FIN08018 2016 Risk Management Practice and Insurance

General Details

Full Title
Risk Management Practice and Insurance
Transcript Title
Risk Management Practice
N/A %
Subject Area
FIN - Finance
BUS - Business
08 - NFQ Level 8
05 - 05 Credits
Start Term
2016 - Full Academic Year 2016-17
End Term
9999 - The End of Time
Clodagh Caslin
Programme Membership
SG_BFINV_K08 201700 Bachelor of Business (Honours) in Finance and Investment Stream(Add-on) SG_BFINA_H08 201600 Bachelor of Business (Honours) in Finance and Investment SG_BBUSI_H08 201900 Bachelor of Business (Honours) in Business L8 (Ab-initio)

This course aims to provide the student with an understanding of the insurance industry and provide an insight into how insurance companies operate, how they assess and budget for risk, industry regulation and how risk and insurance concern all individuals and corporations.  This module builds on learning from " Risk Management and Insurance 1" and it will be assumed that the student is familiar with concepts and theories covered in that module  

Learning Outcomes

On completion of this module the learner will/should be able to;


Explain how risk treatment fits into the ‘risk management cycle’


Evaluate the strategies that can be employed to manage threats and opportunities, and the means by which risk control mechanisms may be prioritised


Compare and contrast available forms of risk financing, including insurance and alternative risk financing solutions


Explain the nature, framework and workings of the insurance,reinsurance and captive industry.


Explain the authorities and bodies responsible for the supervision of the insurance, captive and reinsurance industry.

Teaching and Learning Strategies

The student will engage with the content of the module through lectures, case studies, problem based learning and the use of interactive multi media tools.

Module Assessment Strategies

The continuous assessment will consist of one of the following:

  • Group project
  • Written assessment
  • Essay
  • Report
  • Presentation

Repeat Assessments

Repeat final exam only.

Indicative Syllabus

Introduction to risk treatment and the risk management cycle

Evaluating and selecting risk control mechanisms How risks evolve (upside risk, catastrophe level risks, untreatable risks), the options for risk treatment - the four ‘T’s, matching risk exposures to risk treatment.

Identifying, allocating and resourcing risk controls Types of controls, where the resources i.e. internal or external, decision making on appropriate controls, planning and justifying risk controls

The Nature and Role of Insurance Markets: characteristics of the Irish insurance market  - concentration level, penetration, regulatory structures that exist,major market participants, economics of insurance. Challenges and opportunities facing the industry

Reinsurance  - principles and functions of reinsurance/ alternative risk transfer. Technical analysis of major product types such as quota share, surplus etc

Captives -principles and functions of captive insurance companies. Types of captivesand choice of domicile.

Insurance/Reinsurance/Captive Regulation


Coursework & Assessment Breakdown

Coursework & Continuous Assessment
30 %
End of Semester / Year Formal Exam
70 %

Coursework Assessment

Title Type Form Percent Week Learning Outcomes Assessed
1 mark. The continuous assessment will consist of one of the following: Group project ,Written assessment, Essay , Report. Continuous Assessment Assessment 30 % Any 1,2,3,4,5

End of Semester / Year Assessment

Title Type Form Percent Week Learning Outcomes Assessed
1 Final Exam Written Exam Final Exam UNKNOWN 70 % End of Term 1,2,3,4,5

Full Time Mode Workload

Type Location Description Hours Frequency Avg Workload
Independent Learning UNKNOWN Independent 3 Weekly 3.00
Lecture Tiered Classroom Lecture 3 Weekly 3.00
Total Full Time Average Weekly Learner Contact Time 3.00 Hours

Required & Recommended Book List

Recommended Reading
2014-10-28 Fundamentals of Risk Management: Understanding, Evaluating and Implementing Effective Risk Management Kogan Page
ISBN 0749472448 ISBN-13 9780749472443

It is increasingly important that organizations recognize, assess and respond to all forms of risk that they face. Fundamentals of Risk Management, now in its third edition, provides a comprehensive introduction to the subject of commercial and business risk.  Completely aligned to ISO 31000, it examines the key components of risk management and its application, with examples to demonstrate its benefit to organizations in the public and private sector.

Exploring the different types of risk an organization faces, including hazard risks and uncertainties, chapters provide the core concepts of business continuity planning, enterprise risk management and project risk management as well as a thorough overview of the international risk management standards and frameworks, strategy and policy.  Fundamentals of Risk Management is the definitive text for emerging professionals and risk management students.

Module Resources

Non ISBN Literary Resources

Paul Hopkin, 2014 Fundamentals of Risk Management: Understanding, Evaluating and Implementing Effective Risk Management Kogan Page ISBN-10 0749472448, ISBN-13 9780749472443


URL Resources

Other Resources


Additional Information