1 Unit Guide BFF5902 Introduction to risk principles Semester 1, 2017 Handbook link: http://www.monash.edu.au/pubs/2017handbooks/units/index-byfaculty-bus.html The information contained in this unit guide is correct at time of publication. The University has the right to change any of the elements contained in this document at any time. Last updated: 17 Feb 2017 Table of contents BFF5902 Introduction to risk principles - Semester 1 (S1-01) - 20172 Table of contents Unit handbook information 4 Synopsis 4 Mode of delivery 4 Workload requirements 4 Unit relationships 4 Prerequisites 4 Prohibitions 4 Co-requisites 4 Chief Examiner 4 Unit Coordinator(s) 4 Campus Lecturer(s) 5 Academic overview 5 Learning outcomes 5 Teaching approach 5 Unit schedule 7 Assessment summary 8 Second marking 8 Return of final marks 8 Exam viewing 8 Assessment criteria 8 Assessment requirements 9 Hurdle requirements 9 Assessment tasks 9 Examination(s) 11 Referencing requirements 12 Feedback 12 Learning resources 13 Required resources 13 Technological requirements 13 Q Manual 13 Prescribed text and readings 14 Recommended resources 14 Other information 14 Policies 14 Special Consideration 14 BFF5902 Introduction to risk principles - Semester 1 (S1-01) - 20173 Graduate Attributes Policy 14 Student Charter 14 Student Services 15 Monash University Library 15 Disability Support Services 15 BFF5902 Introduction to risk principles - Semester 1 (S1-01) - 20174 Unit handbook information Synopsis This unit is designed to introduce the concept of risk as a business philosophy and to introduce students to the Australian Risk Management Standard, AS/NZS/ISO31000:2009. It will look at the evolution of risk, the requirements for risk management, the risk management process and steps, and the application of risk management. Mode of delivery Caulfield (Evening) Caulfield (Day) Workload requirements Minimum total expected workload to achieve the learning outcomes for this unit is 144 hours per semester typically comprising a mixture of scheduled learning activities and independent study. Independent study may include associated readings, assessment and preparation for scheduled activities. The unit requires on average three/four hours of scheduled activities per week. Scheduled activities may include a combination of teacher directed learning, peer directed learning and online engagement. Unit relationships Prerequisites None Prohibitions AFF9020 Co-requisites None Chief Examiner Name: Dr Shrimal Perera Campus: Caulfield Phone: +61 3 9903 4455 Email: [email protected] Unit Coordinator(s) BFF5902 Introduction to risk principles - Semester 1 (S1-01) - 20175 Name: Mr Warren Gillian Campus: Caulfield Email: [email protected] Phone: Contact hours: By appointment only on Tuesdays 2.30 - 5pm and Thursday 10am - 12pm Campus Lecturer(s) Name: Mr Warren Gillian Campus: Caulfield Phone: Email: [email protected] Contact hours: By appointment only on Tuesdays 2.30 - 5pm and Thursday 10am - 12pm Name: Dr Amanda Nguyen Campus: Caulfield Phone: +61 3 990 34160 Email: [email protected] Academic overview Learning outcomes The learning goals associated with this unit are to: 1. demonstrate an understanding of the scope, application and definition of risk 2. explain the risk management requirements needed of a business entity of the 21st century 3. compare and contrast the risk management process with existing approaches to governance, compliance and control 4. link the risk approach to effective business control, by reference to AS/NZS/ISO31000: 2009 5. understand the steps and the logic of the sequence 6. demonstrate in an individual summative assessment task the acquisition of a comprehensive understanding of the topics covered by BFF5902. Teaching approach This unit will be taught on the basis of 3 contact hours per week, at the nominated lecture date and time. Classes may consist of group presentations, case studies, discussions and completion of assigned work. The lecture sessions will cover significant points of the topics (see Unit Schedule), and may be used to discuss a number of the set problems. It is not intended that the lecturer will cover every aspect of each topic, but rather provide a framework of the important theoretical concepts and practical issues. Given this framework students are expected to attend all classes and participate actively. In order to participate and to gain maximum benefit from the sessions, all the questions, BFF5902 Introduction to risk principles - Semester 1 (S1-01) - 20176 actively. In order to participate and to gain maximum benefit from the sessions, all the questions, set for each week, are to be attempted before the class for that week. At times in the class the lecturer will invite students to raise and discuss relevant issues and areas of concern. Students should take this opportunity, particularly in class, to clarify areas of difficulty and to contribute actively to the discussion of the model answers to the set of weekly