New Developments of Risk Management

COURSE OBJECTIVE
This course offers a comprehensive introduction to new devolepments in Risk Management and how this impacts the risk management of financial institutions. The course is structured in 6 parts, covering the most interesting new developments:
1. Cybercrime;
2. Forensic;
3. Risk Management and Big Data;
4. Crisis Management;
5. Machine Learning and Robotics;
6. Recovery & Resolution.

All six parts of the course are closely knitted to the learning goals of Quantitative skills, Academic skills, Bridging theory and practice. You will enlarge your horizon and learn to think forward.

By the end of the course students should be able to (for each part): 

• Explain how the new developments impacts the financial institutions;
• Illustrate what the consequences are for financial institutions;
• Analyse and motivate why these risks need to be mitigate;
• Develop possible solutions (plan of approach) to mitigate these risks;
• Create a view on future developments regarding these new developments.

COURSE CONTENT
Technology causes new developments in Risk Management. In the recent years it is accelerating and the regular financial institutions have to deal with it. This course will cover the most important developments, such as cybercrime, forensic research (to give more insight in e.g. anti-money laundering and terroristic financial transactions). What are FinTech’s and what are the risks of FinTech’s (both for the FinTech itself and the financial environment?). What are the possibilities of “Big Data”? How can we use this data to improve risk management? What are the pitfalls of Big data and how can we still see the big picture? You will also gain a good view on crisis management in financial institutions. You will also be able to interpret and discuss the failure of financial institutions. How can you manage recovery and/or a decent wind down (resolution) without bathering the economic environment and taxpayer? Upon completion you will be able to outline a good overview of new developments, the risks and how you can deal with these challenges. This course will be supported by Deloitte specialists.

TEACHING METHODS
Interactive lectures and Tutorials

TYPE OF ASSESSMENT
Final written exam (Individual assessment) and assignments. 

ENTRY REQUIREMENTS
There is no formal entry requirement for the Deloitte minor Risk Management except for VWO Wiskunde A (or B). Students should have followed Risk Management in Banking and Risk Management for Financial Institutions (offered in period 1)

RECOMMENDED BACKGROUND KNOWLEDGE
Finance I; Accounting I; A basic course in quantitative methods and/or statistics is strongly recommended