The risk management field embraces concepts, theories, principles, approaches, frameworks, methods and models for understanding, assessing, characterising, communicating, and managing risk.
Risk management is widely applied in the business/private sector, e.g., in the petroleum and process industries, in banking/finance, and in the ICT sector; as well as in the public sector, e.g., in city and regional planning, in critical infrastructure planning and operations, and in the health services sector.
The study programme gives a broad, general and to large extent application-independent competence in risk assessment and risk management. As risk management is being implemented in an increasing number of industries and sectors, candidates with a strong general basis are needed to ensure proper implementation.
The principal aim of the study program is to give the students the knowledge, skills and basic thinking required to approach risk and uncertainty to support decision-making. Central topics covered are: What is the meaning of risk? What is the meaning of uncertainty? How to express risk and uncertainty? How to analyse reliability and availability? How to give weight to uncertainties? How to understand the precautionary principle and how to apply it? How to determine acceptable risk? How to balance different concerns, such as health, safety/security, environmental, and economic concerns? How to apply cost-benefit and cost effectiveness analyses?
In addition to these general topics related to risk, students can choose elective subjects to obtain more detailed competence in specific areas of the risk field, e.g., enterprise risk management, or in particular applications, e.g., technical and offshore safety.