Fundamentals of Risk and Risk Management - RISK5001

Faculty: UNSW Business School

School: School of Risk and Actuarial Studies

Course Outline: RISK5001 Course Outline

Campus: Sydney

Career: Postgraduate

Units of Credit: 6

EFTSL: 0.12500 (more info)

Indicative Contact Hours per Week: 3

Enrolment Requirements:

Prerequisite:Enrolment in Program 8418 or 8428 or 8404 or 8417 or 8411 or 8416 or approval from the School of Actuarial Studies

Equivalent: COMM0032, RISK2001

Excluded: ACTL6001

CSS Contribution Charge: 3 (more info)

Tuition Fee: See Tuition Fee Schedule

Further Information: See Class Timetable

View course information for previous years.


This course aims to introduce students to the complex and diverse range of risks that organizations must manage in today's increasingly global environment. The course discusses the complex nature of the words 'uncertainty' and 'risk', and how their many definitions and interpretations impact risk management. Subsequent lectures demonstrate why organizations must manage risks and what is different in the way they approach risk management today, compared to the past. The fundamental role risk culture and communication play in ensuring an organization’s ability to manage risks at Enterprise level is emphasized, and various frameworks for risk management reviewed.

The course aims to enhance students' ability to think 'outside the box' and encourages them to find solutions to complex problems, given limited information. Class debates and case study lectures are used to achieve these student attributes.

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