The Opus College of Business offers four pathways to obtaining an MBA: 1) the Part-Time Flex MBA, 2) the Full-Time Flex MBA, 3) the Executive MBA, and 4) the Health Care MBA. Each of these options provides opportunities for students to include course work in risk leadership/management, compliance, governance, CSR/sustainability, and strategy—the component subject matter for Risk Leadership programming at St. Thomas.
The present economic crisis, along with a range of other looming challenges (climate change, unrest in the Middle East, health and food security concerns, changing consumer preferences and social mobility), have presented global organizations with the most daunting array of risks in at least 60 years. Broadly, this situation presents organizations with the challenge of developing more comprehensive approaches to the management of risk. Key to modern risk management thinking is the view that all managers are expected to act as risk managers within the scope of their duties. Thus, the study of risk management is no longer just for those interested in technical specializations such as finance, audit, or safety/security risk; it is an important topic for all business students. Key subjects of investigation in MGMT 751 will include: 1. The specific challenge of engaging Boards and Executive Management in order to get risk management onto their agendas. 2. The difficulties in translating risk policy into risk management systems and structures. 3. The particular processes necessary to knit together the existing technical specialist infrastructure. 4. The development of sufficient risk management competence among the entire organization (and especially non-risk management specialists). 5. The problems of communicating relevant risk information to external stakeholders.
MGMT 753 GOES TO LONDON - REGISTER HERE
May 22nd-May 29th 2017
For the first time in 20 years, MGMT 753: Global Risk Leadership is pitching its tent back in London for 2017!! We will return to Scandinavia in future years.
Global Risk Leadership has long been a course that challenges students to better understand how firms (and societies) assess and address Global Risks. In doing so, the relationship between risk management and both resilience and sustainability has been introduced and explored. As will be seen, ‘managing’ many of these challenges is far beyond the capabilities of single organizations (or even nations), and so the concept of risk leadership is introduced to provide a framework for thinking about the necessary ingredients for meaningful responses to these risks.
The threats to corporate resilience and sustainable viability come not just from global risks, to be sure, but an understanding of global risks as well as leadership-driven responses will provide insights into resilience and sustainability actions in the face of more narrow-scope and discrete risks.
Several key themes will emerge in this course:
- The expanding view of the role of risk management in organizations and societies has led to a merging of interests between risk management and resilience, sustainability, social responsibility, ethics, as well as more widely understood subjects like corporate governance, compliance, and strategy.
- The concept of risk leadership exists within the subject-domain of risk management, but it has unique features and has special pertinence to overall organizational/societal leadership in the face of important risks and uncertainties.
- Among the many capabilities that risk leaders possess is an understanding of the many facets of risk, uncertainty, complexity, and ambiguity.
- While the terminology of ‘risk’ and its management are widely deployed in this course, most Global Risks present themselves actually as ‘uncertainties’ rather than risks, and this poses significant implications for organizational/societal cultures and values.
- Owing to the immense scope of Global Risks, collaboration (business-to-business, public and private sector) plays a significant role in developing appropriate responses.
MGMT 753, with the exception of 2016, has been offered in London since 1995. London presents spectacular location for studying Global Risks. In addition to being a home for numerous global firms, London has been the center of the global risk management world since the 1600s, with an entire array of risk-related businesses building around the central London Insurance Market. It is hard to find a location with more access to risk experts.
St. Thomas recently launched its Risk Leadership Initiative and one of its core identifying themes is the emerging link up of risk management with compliance, CSR/sustainability, governance, and strategy. 753 is expressly designed to examine this linking-up phenomenon by focusing on the specific challenges of dealing with Global Risks.
Global Risks are represent a category of corporate challenges owing to their immense scale and scope (climate change, immigration, terrorism, highly interconnected global systems—transportation, financial services—global health concerns), and this puts great pressure on global corporations to collaborate internally across silos, but also to collaborate externally with stakeholders, governments, NGOs, and—yes—even competitors. How does this happen?
The course is structured to allow students to visit and interact with several key global firms to learn about their approaches to addressing global risks. Case based learning will be the key format, but students will get plenty of time to visit with business leaders and risk experts.
As always, with OCB’s Short Term Abroad programming, a fair amount of effort is put on the cultural side of international learning. London presents a very unique stage for doing that. It is accessible from a language and basic cultural standpoint, and yet it is undoubtedly the most international city in the world. Social and free time opportunities will give students ample opportunity to experience a city with 100’s of cultural communities that have evolved in London over the past several hundred years. 240 years ago, Dr. Samuel Johnson remarked, "Why, Sir, you find no man, at all intellectual, who is willing to leave London. No, Sir, when a man is tired of London, he is tired of life; for there is in London all that life can afford." Join us to experience the truth of his most famous of quotations.
Questions? Contact Professor Peter Young, course leader, at firstname.lastname@example.org or via phone/text at 605.645.7505.