questions. Students are expected to spend additional private study time and access the recommend readings, which are listed in this guide and on Blackboard. In addition to the recommended readings and sets of weekly questions, a number of past examinations and tests, together with model answers, are provided on Blackboard. These resources enable students to develop a mastery of the topics covered by the unit. To ensure a high probability of completing successfully this unit, students need to approach it in a systematic way. At a minimum this should involve: ● reading the prescribed material prior to each weekly session; ● preparing solutions to each set of questions prior to the session; ● attending sessions and participating in discussions of model answers; ● reviewing material from other references from time to time; and ● attempt relevant past examination and test questions. BFF5902 Introduction to risk principles - Semester 1 (S1-01) - 20177 Unit schedule Students should note that the program outlined below is a guide to the material to be covered in this unit and not a definitive statement of when that material will be covered. Specific details relating to the timing will be discussed in class. Week Activities Assessment 0 No formal assessment or activities are undertaken in week 0 1 Introduction and overview of risk. Team formation 2 The risk problem 3 The need to manage risk Presentations (Assignment 3) 4 The process for managing risk Presentations (Assignment 3) 5 The Australian Standard of Risk Management AS/NZ/ISO 31000: 2009. Introduction and overview Assignment 1 due, Presentations (Assignment 3) 6 The Australian Standard of Risk Management AS/NZ/ISO 31000: 2009. Risk management requirements Presentations (Assignment 3) 7 The Australian Standard of Risk Management AS/NZ/ISO 31000: 2009. Risk management overview Presentations (Assignment 3) 8 The Australian Standard of Risk Management AS/NZ/ISO 31000: 2009. The risk management process Presentations (Assignment 3) 9 The Australian Standard of Risk Management AS/NZ/ISO 31000: 2009 Assignment 2 due, Presentations (Assignment 3) 10 Documentation Presentations (Assignment 3) 11 Uncertainty and risk Presentations (Assignment 3) 12 Solutions and decisions Presentations (Assignment 3) SWOT VAC No formal assessment is undertaken SWOT VAC BFF5902 Introduction to risk principles - Semester 1 (S1-01) - 20178 Examination period LINK to Assessment Policy: http://policy.monash. edu.au/policy-bank/ academic/education /assessment/ assessment-in-coursework-policy. html Assessment summary Within semester assessment: 50% + Examination: 50% Assessment task Value Due date Individual Assignment 1 15% 17 March 2017 Individual assignment 2 25% 5 May 2017 Presentations 10% Ongoing from Week 2 until 12 Examination 50% To be advised A student’s final mark is normally the sum of the marks obtained in all of the individual assessment items in the unit. Second marking Where an assessment task is given a fail grade by an examiner, that piece of work will be marked again by a second examiner who will independently evaluate the work, and consult with the first marker. No student will be awarded a fail grade for an assessment task or unit without a second examiner confirming the result. Note: Exceptions to this are individual pieces of assessment contributing 10% or less of the final mark, unless the total of such pieces exceeds 30% of the final mark. Return of final marks Faculty policy states that 'the final mark that a student receives for a unit will be determined by the Board of Examiners taking into account all aspects of assessment'. The final mark for this unit will be released by the Board of Examiners on the date nominated in the Faculty Calendar. Student results will be accessible through the my.monash portal. Exam viewing Feedback on student performance in examinations and other end-of-semester assessment is required. The feedback should be in accordance with the University's procedures on Unit Assessment. Details of the examination script viewing arrangements set down by the Faculty of Business and Economics are available at http://www.buseco.monash.edu.au/esg/agu/policies /feedback-exam-performance.html Assessment criteria Full details relating to the assessment requirements for this unit are available on Moodle and will BFF5902 Introduction to risk principles - Semester 1 (S1-01) - 20179 Full details relating to the assessment requirements for this unit are available on Moodle and will be discussed in class on Day One. Assessment Criteria Grading Descriptors available at: http://www.policy.monash.edu/policy-bank/academic/education/assessment/ Assessment requirements Hurdle requirements There is a hurdle requirement in this unit. The learning outcomes in this unit require students to demonstrate a comprehensive understanding of the topics covered in the unit. This is demonstrated by the requirement that the student must attain a mark of at least 50% in the final examination. A