UMass Boston

Operational Risk Management

Course #: MSIS 631, Class #: 3959, Section #: 01

Description

This course discusses the role of "operational risk management" in different aspect of business. The course starts with a session of definitions and preliminary discussions to show the big picture of the risk management discipline. The course then shows how different risks that an organization faces can be categorized according to their natures, probabilities and impacts. This is followed by describing how the probability of these risks can be reduced and how the impacts can be mitigated. The course finally focuses on how an organization can recover faster and more efficiently from a realized risk. Throughout this course, the emphasis is to show not only the importance of managing the inevitable risks as source of opportunity for organizations. This course is different form "financial risk management" since it does not discuss financial instruments to hedge against risks. Rather it tries to show how "operational decisions" can influence the probability and impacts of different types of risks. In addition, this class disc uses how to plan for recovery process.