prior learning must be conducted in a valid, reliable and equitable way and that it must take place in accordance with the terms of the University's policy on the recognition of prior learning and in accordance with the relevant procedures laid down by the Faculty.

Recognition and exemption of modules may be given in accordance with the provisions contained in the institution`s Academic Rules. The structure of this qualification makes the recognition of prior learning possible; thus, practical legal experience in the field of Risk Management will be taken into consideration. This qualification may therefore be achieved in part through the recognition of prior learning, which includes informal and non-formal learning and work experience. If the learner is able to demonstrate competence in the knowledge, skills, values and attitudes implicit in some of the modules of this qualification, the appropriate credits will be assigned.

Entry Requirements

Admission requirement for the qualification

• Bachelor of Commerce Honours in Risk Management.

Or,

• An appropriate qualification on NQF Level 8 in any related discipline may be considered for admission.

The qualification consists of compulsory modules at NQF Level 9, totalling 180 Credits.

Modules at NQF Level 9, 180 Credits

• Applied Analysis and Research in Risk Management, 16 Credits.
• Fundamentals of Risk Management, 16 Credits.
• Behavioural Risk Management, 16 Credits.
• Governance, Risk and Compliance, 16 Credits.
• Risk Assessment Tools, 16 Credits.
• Risk Data and Reporting, 16 Credits.
• Mini-dissertation in Applied Research Project, 84 Credits.

1. Source, select, analyse, evaluate and communicate the specialist knowledge and information necessary to find solutions to the practical risk issues in her/his area of employment.
2. Design, select and apply appropriate and creative methods, techniques, processes and technologies to investigate and solve complex practical risk-related problems in a solid theoretical framework.
3. Acquire an understanding of risk management as a profession, the ethics of risk and the applications in risk management within systems-based contexts and will be able to apply these insights into practice.
4. Develop own learning strategies to sustain independent learning, academic and professional development, as well as effective communication and presentation skills.

Associated Assessment Criteria for Exit Level Outcome 1

• The main theoretical and practical risk frameworks are understood and applied.
• Advanced knowledge and information necessary to solve risk issues in practice are sourced, selected and analysed.
• Current processes of knowledge and information production in risk management, both in practice and academia are evaluated.
• Specialist risk-related knowledge and information to risk and non-risk managers at all levels in the organisation are successfully communicated.

Associated Assessment Criteria for Exit Level Outcome 2

• An appropriate process of enquiry for risk issues in own work environment is selected.
• A wide range of specialised skills in identifying, conceptualising, designing and implementing methods of enquiry to address complex and challenging problems within the field of risk are used.
• Research and analysis methods suitable for practical situations in risk management are selected and applied.
• Current research, analysis and problem solving practices in risk management are critiqued.
• Existing methods are creatively adapted to and new methods are designed to solve issues related to own working environment.
• The consequences of solutions or insights generated within practical risk contexts are noticed.

Associated Assessment Criteria for Exit Level Outcome 3

• Risk management principles are applied in the professional practice.
• Risk management principles are adapted to fit professional practice when required.
• Autonomous ethical decisions that affect knowledge production or complex organisational or professional issues are made.
• Professional practice of risk management in the development of ethical standards is critically contributed to.
• Interventions at an appropriate level within a system, based on an understanding of hierarchical relations within the system are made and the intended and unintended consequences of interventions are addressed.

Associated Assessment Criteria for Exit Level Outcome 4

• Academic assignments are independently designed and executed in own professional environment.
• Effective contribution, cooperation and discussion in group tasks on learning strategies are demonstrated.
• Processes and systems ensuring good resource management and governance practices in the work environment are initiated and implemented.

Integrated Assessment

The assessment practices in this field will fit the needs and experience level of this group as well as that of the prescribed NQF Level 9 descriptor.

• An inclusive and integrated approach to assessment will be incorporated into the qualification. The term `integrated assessment implies that theoretical and practical components will be assessed together.
• Assessment practices will be open, transparent, fair, valid, and reliable to ensure that learners are not disadvantaged during the assessment process.
• Continuous formative assessment methods and summative assessment will include:

> Self-assessment.

> Peer group evaluation.

> Written assignments on risk issues in the workplace.

> Evaluation of assignments by business managers.

> Presentation of research results.

> Case studies.

> Simulations and scenario analyses.

> Group work.

> Mini-dissertation.