Postgraduate Diploma in Risk Management

Purpose

The Postgraduate Diploma (PGDip) (Risk Management) is directed at those individuals wishing to pursue a qualification with an emphasis on organisational risk management. Learners develop skills and possess the knowledge required to effectively support scenario planning and risk mitigation whilst utilising an approach that is not based on more than a finance or process perspective. By way of classwork the qualification builds skills in risk management by taking a holistic approach and covering the core areas in risk management.

Rationale

This institution is a distance education institution and its qualifications are available to learners both locally and internationally. Learners are drawn from both South Africa and the Southern African Development Community (SADC) region, where the qualification contributes fruitfully towards developing management skills amongst the states in the region. The qualification is aimed at building advanced skills and knowledge in the field of risk management.

The growing need to understand and mitigate risks found within organisations has given rise to the importance of risk management. Through the implementation of risk management, organisations become more resilient and robust when faced with events or situations that have a direct influence on an organisation. Not every organisation faces the same risk challenges, bringing about the need to develop a "risk culture" which is of significance as organisations strive to remain competitive in an ever changing consumer driven environment.

Risk management has long been associated with project management; however, in recent years it has become an increasingly important aspect of organisations best practices. Organisations have come to the realisation that through the implementation of risk management, negative impacts can be greatly minimised while being cost efficient. In order to manage risk intelligently enough, businesses need to ensure that they have competent and knowledgeable professionals who can provide a holistic approach while supporting operational capabilities.

The Postgraduate Diploma (PGDip) in Risk Management facilitates a streamlined approach needed by organisations to combat the broad negative effects of risks that are unforeseen while strengthening and deepening knowledge in an existing qualification. This allows graduates to be able to anticipate problems, develop risk identification and control programmes aimed at minimising risk resulting in a comprehensive and valid report through developing and analysing a model to implement quantitative risk management methodologies. The PGDip (Risk Management) qualification seeks to address the dearth of qualifications in risk management in South Africa as this qualification seeks to facilitate and build upon existing knowledge for those who are already professionals; entrepreneurs; managers or employers with risk management needs; or learners.

Based on the current National Qualifications Framework (NQF) levels, Postgraduate Diplomas are currently at Level 8, equipping learners with the ability to look at different markets, customers and product lines in a more sophisticated manner. The course work on the qualification facilitates a sound understanding of the key business theories, methodologies and practices. The course work provides a balance of theoretical and practical aspects of risk management.

With the scarcity of Postgraduate Diplomas in Risk Management and the current shortage of expertise and skills in this area, this qualification aims to produce graduates who are in possession of the following attributes:

• Critical thinking.
• Fundamental problem solving skills.
• Communication skills.
• Ethical and legal conduct.
• Accountability.
• Risk modelling.

Recognition of Prior Learning (RPL)

This qualification may be obtained in whole or in part through the Recognition of Prior Learning. In the cases where prior learning is to be recognised for purposes of access to the qualification:

• It is assumed that the learning derived from work or life experience will be a major element in the profiles of non-standard entrants primarily by means of a portfolio of evidence. Such 'non-standard' candidates will be selected on the recommendation of a senior manager from applicants' organisations/companies.
• Where appropriate, interviews will also be conducted to assess applicants for selection purposes. Some of the key criteria that will be used in evaluating 'non-standard' applicants include:

> The applicant's motivation, maturity and realistic approach to postgraduate studies.

> Job description, covering relevant area of work, giving examples of tasks carried out, possibly supplying references, linked to a portfolio of evidence.

> The nature and level of life/work experience and prior study, and the learning which has resulted from such experience.

> Details of in-company short courses, length, content of material covered, standard achieved.

> The clarity of the applicant's educational goals and objectives.

> The extent to which the applicant can provide evidence of the threshold skills and knowledge for the qualification.

Where prior learning is recognised for advanced standing, credit will be given for prior certificated learning in accordance with established practice at South African higher education institutions.

Credits may only be accumulated for modules, which are prescribed within the structure of a named award.

Entry requirements

The minimum entry requirements to this qualification is a

• Bachelor's Degree, Level 7.

Or

• An appropriate Advanced Diploma, Level 7.

This qualification comprises compulsory modules at Level 8 totalling 120 Credits.

• Introduction to Risk Management, 15 Credits.
• Risk Management Framework and Measurement, 15 Credits.
• Risk Modelling, 15 Credits.
• Corporate Governance, Ethics and Risk, 15 Credits.
• Strategic Management, 15 Credits.
• Auditing for Risk, 15 Credits.
• Corporate Risk Management, 15 Credits.
• Project Communication and Risk Management, 15 Credits.

1. Understand the evolution and importance of establishing a risk management culture.
2. Display an understanding of the risk management framework and risk specific modelling as a means of assessing risk so as to promote and grow the organization.
3. Employ integrated knowledge to solve complex risk management problems in an organisation and pose viable solutions.
4. Identify and mitigate risk relating to an individual project or organisation as a whole.
5. Understand the role of management and leadership in organisational success.
6. Demonstrate an understanding of varying risks within the different corporate levels of an organization.
7. Engage in self-directed learning.
8. Possess the ability to identify and manage the various types of fraud that is prevalent within an organisational context.
9. Demonstrate an appreciation and understanding of ethics, compliance and accountability.
10. Apply the concepts of risk mapping and risk modelling to process information for decision making.

Integrated assessment centres on the

• Grasp the concepts of each module.
• Apply the management theory to a practical context.
• Use the methods of research and understand its relation to theory.
• Understand the balance between theory and practice and its relevance to the level of the qualification.
• Develop strategic and leadership capabilities.
• Use appropriate technology to ensure effective communication of ideas.
• Develop critical thinking and problem solving skills.

Integrated Assessment

Assessment methods include

• Interpretative and analytical problem solving in the written examination.
• Research and work based assignments.
• Classwork.
• Self-assessments activities in the programme material.

Formative Assessment

The scheme of work includes assignments based on the learning material and learners are given feedback. The process is continuous and focuses on smaller sections of the work and limited number of outcomes.

Summative Assessment

Summative assessments include examinations or equivalent assessment such as a research essay or portfolio in order to determine a representative selection of the outcomes practised and assessed in the formative stage. Summative assessment also tests the learner's ability to manage and integrate a large body of knowledge to achieve the stated outcomes of a module.

All assessment will attempt to integrate knowledge, skills and attitudes and applied competence.