In keeping with its core philosophy of creating curriculums that provide information that is relevant to the challenges being faced by corporations of today; the BML Munjal University has introduced Risk Management as a part of its MBA course structure this year. As a part of this course, analyzing and mitigating risk, not only will Financial Risk Management be included within the ambit of Enterprise Risk Management, even areas such as systemic risk, performance risk and risks other than financial risks will be dealt with.
Enterprise Risk Management, an integrated course has been introduced in the current academic year with a view to expose young students and inculcates entrepreneurial skills; which will help them understand business culture, set-up new business enterprises and help in contributing to the overall growth of their businesses.
Commenting on the new course structure, Tapan Panda, Dean, School of Management at BMU commented, “BMU aspires to impart quality education to its students and this new course is a vital step in that direction. ‘Analyzing and mitigating risk’ provides a wholesome knowledge about risk management, which is more than just financial risk management (FRM).”
The basic premise of ‘analyzing and mitigating risk’ is divided into 3 parts- 'management and finance', 'potential of a manager' and 'skill development'. The course would help in inculcating the following qualities in a student-‘Appreciate different views on risk management practices’, ‘analyze different risk exposures and develop appropriate responses’, ‘Consider ways to deal with uncertainty and complex outcomes’ and ‘Develop effective risk management strategies’.
Explaining the importance of such courses, Dr. Tapan Panda, Dean, School of Management at BMU commented, “Corporate risks are inherent to all businesses globally and organizations must take a comprehensive approach towards risk management. These risks vary from strategic, credit, market, liquidity, compliance, operational and reputational risks. Today, when India is witnessing a boost in start-up culture; it is vital for the young entrepreneurs to understand the diverse risks that corporate businesses face. Our course on enterprise risk management will help students to effectively deal with uncertainty and associated corporate risk.”
Another factor that adds quality and credibility to the course is BMU’s competent faculty who come in from diverse disciplines, which includes engineering, management, finance and human resource. This multi-disciplinary approach to analyzing complex business risks prepares students, who will be future leaders, to effectively understand and manage the vital aspects of management.