Legal and Regulatory Aspects of Risk Management

Course Description

This course is designed to provide students with a comprehensive understanding of the legal and regulatory considerations in the field of risk management. It explores the dynamic relationship between risk and the legal environment, emphasizing the importance of compliance and ethical conduct in managing organizational risks.

Course objectives 

The course will be guided by the following objectives:

1. Explain the legal principles and frameworks governing risk management in various industries
2. Identify and interpret relevant regulations and compliance requirements affecting risk management.
3. Develop skills in drafting and reviewing contracts with a risk management perspective.
4. Understand legal aspects of crisis management and response.
5. Develop ethical guidelines for risk management practices.

Expected learning outcomes

By the end of the course, every learner should be able to:

1. Describe the legal and regulatory frameworks governing risk management in the insurance industry or jurisdiction.
2. Identify key statutes, regulations, and legal principles that impact risk management practices
3. Demonstrate knowledge of compliance requirements related to risk management.
4. Analyse the implications of non-compliance and the potential legal consequences for an organization.
5. Interpret and draft contractual agreements with a focus on risk allocation and mitigation.
6. Understand the requirements for regulatory reporting related to risk management.

Further reading

Philippa X. Girling, Operational risk management: A Complete Guide to a successful Operational Risk ,2015, 2nd edition, Pearson

John C. Hull, "Risk management and financial institutions"2018, 5th edition, Wiley

Keren B. Brown, "Legal Aspects of risk maagement",2022 Wiley

Micheal Crouhy ,Dan Galai, and Robert Mark, " The essentials of risk management", 2014, 2nd edition, Wiley and sons

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