Organizations face a wide array of risks in today's rapidly changing and complex business environment. Operations can be disrupted by a variety of unanticipated factors, ranging from external forces like natural disasters and political risks to internal factors like faulty product design and flawed financial systems. CEOs make risky strategic decisions in an increasingly competitive marketplace where the cost of missteps is high. In recent years, firms have encountered new risks in the form of terrorism, global litigation, and the growing costs of human resources.
Corporations and non-profits have turned to enterprise risk management in an effort to protect themselves from the adverse consequences of all these risks. Risk analysis touches a wide range of systems including management and control of enterprise risk, legal, political, economic, and property risk assessment.
The Risk Management major is designed to prepare students for positions in production, finance, or financial services (including actuarial science, risk management, and real estate), and government agencies that demand quantitative and qualitative skills needed to meet modern risk assessment requirements.
Students in the risk management major are required to elect one of three options:
This option stresses the application of mathematical and statistical concepts to the measurement of life and other risk contingencies, while at the same time giving students a broad understanding of the business environment.
Enterprise Risk Management is a senior corporate function designed to increase the value of a firm through the optimal treatment of risk. ERM encompasses a variety of risks, including strategic, financial, hazard, and operational risks. Students majoring in ERM are prepared to work in corporate risk management departments, risk management consulting, regulatory compliance, and a variety of financial services industries, including insurance, personal credit, and benefits management.
A wide range of professional opportunities in corporate real estate management, real estate brokerage, appraisal, risk management, mortgage lending and banking, development and governmental service are possible for students in this option.