All businesses make decisions – and typically, decisions have risks. The effective management and governance of these risks can drive the success of a business, especially in the face of challenges such as health pandemics, climate-related events, and the intense scrutiny of a company’s reputation.
The MSc Risk Management course, which is recognised by the Institute of Risk Management, aims to help you develop the ability to identify, analyse and manage contemporary risks, such as cyber security threats, as well as developing related transferable management skills. When put together, upon graduation, you should be able to enact positive change in an organisation, helping to promote sustainable business resilience.
Learning will be enhanced through simulations and real-life examples, offering you the ability to practically apply various risk management tools and techniques. This hands-on experience culminates in a final business project, which offers the opportunity to undertake a company internship, typically lasting between 8 and 12 weeks (subject to competitive application, availability and meeting visa requirements, plus additional fees may apply).
Alongside these opportunities for practical experience, the course benefits from experienced academic staff with substantial risk management research and industry experience, covering the petroleum sector, large scale engineering projects, and public sector governance (please note staff are subject to change). Renowned industry experts are also involved in the delivery of course content through guest lectures, which provide industry perspectives and key employability skills (subject to availability).
You can also benefit from a wide range of opportunities designed to extend your knowledge and learning and obtain a global perspective through our Business Simulation Suite (subject to availability) and engagement with modules that are created to address risk management issues globally. These features combine to ensure that, upon successful completion, you should be well prepared to work in a variety of contemporary organisations around the world.
Why Coventry University?
An award-winning university, we are committed to providing our students with the best possible experience. We continue to invest in both our facilities and our innovative approach to education. Our students benefit from industry-relevant teaching, and resources and support designed to help them succeed. These range from our modern library and computing facilities to dedicated careers advice and our impressive Students’ Union activities.
The MSc Risk Management course aims to equip you with the specialist knowledge of risk management and application of risk management tools and techniques within the context of organisations in diverse industries. Developed in line with Institute of Risk Management frameworks, it looks to develop industry-ready and occupationally competent graduates with a wide range of the skills and attributes required for potential careers in risk management.
Successful risk management practitioners have the ability to think strategically, to communicate effectively and to implement complex business projects, solve complex issues, and develop both proactive and reactive response strategies for organisations. To help with this, the course emphasises building problem-solving skills across several of the core modules and also through the use of business simulations and appropriate software and hardware solutions, sometimes even including virtual reality (VR) headsets and accessories (subject to availability).
The MSc Risk Management course can help you to develop a broad perspective on the management of risk, covering contemporary topics such as how to mitigate cyber security risks, how to apply data to the analysis of risks, and how to approach risk management in a sustainable way.
In addition to subject knowledge, emphasis is also placed developing transferable business skills, such as communication skills, both written and presentation (individual and group), and consultancy skills, which can be key in risk management careers. When taking into account organisational and national culture, together with different time zones and the geographical spread of teams, communication and persuasion can be difficult. As a result, the MSc Risk Management course emphasises communication throughout the course and will give you opportunity of working with others in groups to simulate working in risk management teams.
Both of the ‘Postgraduate Business Project’ and ‘Consultancy Skills’ modules aim to provide a context for learning advanced quantitative and qualitative research methods, collating sources of information and writing a substantial individual piece of work which should demonstrate your ability to relate academic knowledge to organisational practice. The Postgraduate Business Project also offers the opportunity for a company internship, which can allow you the opportunity to put theory into practice in a real business setting (subject to competitive application, availability and meeting visa requirements, plus additional fees may apply).
Why choose this course?
If you wish to build upon your existing knowledge of business and management with the aim of taking on more of a risk management role, this course has been designed to respond to the increasing demand for risk management in the public sector, business services, safety critical operations, events management, utilities, charitable organisations and many more.
We aim to provide you with a solid understanding of the strategic value of risk management to enterprises, focusing not only on the skills required to manage risks effectively, but also the wider application of how risk management pivots organisational survival and how it can interface with different disciplines in organisations. With this course being recognised by the Institute of Risk Management (IRM), this includes looking at methods of risk management endorsed by the IRM, which allows you the opportunity to gain exemptions from professional exams, upon successful completion of the course (see the Accreditation section of the Overview tab for full details).
On successful graduation, you should possess the skill set to enable you to be a senior risk manager or researcher, with the relevant soft skills to work with, and manage, a wide variety of stakeholder risk interests including delivering presentations, communication, leadership, problem solving and creativity.
A key feature of the course is its embedded employability and simulated learning, which provides opportunities for hands-on experience. The Postgraduate Business Project and Consultancy Skills modules aim to provide opportunities to apply theoretical skills to practical situations, developing employability skills through application. Sessions in Coventry Business School’s Business Simulation Suite, meanwhile, are designed to help develop your strategic thinking and communication skills, with hands-on experience of leading risk management software packages in a collaborative group-working environment.
The programme is delivered by teaching staff who have had professional industry experience in the management of risks both in the UK and across the globe. By studying with us, you will be able to benefit from their expertise in sectors as diverse as the petroleum industry and local authority governance. Members of the course team have given their expertise to a BBC documentary covering a major explosion in Lagos, Nigeria, offered local businesses continuity advice during the COVID-19 pandemic, and been featured in reports on key influencers within risk management.