YH00CY57 Risks in Business (3 cr)
Cooperation network course
Network: EduJyväskylä
Available for: Master's students, Bachelor's students and Bachelor's and Master's students
This course is offered through the Network for EduJyväskylä. These studies are available for bachelor's, and master's degree students studying in the University of Jyväskylä.
Description
Course Schedule Map:
Session One: Introduction to Leadership & Risk Management
1. Introduction to Course and Methodology.
2. Define Leadership.
3. Define Risks.
4. Teams Formation and Team Charter.
5. Define Connection between Leadership and Risks.
6. Risk Management Framework Introduced
Session Two: Risk Management Framework – Risk Identification
1. Risk Management Framework Rationale and Application.
2. Risk Management Identification – Why, When, What and How.
3. Categories of Business Risks Identified – External, Internal and Customer Risks.
4. Practical Example of Identifying Risks – Last Frontier Heli-Ski, British Columbia
5. Focus on Customer Risks – the Customer Journey exercise
6. Teams Commence Assignment #1
7. Teams Chose Local Service Business and specify the service experience
8. Teams build Customer Journey
9. Teams identify Consumer expectations at each step and then determine major moments of truth (the most important steps to you as a customer).
10. Teams build Risk Identification statements for Moments of Truth
Note: For an applied experience, it is recommended teams choose a local service business that they can visit and experience. Types of local businesses will be provided by your coach.
Session Three: Risk Management Framework – Risk Assessment
1. Overall Risk Assessment Model (ORA) introduced.
2. Assessment of customer risks – teams assess customer risks for your chosen local business using the ORA model.
Session Four: Risk Response Strategies and Risk Monitoring Indicators
1. Risk Response Strategies – Main Types and Components.
2. Development of Risk Response Strategies for local business for top external risks, top internal risks and top customer risks.
3. Key Risk Monitoring Indicators – What/Why?
4. Development of Key Risk Monitoring Indicators for the risk response strategies.
Session Five: Prepare Risk Management Presentation
1. Winning Pitch Framework introduced.
2. Risk Management Presentations developed.
3. Teams’ practice for final presentations.
Session Six: Risk Management Teams Competition
1. Teams Presentations and Competition.
Learning outcomes
1. To foster risk taking as a leader through risk management.
2. To understand and apply a modern risk management framework as follows: Identify an effective decision statement; Identify associated business risks and consequences; Assess risks using a proprietary risk assessment model; Develop risk response strategies; Create key risk monitoring indicators.
3. To learn to manage risks collaboratively.
4. To present a full risk management analysis of a real case.
At the end of the course, you will achieve the following objectives:
1. Understand and identify business risks that are classified as having legal consequences and those that are classified as having business consequences.
2. You will gain knowledge of the fundamental business risks will examine the major areas of business including an examination of management, marketing, human resource, technology and financial risks.
3. You will understand the model of risk management.
4. You will apply your new knowledge using the risk management framework on both legal and business risks using original business cases developed by your professor.
Additional information
Risk management is the identification, analysis and response to actions in a business that have consequences for all of the stakeholders. Risk comes into play with every decision you make. Without decision making on both a pro active and reactive basis, an organization faces stagnancy and irrelevance to its stakeholders.
Risk taking in business are essential - organizations must adapt to their environment to survive; change course in the face of competition. And when we look at the critical resources of time, financial capital and human capital, the effective management of these resources is never without risk. Here are a few examples of decisions that have consequences. Owners of a service business rely on decisions to build their brand that build brand goodwill or that could destroy the brand equity. These consequences are optimized through planning and taking planned risks. These consequences are detrimental when not planned. Their are decisions with risk regarding recruiting and retaining your employees. Actions must be taken to provide a positive financial return for shareholders. Management must take risks when planning a business strategy to create a competitive advantage. Negotiations with suppliers require risks to enter into contracts. And critical to any business are the decisions made to connect with prospective customers and convince them to buy the service and product.
For students in a business school, you need to learn and understand that every decision in our business and personal lives has consequences. With a proper risk management framework, these consequences can be positive and intended as opposed to negative and unintended.