Postgraduate Diploma: Risk Management

Purpose

The primary purposes of the qualification, closely tied to the rationale, serve to consolidate, advance and deepen students' expertise in the various areas of risk management. The qualification aims to provide in-depth, specialised education, training and scholarship in the field and practice of risk management at postgraduate level.

Rationale

Risk management has become increasingly important due to the greater risks businesses are exposed to, including dynamic, volatile local and global economic conditions and increasingly complex socio-political and legal contexts in which businesses have to operate. The PG Dip (Risk Management) prepares students for the global and African context. The qualification also prepares graduates for specialised employment.

It is assumed that learners accessing this qualification are able to

• Read and critically evaluate academic text in English and communicate information and their own ideas orally and in written text that is grammatically correct, well structured, clear and concise, using accepted standards of scientific and academic writing.
• Independently and responsibly plan, schedule and take responsibility for the success of their learning in a structured and open distance learning (ODL) tuition environment and appropriately manage their time according to required outcomes.
• Identify, access, retrieve and integrate information from scholarly or professional literature.
• Use technology to such an extent that they can access and participate in the various modules that comprise the qualification by means of online delivery and also use the library and other electronic services in support of the learning (myUnisa) and any other additional resources related to the qualification modules.

It is also assumed that they

• Have access to the South African media
• Have knowledge about the theoretical and practical aspects of management.

Recognition of Prior Learning (RPL)

Recognition of Prior Learning will be applied on an individual basis and will be in accordance with institutional Recognition of Prior Learning policies. Recognition of Prior Learning will be applied on the basis of agreement between UNISA and the student concerned.

Access to the Qualification

Access is open to any learner in possession of a bachelors' degree.

The qualification consists of the following modules at NQF Level 8 all of which are compulsory

• Operational Risk Management: 24 Credits.
• Investments: Derivatives: 24 Credits.
• Governance, Risk and Compliance Management: 24 Credits.
• Risk Financing: 24 Credits.
• Credit Risk Management: 24 Credits.
• Minimum total Credits: 120.

The Postgraduate Diploma (Risk Management) graduate is able to

1. Demonstrate coherent and critical understanding founded on a comprehensive and systematic knowledge base of quantitative and qualitative methodologies in economic and management sciences, theory and paradigms in the specialized areas of risk management.
2. Think critically about theory and practice and demonstrate advanced scholarship in the various specialisation areas by critically and systematically reviewing knowledge and processes of knowledge production and interrogating multiple sources of knowledge in the various areas of risk management.
3. Use a range of specialised skills to identify, analyse and address complex, abstract and/or real-life problems, drawing systematically on their risk management knowledge, techniques and technologies of the various specialisation areas.
4. Apply their knowledge of and insight into the theory and practice of risk management to complex and/or real-life problems.
5. Use a range of specialised knowledge, skills, techniques and technologies and ethical standards relevant to Risk Management in planning and implementing a comprehensive enterprise risk management plan.
6. Demonstrate capacity to manage and self-assess learning tasks autonomously, professionally, responsibly and ethically with due consideration of their continued academic growth and development.

Critical Cross-Field Outcomes

All the Critical Cross-Field Outcomes can be addressed by this qualification. Some examples of how this can be done are

• Identify and solve challenging, complex and real-life risk management problems in an organisational context and make decisions using advanced critical and independent thinking.
• Autonomously collect, analyse, research, organise and critically evaluate information and make sound judgements, reflecting critical self-reflection and a consideration of consequences.
• Work effectively with others as members of a team, group, organisation or community by taking full responsibility for their own work, decision making and use of resources.
• Organise and manage themselves and their own activities responsibly and effectively, develop their own learning strategies which sustain independent learning and academic or continued professional development and interact effectively within the learning or professional group as a means of enhancing learning.
• Communicate effectively using visual and/or language skills in the mode of oral and/or written presentations. This includes researching, reviewing, evaluating, producing and communicating information in specialised contexts in order to develop creative responses and insights, rigorous interpretations and solutions to problems and issues appropriate to the context.
• Demonstrate an understanding of the world as a set of related systems by recognising that problem solving contexts do not exist in isolation. This includes operating effectively within a system, or managing the system based on an understanding of the roles and relationships between elements of the system.
• Develop sensitivity to diversity and individual uniqueness and understand similarities shared with others. This includes identifying and addressing governance issues based on critical reflection on the suitability of different governance systems to specific contexts.
• Promote responsible citizenship by contributing towards the continued operation of the firm, and subsequent employee wellness within the organisation, and the social and economic development of society at large.
• Develop a comprehensive and systematic theoretical knowledge base in the areas of specialisation and practical macro vision, taking into account socioeconomic, sociopolitical, legal and multicultural factors influencing economic, business and risk management internationally, nationally and locally.

