Risk management is the practice of identification and management of potential risks, analyzing them, and taking preventive steps to curb them. It is practiced by managers and fund investors in order to minimize as well as control their exposure to such risks. When an organization makes decisions for their company, it exposes itself to a number of risks. These can be financial as well as managerial risks and requires immediate action to reduce them. Hence, inadequate management of risks can lead to severe consequences for the company’s economy, organization, and individuals.
Some of these financial risks can be in the form of high inflation, volatility in capital markets, recession, bankruptcy, etc. and not managing risks properly might create havoc on investments in the economy. A project or a team manager has to manage risks on daily basis. For this, he has to learn to apply a systematic risk management process for the efficient handling of the risks involved.
It is very important for any financial manager to take these points into consideration before handling the risks. The companies especially appoint people who are certified as risk managers and can deal with any aspect of risk research, including disaster risk reduction, financial risk, broader environmental change, insurance, health, migration, social policy, risk and governance, and all aspects related to the management of risks.
Students who wish to become risk managers as well as explore the social dimensions of risk and resilience pursue MA and MSc in risk management, financial risk management, Master of Management (Corporate Governance and Risk), Master of Engineering in Risk Management, crisis management, etc. Being a risk manager opens up a lot of opportunities and widens the scope for better management of the company. Over the past 20 years, there has been a significant increase in the number of students pursuing risk management. One of the remarkable outcomes of this has been a stupendous growth in the number of students traveling abroad.
While studying risk management, the students will be taught the proper steps to achieve their project goals. The steps included are:
In many countries, the time period of risk management courses can range from 6 months to 2 years. During the duration of this course, the students
United States, United Kingdom, Canada, and Australia are some of the top countries offering degrees in Risk Management department. The average fees for a risk management course can be between Rs. 16,00,000 per year to Rs. 22,00,000 per year for Risk MA course and Rs. 14,00,000 per year to 20,00,000 per year for a full-time risk MSc course. There are total 230 courses in Risk Management being offered in various institutions across the globe. Some universities offering these courses are:
One of the most important challenges faced by the institutions are the support services that they require in order to make their cultural and social transitions optimal for study, work and travel abroad programs. For this, these institutions need to be pro-active in the management of risks, both at the level of program and of policy. The programs mentioned above foregrounds the existence of multiple ways of understanding risk and its aspects as well as how to manage it properly.
All the universities have different criteria and requirements for admission in a particular course. The majority of Universities expect their applicants to have a minimum IELTS score of 6, TOEFL IBT as 90 with no component under 23 and Pearson Academic (PTE) as 60, with no less than 56 in each Communicative Skills, even if your native language is not English.
One of the most important things to consider when applying to a university is the state of your finances with your academic scores. While some universities may be slightly flexible with the grade boundaries, there is a possibility that they consider your profile as well as finances before admission. There are a number of scholarships available depending on your academic profile and any other internship done.
Another vital thing to consider when you’re deciding where to study includes the options available at each of the universities alongside the expertise of your skilled lecturers. Although many of the core degree modules may be similar, the optional modules on site will differ between their academic establishments.
Some of the key points to remember while incorporating risk management are:
Did you know, over 37 Australian universities have made it to the 2018 QS list of top universities in the world? The Australian education system offers quality education combined with great employer and industry reputation.
The primary and secondary level of education in Australia is no different than the other countries since it sets up the basic concepts of knowledge in the mind of young. What makes a difference is the tertiary education programme in Australia.
Australia has around 43 universities and in order to keep in check the working of these universities the Australian government has initiated programmes such as:
• The Australian Qualification Framework (AQF) established in 1995 as a national policy for tertiary education in Australia.
• The Tertiary Education Quality and Standard Agency (TEQSA) which monitors the quality standards of higher education in Australia.
The top quality institutions in Australia offer a variety of courses. The best courses to study are:
Some of the globally renowned institutes and universities of Australia are:
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