student's final mark is normally the sum of the marks obtained in all of the individual assessment items in the unit. Where a student fails the unit solely because of failure to satisfy the hurdle requirement, a mark of 48 will be returned for the unit. Assessment tasks Assessment task title: Individual Assignment 1 Due Date: 17 March 2017 Weighting/Value: 15% Details of Task: Full details of the assessment task will be provided on Moodle along with all references required to complete the task. Release date: 29 February 2016 Word limit: 2,000 words Presentation requirements: Referencing requirements: Work submitted for assessment must be consistent with the guidelines set down in the Q Manual, which is the faculty's student guide for producing quality work on time. Copies of this manual can be purchased at the bookshop or accessed online at:http://www.buseco.monash.edu.au/qmanual/qmanual.pdf. Marks may be deducted where in-text citations and/or the reference list is not consistent with the American Psychological Association (APA) style, which is illustrated in the Q Manual. Academic integrity: In order to ensure the academic integrity of your submission and to deter others from copying your work, your submission may be processed by text matching software such as Turnitin. For additional information, the University's Student Academic Integrity Policy can be found at URL: http://www.policy.monash.edu/policy-bank/academic/education/conduct/studentacademic-integrity-policy.html Estimated return date: 14 days after submission Hurdle requirements: Not applicable Criteria for marking: Overall, the work submitted for assessment will be graded in accord with the table showing examples of grades and corresponding achievement levels published in the Q Manual (2012, p. 6). A detailed marking guide will be provided on Moodle. Learning objectives assessed: This assessment task is designed to test your achievement of learning objectives 1, 3, 4 and 5. Submission details: Assignments should be submitted electronically and in hardcopy via the department assignment box at Level 3, Building H. BFF5902 Introduction to risk principles - Semester 1 (S1-01) - 201710 department assignment box at Level 3, Building H. Penalties for late lodgement: A penalty of 10% of the total mark allocated to this assessment task will be deducted for each day, or part thereof, it is late. Applications for an extension of time allocated to an in- semester assessment task must be made by completing the application form found athttp://www.monash.edu.au/exams/assets/docs/insemester.pdf The application form must be submitted to the Chief Examiner for consideration no later than two university working days after the due date of the affected assessment or activity. The outcome of an application for special consideration should not be assumed. Assessment coversheet: Work submitted for assessment must be accompanied by a completed and signed assignment coversheet, available at http://www.buseco.monash.edu.au/student/forms /assignment-cover-sheet-fbe.doc Additional information: NA Assessment task title: Individual assignment 2 Due Date: 5 May 2017 Weighting/Value: 25% Details of Task: Full details of the assessment task will be provided on Moodle along with all references required to complete the task Release date: Monday, 4 April 2016 Word limit: 3,000 words Presentation requirements: Referencing requirements: Work submitted for assessment must be consistent with the guidelines set down in the Q Manual, which is the faculty's student guide for producing quality work on time. Copies of this manual can be purchased at the bookshop or accessed online at:http://www.buseco.monash.edu.au/qmanual/qmanual.pdf. Marks may be deducted where in-text citations and/or the reference list is not consistent with the American Psychological Association (APA) style, which is illustrated in the Q Manual. Academic integrity: In order to ensure the academic integrity of your submission and to deter others from copying your work, your submission may be processed by text matching software such as Turnitin. For additional information, the University's Student Academic Integrity Policy can be found at URL: http://www.policy.monash.edu/policy-bank/academic/education/conduct/studentacademic-integrity-policy.html Estimated return date: 14 days after submission Hurdle requirements: Not applicable Criteria for marking: Overall, the work submitted for assessment will be graded in accord with the table showing examples of grades and corresponding achievement levels published in the Q Manual (2012, p. 6). A detailed marking guide will be provided on Moodle. Learning objectives assessed: Learning objective 5. Submission details: Assignments should be submitted electronically and in hardcopy via the department assignment box at Level 3, Building H. Penalties for late lodgement: A penalty of 10% of the total mark allocated to this assessment task will be deducted for each day, or part thereof, it is