Risk Management

This course describes the concepts and techniques available to corporations, non-profit organizations, and other organizations in their efforts to manage pure risks.  The costs associated with such pure risks as product liability, environmental impairments, property losses, work-related injuries, and employee benefits (e.g., pensions, health insurance, etc.) affect the daily management of organizations.  Managers who make decisions without appropriate consideration of risk management issues can jeopardize the long-term survival of their organizations.  The course examines a common set of techniques which can be used by  managers in dealing with these problems, including risk assumption, prevention, diversification, and transfer via insurance and non-insurance market mechanisms.  In turn, students learn to recognize that the institutional structure of the organization itself influence its own risks and their corresponding treatments.