Risk Management is increasingly being recognized as the key for achieving and driving sustainable organizational performance, regardless if the organization is active in the public sector or the private sector and industrial domains.
This Master’s Programme in “Enterprise Risk Management” (ERMII) is designed around eight semester long thematic units, and a Master’s thesis (mandatory) that includes a research methodology part, which capture the essential knowledge and skills that are essential to a competent and contemporary Chief Risk Officer in any type of organization or enterprise. The Programme is designed to provide formal education contemporary Risk Management and its natural extensions to Crisis and Emergency Management to graduates.
The programme is likely to attract industry-sponsored applicants or even groups, i.e. from organizations that are in the process of developing or strengthening their own risk management functions. The tight focus of the programme on all aspects of risk management but in a generic format makes it an ideal postgraduate course in Risk Management for candidates from all over the world to apply for the qualification.
Teaching Language
The Master programme in “Enterprise Risk Management” is offered in the English language.
Duration of the programme
The minimum time required for the completion of the Program is four (4) semesters/2 years.
European Credit Transfer System – ECTS
120 ECTS
Classification according to ISCED-2011 of UNESCO
– Based on the level of Education: 7
Classification according to ISCED-2013 of UNESCO
- Based on the field of Education: 0413 – Management and Administration
Quality Policy
Quality Target 2025
On successful completion of the Master in Risk Management students will be able to:
- Understand the role of the Chief Risk Officer
- Understand the main issues concerning Organizational Analysis, Crisis Protocols and Procedures
- Understand the main issues concerning Continuity Planning and Preparedness Training
- Use Essential Qualitative and Quantitative Techniques
- Understand the main issues concerning Risk Identification, Risk Evaluation and Risk Treatment
- Understand the main issues concerning Risk Information Systems and Technologies
Intended Learning Outcomes
At the completion of the programme, students will have the knowledge and skills to:
Knowledge & Comprehension
- Develop a deep and global understanding of all technical and human aspects of risk and its management.
- Being able to perceive the risks faced by their business (as managers) at all fronts such as the economy, the society, the natural environment, the human resources.
- Appreciate the role of business organization and human resources as an important parameter in the total risk minimization for a business.
Application
- Employ statistical and data analytics techniques in building predictive models to generate predictions for new data and implement appropriate performance measures for predictive models.
- Develop skills in applying the most important risk assessment and risk management techniques
Analysis
- Analyse crisis types, contexts, techniques, protocols and procedures in Business Continuity Planning and Transformational Leadership.
- Apply analytical methodologies and tools based on mathematical / statistical techniques in modelling and analysing empirical data in order to evaluate relationships and risks in the process of managerial decision-making.
Synthesis
- Being competent in analysing and planning risk governance and communication strategies.
- Being able in selecting, analysing and implementing the most widely applied risk management standards.
- Being able to monitor the aforementioned risks so that the business be prepared and carefully hedged.
Evaluation
- Evaluate implications of decision-making theories, frameworks, approaches and models for Crisis Management in Society.
- Employ modern research methods to independently identify problems in the field of management, exploit the current state of the art and specify ways for their effective solution and report results coherently in written form, with clear use of language, professional referencing and use of tables, diagrams and graphics where appropriate.
- Identify learning needs for further professional development and manage the process independently.
Admission requirements for the Joint MSc in Enterprise Risk Management are published online and are available to all applicants beforehand. Candidates are eligible to apply if they
- hold a University degree title (Bachelor’s) from a recognised higher education institution by the date of enrolment, or
- expect to be awarded a University degree title (Bachelor’s) by July 31 of the academic year before the year in which they will commence their studies at the Open University of Cyprus, or provide valid evidence that their University degree title (Bachelor’s) by a recognised higher education institution is pending and that they are eligible to graduate, having fully met the requirements of their academic programme.
Specific requirements
- Applicants must hold an undergraduate degree from a valid/recognized higher education institution.
- Applicants must have a certificate of English proficiency corresponding to an IELTS score of 5.5 or at least equivalent to the Common European Framework of Reference for Languages (CEFR).
- There are also special regulations and procedures for the registration of students in professional unions and the recognition of their university and high school diplomas, defined by ΔΟΑΤΑΠ (Greek NARIC) and ΚΥΣΑΤΣ (Cypriot NARIC).
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1st Semester:
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ERM511
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Principles of Economics Risk Management
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(C¹, 10 ECTS)
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ERM512
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Advanced Quantitative Methods for Risk Management
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(C, 10 ECTS)
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ERM513
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Risk and Risk Management
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(C, 10 ECTS)
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2nd Semester:
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ERM521
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Management Principles and Human Resources Management in an Environment of Risk
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(C, 10 ECTS)
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ERM522
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Predictive Analytics in Risk Management
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(C, 10 ECTS)
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ERM523
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Risk Management Standards and Techniques
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(C, 10 ECTS)
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3rd Semester
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ERM611
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Crisis Management
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(C, 10 ECTS)
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ERM612
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Business Continuity Planning (BCP)
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(C, 10 ECTS)
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ERM701A
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Master Thesis Ι
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(C, 10 ECTS)
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4th Semester
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ERM701B
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Master Thesis ΙΙ
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(C, 30 ECTS)
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Note:
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C¹: Compulsory
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Module selection Instructions
Students may select one (1) to three (3) Modules per semester. When selecting Modules, students must first select Modules from previous semesters and then select Modules from next ones, taking into account the possible existence of prerequisites modules. Particularly, the prerequisites are as follows:
- ERM512 is prerequisite of ERM522 and ERM701A
- ERM513 is prerequisite of ERM523 and ERM611
- ERM511, ERM512, ERM513, ERM521, ERM522, ERM523, ERM611 και ERM612 are prerequisites of ERM701B.
Programme Structure
For the successful completion of the Master programme, students must follow and successfully pass examinations in eight (8) compulsory Modules (credited with 10 ECTS per module) and the Master Thesis (Master Thesis I – credited with 10 ECTS & Master Thesis II – credited with 30 ECTS).
Students are required to prepare three written assignments and 12 interactive learning activities in each Module under the supervision and guidance of a tutor and if they gain the necessary grades they become eligible to participate in the final exams.
For information about the program:
Contact:
Phone: +35722411711
Email: admissions@ouc.ac.cy
see also:
https://www.ouc.ac.cy/index.php/en/studies/master/erm-2