late. Applications for an extension of time allocated to an in- semester assessment task must be made by completing the application form found athttp://www.monash.edu.au/exams/assets/docs/insemester.pdf The application form must be submitted to the Chief Examiner for consideration no later than two university working days after the due date of the affected assessment or activity. BFF5902 Introduction to risk principles - Semester 1 (S1-01) - 201711 later than two university working days after the due date of the affected assessment or activity. The outcome of an application for special consideration should not be assumed. Assessment coversheet: Work submitted for assessment must be accompanied by a completed and signed assignment coversheet, available at http://www.buseco.monash.edu.au/student/forms /assignment-cover-sheet-fbe.doc Additional information: NA Assessment task title: Presentations Due Date: Ongoing from Week 2 until 12 Weighting/Value: 10% Details of Task: Each week students will be required to present their analysis of the proceeding week’s identified issues. The presentation will be in PowerPoint and all team members are expected to participate. Each presentation will be a max of 10 minutes and both a hard copy and a soft copy of the presentation will be required for submission. Release date: Ongoing from Week 1 until 11 Word limit: Not applicable Presentation requirements: Details will be provided in Teaching Week 1 class. Estimated return date: Week after presentation Hurdle requirements: Not applicable Criteria for marking: Overall, the work submitted for assessment will be graded in accord with the table showing examples of grades and corresponding achievement levels published in the Q Manual (2012, p. 6). Learning objectives assessed: Unit objectives 1 through 5. Submission details: Soft copy submission only. Details will be provided in Teaching Week 1 class. Penalties for late lodgement: The allocated marks will be forfeited if not presented on the allocated week. Assessment coversheet: Work submitted for assessment must be accompanied by a completed and signed assignment coversheet. Additional information: NA Examination(s) Title: Examination Weighting: 50% Length: 2 hours Type (open/closed book): Closed Book Hurdle requirements (where applicable): There is a hurdle requirement in this unit. The learning outcomes in this unit require students to demonstrate a comprehensive understanding of the topics covered in the unit. This is demonstrated by the requirement that the student must attain a mark of at least 50% in the final examination. A student's final mark is normally the sum of the marks obtained in all of the individual assessment items in the unit. Where a student fails the unit solely because of failure to satisfy the hurdle requirement, a mark of 48 will be returned for the unit. BFF5902 Introduction to risk principles - Semester 1 (S1-01) - 201712 Electronic devices allowed in the exam: The only calculator permitted in tests and examinations is the HP10bII+. Exam details: Date and location: The final examination will be held during the official examination period. Information about examination schedule can be accessed through my.monash portal. Materials examinable: All source materials, which are specified in the unit guide and on the unit's Moodle site, are examinable. This includes prescribed reading and other source materials cited in lectures, tutorials and assessment tasks. Criteria for assessment: Overall, the work submitted for assessment will be graded in accord with the table showing examples of grades and corresponding achievement levels published in the Q Manual (2012, p. 6). Referencing requirements To build your skills in citing and referencing, and using different referencing styles, see the online tutorial Academic Integrity: Demystifying Citing and Referencing at http://www.lib.monash.edu /tutorials/citing/ Feedback Our feedback to you Types of feedback you can expect to receive in this unit are: ● Formal individual feedback on assignments expressed as a letter grade ● Answers to ask questions relating to the discipline or the unit’s work ● Advice about seeking additional help to develop your writing or research skills ● Informal feedback relating to class activities ● Graded assignments with comments ● Graded assignments without comments ● Interviews ● Other: Verbal discussion in class; written comments and attachment on assignment; individual and team consultation Your feedback to us BFF5902 Introduction to risk principles - Semester 1 (S1-01) - 201713 One of the formal ways students have to provide feedback on teaching and their learning experience is through the Student Evaluation of Teaching and Units (SETU) survey. The feedback is anonymous and provides the Faculty with evidence of aspects that students are satisfied with and areas for improvement. Previous student evaluations of this unit In response to previous SETU results of this unit, the following changes