10162134Advanced Risk Management Strategies
Course Information
Description
This course will serve as an elective for the Risk Management track. Risk Management is a foundational concept in insurance today. Through student research, the course build on lessons learned in Assessing & Managing Risks as well as explores Surplus Lines, Reinsurance, and Financial Analysis further. The course culminates with a trip to London, further emphasizing the global interdependence of the insurance industry and businesses in general. Trip expenses are separate from tuition and the trip is required in order to register for this class.
Total Credits
3
Course Competencies
  1. Assess global interdependence of business and insurance.
    Assessment Strategies
    by collaborating with others to identify a United States business and/or industry that imports or exports to a country outside of the United States
    by working with others to draw a flowchart that identifies the business path from manufacturing to consumer
    by working together with others to draw a flowchart that identifies stakeholders
    Criteria
    you can verbally explain the flow of business and the dependence on other countries
    you can identify the business stakeholders

  2. Identify exposures to loss specific to businesses that import or export materials, supplies, products, services or labor outside of the United States.
    Assessment Strategies
    by reviewing a business s or industry s dependence on a foreign country and identifying governmental regulations that may impact business
    by collaborating with other students to explore how the governmental regulations may affect the finished product or service and thus the consumer
    by contributing to the success of a team
    Criteria
    you can identify and describe hazards specific to business or industry that imports/exports outside the United States
    you can read and apply knowledge and ideas for information gathering and problem solving
    you can listen to the viewpoints of others with respect

  3. Classify the exposures and apply risk management strategies, including transfer of risk.
    Assessment Strategies
    by categorizing the international risks based on frequency and severity
    by working with other students to identify the best strategy for managing the risk
    by using rationalization to determine feasibility of the chosen risk management strategy
    by communicating effectively and respectively with others in a work group
    Criteria
    you can communicate verbally and in writing the selected methods of risk management for each risk
    you can apply knowledge for the purposes of classifying differences in risk
    you can justify the reasoning for the strategy

  4. Explain why companies utilize Reinsurance.
    Assessment Strategies
    by determining if your business/industry should reinsure any of their exposures
    by communicating which exposures are best suited for reinsurance and why
    by identifying various reinsurance companies and their interdependence with world economies
    Criteria
    your research reflects justification of reinsurance as a risk management tool
    you express respect for the complex range of experiences of a diverse work group

  5. Explain the functions of Lloyds, Surplus Lines, Reinsurance, and MGAs.
    Assessment Strategies
    by researching the functions of Lloyds, Surplus Lines, Reinsurance and MGAs and preparing questions for a panel.
    by asking pertinent questions to a panel representing each type of insurer
    by expressing sensitivity towards others through active listening
    Criteria
    your written reflection indicates an understanding of each method of insurance

  6. Apply concepts to calculating financial stability of insurers and intermediaries through the use of ratios.
    Assessment Strategies
    by using formulas to determine capacity, liquidity, and profitability ratios for an insurer or intermediary
    by collaborating with other students to determine ratios when given financial components
    by answering a set of questions in Blackboard
    Criteria
    your reflection indicates an understanding of the use of the ratios in business
    you can apply the mathematical concepts to determine financial ratios

  7. Analyze risks involved in international travel and determine ways to apply risk management strategies.
    Assessment Strategies
    by collaborating with other students to analyze risks inherent in business travel
    by submitting a paper to the instructor outlining the risks international business travelers face
    by applying risk management strategies to these risks
    by verbally communicating the risks and strategies to the class
    by exhibiting preparedness and readiness for international travel
    Criteria
    your written presentation shows a clear understanding of international travel risks
    your risk management strategies provide a justifiable method of handling the risks
    your strategies are feasible
    your reflection indicates an understanding of the applicability of risk management strategies to all aspects of business