Risk Leadership in a Global Context (MGMT 753)
London, United Kingdom
May 30-June 7, 2015
"Risk leadership" is a term that has been adopted in recent years to reflect growing interest in the role all managers play in addressing risks within the scope of their general responsibilities. Owing to significant changes in the practice of modern risk management, there is an increasing emphasis on aspects of risk management that exist outside the technical/functional areas of the field. Modern risk management emphasizes that "all managers are risk managers within the scope of their responsibilities." The concept of risk leadership is intended to capture the activities and knowledge necessary for general managers to live up to that expectation.
One of the key aspects of risk leadership is the specific subject of the "top management" perspective, for modern risk management requires a high level of executive and board engagement in the setting of risk policy and in the assurance of effective risk management practice. Recent developments in regulation, audit and the law have further emphasized these linkages, so while we might broadly speak of risk leadership occurring at all levels of general management, the top management perspective is a subject of critical concern today. Interestingly, these same issues arise in non-corporate settings too (nonprofits, governmental entities), and it will be important to include contemplation of these sectors, especially when looking at global risks. Climate change, earthquakes and volcanoes, the economy, terrorism and security, pandemics and technology all present challenges that are global, undifferentiated and relevant to all types of organizations.
The 2015 version of this course represents the 19th time St. Thomas has offered a risk management and insurance-related course in London. London is the appropriate venue for this course because the London risk and insurance market is the only truly global risk market, where the widest range of international risk issues are evaluated and addressed. As such, it is home to many of the world’s top risk experts and thus presents students with an economical way to have the broadest exposure to many leaders in the field. It must also be noted that London not only is the leading global risk management center, it has been the leading center for over 300 years. These historical foundations present students with a particularly enriching opportunity to understand present day challenges through the lens of the centuries-old evolution of risk management and the risk industry.
Dr. Peter C. Young, Professor
3M Endowed Chair in International Business
Students should be in good academic standing in their program and eligible to enroll in elective courses or receive instructor permission. Prior or concurrent enrollment in Enterprise Risk Management (MGMT 751) or International Business (MGMT 805) would enhance your London experience.