have been made: ● Student feedback has also contributed to continuous improvements, including 'more practice examples'. Student feedback has highlighted the following strengths of this unit: ● 'great delivery' and ● 'aligned with the real world'. If you wish to view how previous students rated this unit, please go to https://emuapps.monash.edu.au/unitevaluations/index.jsp Learning resources Monash Library Unit Reading List (if applicable to the unit): http://readinglists.lib.monash.edu/index.html Required resources Students generally must be able to complete the requirements of their course without the imposition of fees that are additional to the student contribution amount or tuition fees. However, students may be charged certain incidental fees or be expected to make certain purchases to support their study. For more information about this, refer to the Higher Education Administrative Information for Providers, Chapter 18, Incidental Fees at http://education.gov.au/help-resourcesproviders Calculators The only calculator permitted in tests and examinations is the HP10bII+. Technological requirements Virtual learning environment (VLE): Moodle Material used in class together with other information of importance to you will be published online via the unit’s Moodle site. In order to access information about this unit in Moodle you must be enrolled in the unit and have a valid student account with authcate username and password. Moodle can be accessed through my.monash portal by clicking on the Moodle link under “Online systems”. If you need some help with Moodle then check out the Moodle Support for Students page. Q Manual BFF5902 Introduction to risk principles - Semester 1 (S1-01) - 201714 1. 2. 3. Q Manual Work submitted for assessment must be consistent with the guidelines set down in the Q Manual, which is the faculty's student guide for producing quality work on time. Copies of this manual can be purchased at the bookshop or accessed online at http://www.buseco.monash.edu.au/qmanual /qmanual.pdf Prescribed text and readings Vaughan, E. J., & Vaughan, T. (2012). Fundamentals of risk and insurance (15th ed.), John Wiley. Recommended resources There is an active Moodle site for this unit and students must access the Blackboard site and use and clear their Monash email address for all communication with the unit lecturers. Students will find on this site: A list of references for additional readings will be issued during the semester. A suggested reading list is contained in the unit guide. Other supplementary materials as required. Other information Policies Monash has educational policies, procedures and guidelines, which are designed to ensure that staff and students are aware of the University's academic standards, and to provide advice on how they might uphold them. You can find Monash's Education Policies at: http://www.policy.monash.edu/policy-bank/academic/education/index.html Special Consideration For information on applying for special consideration, please visit: http://www.monash.edu/exams /changes/special-consideration Graduate Attributes Policy http://www.policy.monash.edu/policy-bank/academic/education/management/monash-graduateattributes-policy.html Student Charter BFF5902 Introduction to risk principles - Semester 1 (S1-01) - 201715 www.monash.edu/students/policies/student-charter.html Student Services The University provides many different kinds of services to help you gain the most from your studies. Contact your tutor if you need advice and see the range of services available at www. monash.edu/students You can also access important information from the Faculty of Business and Economics current students page http://www.buseco.monash.edu.au/student/ Caulfield and Clayton students wishing to further develop English language skills in a fun group environment can join a Conversational English Program. You can access these programs at http://www.monash.edu/students/conversational-english/ Monash University Library The Monash University Library provides a range of services, resources and programs that enable you to save time and be more effective in your learning and research. Go to http://www.monash.edu/library or the library tab in my.monash portal for more information. Disability Support Services Students who have a disability, ongoing medical or mental health condition are welcome to contact Disability Support Services. Disability Support Services also support students who are carers of a person who is aged and frail or has a disability, medical condition or mental health condition. Disability Advisers visit all Victorian campuses on a regular basis. ● Website: monash.edu/disability ● Email: [email protected] Copyright © Monash University 2017. All rights reserved. Except as provided in the Copyright Act 1968, this work may not be reproduced in any form without the written permission of the host Faculty and School/Department. BFF5902 Introduction to risk principles - Semester 1 (S1-01) - 2017