Subject Matter Outline
- The Evolution of Modern Risk Management (Strategic RM)
- The Emergence/Convergence of “Affiliated” fields
- The Global Risk Environment
- Physical Risks
- Network Risks (technology, transportation, economic)
- Political/Social Risks
- Ethical Risks
- Corporate Responses to Global Risks (site visits)
Announcing the MBA Specialization in Strategic Risk and Responsibility
Similar to other St. Thomas graduate certificate programs, the certificate in Strategic Risk and Responsibility includes four 3-credit courses (12 total credits). The specialization draws on existing courses delivered by faculty from the Opus College of Business and the St. Thomas School of Law. The Curriculum Plan includes:
Risk Management – 3 credits
MGMT 751 Risk Management – 3 credits
Compliance – 3 credits
BETH 650/LAWS 730 Compliance Programming – 3 credits
Corporate Social Responsibility and Sustainability – 3 credits (students choose one)
MGMT 753 Global Risk Leadership & Sustainability – 3 credits
MGMT 714 Strategic Sustainability – 3 credits
ENTR 708 Social Entrepreneurship – 3 credits
Professional Effectiveness – 3 credits (students choose one)
MGMT 623 Project Management – 3 credits
BCOM 661 Reputation Management and Stakeholder Engagement – 3 credits
BCOM 635 Persuasion – 3 credits
MGMT 702 Leading Organizational Change – 3 credits
There is no an implied sequence with the courses. The four required courses could be completed in one academic year. Please see the following Course Descriptions.
Compliance and ethics management is a complex management process that requires program design that supports management's objectives, coordinated activities to be operated across functions and geographies, and performance measurement to reasonably assure effectiveness and a return on management's investment. This course will engage participants' personal knowledge and experience- in dialogue with instructors and guests from industry with law and business backgrounds- to explore the following topics:
- Standards for an "effective" compliance and ethics program
- Program design
- Program operation
- Program performance
- Various other topics including corporate scandal history, investigations, GRC technology, moral psychology, and case scenarios for practical application
Global Risk Leadership has long been a course that challenges students to better understand how firms (and societies) assess and address Global Risks. In doing so, the relationship between risk management and both resilience and sustainability has been introduced and explored. As will be seen, ‘managing’ many of these challenges is far beyond the capabilities of single organizations (or even nations), and so the concept of risk leadership is introduced to provide a framework for thinking about the necessary ingredients for meaningful responses to these risks. The threats to corporate resilience and sustainable viability come not just from global risks, to be sure, but an understanding of global risks and related leadership-driven responses will provide insights into resilience and sustainability actions even in the face of more narrow-scope risks. Topics include:
- The concept of leadership as it is generally understood.
- The emerging idea of Risk Leadership and the early work that has been done on understanding the skill and knowledge set of the risk leader.
- The broad framework for modern risk management—its form, function and justification.
- The general concept of global risks and the specific properties and challenges therein.
- The application of the preceding in practical case-based contexts.
Sustainability is a market imperative in risky and volatile world in which the enduring success of business is influenced by challenges that are beyond the capacity of any single organization to control. These challenges include, for example, economic forces; social forces; environmental forces; and technological forces. Sustainability is also a moral imperative and has been defined as development that meets the needs of the present generation without compromising the ability of future generations to meet their own needs. Today, sustainability is often central to business strategy because of these market and moral imperatives.
We will study the implications of sustainability for the market system (including valuing non-economic goods), the organization (including strategies to manage the risks of and capitalize on opportunities from sustainability), and the individual (including our own motivation to work and live sustainably).
- Global risks and opportunities
- Environmental risks and opportunities
- Social risks and opportunities
- Future risks and opportunities
- Project workshop (hands-on project to solve a strategic sustainability problem in a real organization)
This course introduces students to the field of social entrepreneurship, the practice of identifying, designing, starting and growing successful mission-driven ventures. These include both “non-profit” and for-profit enterprises designed to respond to a specific social need, as well as more traditional ventures working to incorporate socially-responsible practices into their business models. The course provides an overview of the processes, challenges, and demands associated with creating ventures that seek to integrate financial and social/environmental benchmarks of success.
This course will discuss the fundamental basis for scheduling and project scope difficulties, and provide tools for creating practical solutions. We will become more aware of why we encounter similar pitfalls with each new project. Discover that you are not alone in encountering a chaotic project life-cycle, the complexity people bring, and the reasons why our organizations are continuing to become more chaotic. This course will examine the new phase development of project management. We will use numerous disciplines to create a more dynamic and flexible project management methodology. These disciplines include Industrial Behavior, Psychology, Human Behavior, Chaos and Complexity, Organizational Behavior, and Systems Theory to name a few. As project managers, we face impossible schedules, unrealistic specifications, and limited budgets. As leaders we face personnel issues, motivation requirements and organizational issues. This course will provide insight and practical examples of the areas of knowledge needed to practice effective project management in today's dynamic work environment.
This course considers communication principles and practice necessary to manage corporate and product perceptions in the evolving landscape of traditional and social media. Explores how employee, investor, community, government and organizational communication practices and engagement strategies differ from each other, yet are used together to communicate a consistent organizational message. Case histories focus on reputation management: issues and programs; how research, planning, communication and measurement are applied; and the roles of communication and management to successfully build and maintain positive reputation.
This course provides a selected survey of theory and research on social influence and persuasion, drawing primarily from work in the social sciences. It is designed to build a conceptual foundation for students to develop their own skills and techniques for increasing message persuasiveness, instigating behavioral and attitude change, and protecting oneself from unwanted persuasion. Topics covered have broad applicability both within and outside business contexts but relate particularly to issues in marketing, sales, and management. Class will utilize a variety of approaches including lecture, case analysis, and both instructor- and student-led discussion.
Change in organizations has become pervasive. This course will examine how change occurs in organizations so students can better understand the process and develop a framework for understanding and managing change more effectively. The course will look at major world and societal changes that contribute to the amount and pace of change in business organizations, review the major theories that try to explain change, and explore diagnostic tools and actions needed for facilitation and implementation of change. Students will also be challenged to become more successful managers by recognizing their personal capacities to direct and experience organizational change while dealing with competing demands on their energy, time and attention.