The following set of generic assessment criteria are applied in an integrated way to assess the Exit Level Outcomes

• Current research and multiple sources of scholarly or professional literature are reviewed, critiqued and evaluated in an intellectually independent manner and sound theoretical judgements are made by using well-reasoned, theory-driven and evidence-based arguments.
• Assessment of risks in an organisational context and other complex problems related to the areas of specialisation are accurately identified, critically reviewed and evaluated and interpreted by taking into consideration the economic, socio-political and legal contexts, including governance and ethics.
• Standard procedures, processes or techniques to theoretically deal with or empirically investigate unfamiliar complex, abstract or real-life world problems in a particular area of specialisation are appropriately applied.
• The analyses and interpretation of theoretical, quantitative and qualitative data and information are independently conducted and demonstrate coherent and critical insight by means of well-rounded, theory-driven and evidence-based arguments and critical self-reflection.
• Judgements and conclusions are based on information and data and are clearly communicated using the resources of an academic/professional discourse appropriately, reliably and accurately.
• Critical self-assessment reflects an awareness of taking responsibility for the student's own activities, ethical behaviour and continued personal development in the fields of risk management and governance.
• Reasoning, viewpoints, insights and ideas reflect an acceptable social sensitivity in the student's relationship and interaction with others and work in the scholarly, risk management and other managerial work environments.
• Ethical decisions which affect knowledge production or complex organisational or professional issues are made with social sensitivity and awareness of consequences in an autonomous manner.

Integrated Assessment

For the qualification to be awarded, a learner must have successfully achieved the outcomes of each of the compulsory modules that constitute the qualification.

Evidence of learning competency (knowledge, skills, attitudes and expertise) and of the candidate's ability to achieve the purpose of the qualification as a whole at the time that the qualification is awarded is required by means of comprehensive and integrated assessment (constituting a range of formative and summative assessments). Continuous formative and summative assessment methods are used in the form of written assignments and exams.

Formative and summative assessment will be conducted within the guidelines of the Unisa Assessment Policy. The student's summative assessment mark will comprise a year mark (10%) that will be gained from the specified number of compulsory assignments and a written examination in each module which comprises 90% of the total summative assessment mark. The pass mark shall be a minimum of 50% acquired from both continuous and summative assessment in a proportionate ratio; 75% shall constitute a pass with distinction.

Assessors should assess and give credit for evidence of learning that has already been acquired through formal, informal and non-formal learning and experience.

Lecturers responsible for the module and external markers (assessors) will act as assessor practitioners in accordance with the Unisa Assessment Policy. Formative and summative assessment will be conducted within the guidelines of the Unisa Assessment Policy. Student support will be provided in accordance with Unisa ODL and Learner Support policies and guidelines.

Notes for assessors

Assessors should keep the following general principles in mind when designing and conducting assessments

• Focus the initial assessment activities on gathering evidence in terms of the main and specific outcomes, or groups of specific outcomes expressed in each of the modules to ensure that assessment is integrated rather than fragmented. The aim is to declare the person competent in terms of the qualification purpose.
• Make sure evidence is gathered across the entire range, wherever it applies.
• Assessment activities should be as close to the real performance as possible and where simulations or role plays are used there should be supporting evidence to show that the candidate is able to perform in the real situation.
• All assessments should be conducted in line with the following well-documented principles of assessment as defined below and in the Unisa Assessment Policy.

Principles of assessment

• Appropriate: The method of assessment is suited to the performance being assessed.
• Fair: The method of assessment does not present any barriers to achievements which are not related to the evidence. In particular, the method of assessment is sensitive to language diversity.
• Manageable: The methods used make for easily arranged, cost-effective assessments that do not unduly interfere with learning.
• Integrated into work or learning: Evidence collection is integrated into the work or learning process where this is appropriate and feasible.
• Valid: The assessment focuses on the requirements laid down in the standard, ie the assessment is fit for purpose.
• Direct: The activities in the assessment mirror the conditions of actual performance as closely as possible.
• Authentic: The assessor is satisfied that the work being assessed is attributable to the person being assessed.
• Sufficient: The evidence collected establishes that all criteria have been met and that performance to the required standard can be repeated consistently.
• Systematic: Planning and recording are sufficiently rigorous to ensure that assessment is fair.
• Open: Students can contribute to the planning and accumulation of evidence. Assessment candidates understand the assessment process and the criteria that apply.
• Consistent: The same assessor would make the same judgement again in similar circumstances. The judgement made is similar to the judgement that would be made by other assessors.