Master of Commerce in Banking and Financial Risk Management

Purpose

This qualification has been designed to satisfy the needs of the banking and financial sector for suitably qualified risk managers. The qualification will fill a significant gap in higher education as evidenced by requests for, and interest in, this qualification from risk 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.

Rationale

The banking and financial sector has seen an increase in the importance of expertise in enterprise, operational, financial and compliance risk management. Companies struggle to find suitably qualified candidates for these roles and have to rely on employees who learn about risk and risk management on the job.

Higher education qualifications have traditionally focused on the more quantitative financial risk aspects such as mathematical risk modelling. The increasing complexity of banking and financial institutions means that this is no longer enough. A real need has developed for formal academic qualifications that focus on the more qualitative aspects of risk management.

Risk occurs in all aspects of corporate and societal endeavour. This means that risk management is an inherently multi-disciplinary occupation and as a result risk managers come from many different academic backgrounds. The ideal Master's qualification for risk managers will be focused on developing the knowledge, skills and values that they need to make a success of their risk management role.

It is assumed that the learner

• Has attained a level of academic achievement of at least NQF level 8 in an academic field related to her/his current area of employment.
• Is able to build on and apply academic principles to analyse and find answers to practical questions.
• Has at least two years of experience in a risk related role.
• Has knowledge and experience of practical risk related issues in the market.
• Is able to work independently as well as part of a team during her/his study.

Recognition of Prior Learning (RPL)

It is assumed that learners may have been performing duties that reflect competencies contained in this qualification at the workplace for many years without having received any formal qualification. Learners will be allowed to apply for RPL for access into the qualification. In addition, through RPL learners may apply for credits for certain modules.

Recognition of Prior Learning is possible for purposes of both access and full or partial exemption from content. Admissions or exemptions through RPL are in accordance with institutional principles and may be in the form of qualifications from other countries, reports testimonials or work records.

Access to the Qualification

Learners must have obtained a Bachelor of Commerce (Honours) Degree or equivalent.

This qualification comprises 7 modules at NQF Level 9 totalling 180 Credits.

Modules

• 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 and Quantification Tools, 16 Credits.
• Risk Data and Reporting, 16 Credits.
• Applied Research Project (Minor dissertation), 84 Credits.

1. Select, analyse, evaluate and communicate the specialist knowledge and information necessary to find solutions to practical risk issues in own area of employment in the banking and financial sector.
2. Design, select and apply appropriate and creative methods, techniques, processes or technologies to investigate and solve complex practical risk-related problems in a solid theoretical framework.
3. Apply ethics, professional practice, context and systems in practice.

Critical Cross-Field Outcomes

The learner is to

• Identify and solve risk-related problems in a responsible, critical and creative manner.
• Work effectively with others as a member of a team in the workplace.
• Manage one's own role in the risk environment in an organised and responsible manner.
• Collect, analyse, organise and critically evaluate information.
• Communicate effectively using visual, mathematical a language skills in oral and written modes.
• Use risk management tools and technology effectively and critically.
• Demonstrate an understanding of the world of work as a set of related systems by recognising that problem-solving contexts do not exist in isolation.

Associated Assessment Criteria for Exit Level Outcome 1

• The main theoretical and practical risk frameworks are applied and understood.
• Advanced knowledge and information necessary to solve risk issues in practice are selected, analysed and evaluated.
• Current processes of knowledge and information production in risk management, both in practice and academia are analysed.
• Specialist risk-related knowledge and information to risk and non-risk managers at all levels in the organisation is 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 analysed and new methods to solve issues related to own working environment are designed and adapted.
• The consequences of solutions or insights generated within practical risk contexts are understood and defended.

Associated Assessment Criteria for Exit Level Outcome 3

• Apply risk management principles in professional practice.
• Adapt risk management principles to fit professional practice when required.
• Make autonomous ethical decisions that affect knowledge production, or complex organisational or professional issues.
• Critically contribute to the development of ethical standards in the professional practice of risk management.
• Make interventions at an appropriate level within a system, based on an understanding of hierarchical relations within the system, and the ability to address the intended and unintended consequences of interventions.

Integrated Assessment

Both formative and summative forms of assessment will be used to determine competencies acquired through learning. This 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.
• Minor dissertation.