Students

ACCG930 – Enterprise Risk Management - Corporate Governance Perspectives

2014 – S1 Evening

General Information

Download as PDF
Unit convenor and teaching staff Unit convenor and teaching staff Unit Convenor
Mark Runnalls
mark.runnalls@mq.edu.au
Contact via mark.runnalls@mq.edu.au
Friday 4pm to 6pm
Andrew Skinner
andrew.skinner@mq.edu.au
Credit points Credit points
4
Prerequisites Prerequisites
ACCG611 or admission to MAdvProfAcc or MCorpGvnce prior to 2013
Corequisites Corequisites
Co-badged status Co-badged status
Unit description Unit description
This unit examines enterprise risk management, processes and techniques aimed at the cost effective loss prevention of an entity's assets and resources. It provides a strong business foundation that can be applied in business planning and decision making. In the wake of the spate of corporate collapses, a risk-based approach to evaluate and plan business activities is now an accepted paradigm. The unit covers topics of risks: strategic, operational, reputational, contractual, financial and information system, while addressing emerging challenges. The unit is presented with a corporate governance focus.

Important Academic Dates

Information about important academic dates including deadlines for withdrawing from units are available at https://www.mq.edu.au/study/calendar-of-dates

Learning Outcomes

On successful completion of this unit, you will be able to:

  • Evaluate risk management exposures from a corporate governance (including internal control and ethics) and compliance perspective
  • Respond to issues associated with the development, implementation and use of enterprise risk management
  • Appreciate the social /legal/economic contexts of enterprise risk management frameworks.
  • Examine the weaknesses of current ERM frameworks.
  • Understand and apply important concepts such as risk mapping, risk identification, monitoring risk and appropriate sources of information
  • Develop and implement an organisational policy and strategy for enterprise risk management

Assessment Tasks

Name Weighting Due
1. Class Test 20% Week 5
2. Case Study 30% Week 13
3. Final Examination 50% Examination period

1. Class Test

Due: Week 5
Weighting: 20%

The Class test is assessed as follows:

Marking criteria: The test will be 20 questions and marked out of a possible 20 marks, this is a diagnostic test which means it assesses students on progress to date and allows time to address potential challenges in subsequent classes. The questions will be based on the learnings covered during classes week 1- 4 inclusive to ensure students have a thorough foundation of understanding.

Submission: In-class test in week 5. Students will complete the test in class, and the unit convenor will collect the papers from students. If you are late, you will not be allowed to resit the test. If you miss the test because of illness you can re-sit upon production of satisfactory medical certificate and approval from the unit convenor via the special consideration process. 

Extension: No extensions will be granted.

Penalties: None, however if the test is not taken students will forfeit any marks for this assessment task.

Preparation:  The in class test is designed so that a student working on average 4-6 hours per week both in attendance at class plus additional reading will be able to achieve satisfactory marks. 
On successful completion you will be able to:
  • Evaluate risk management exposures from a corporate governance (including internal control and ethics) and compliance perspective
  • Respond to issues associated with the development, implementation and use of enterprise risk management
  • Appreciate the social /legal/economic contexts of enterprise risk management frameworks.
  • Examine the weaknesses of current ERM frameworks.

2. Case Study

Due: Week 13
Weighting: 30%

Due Date: In week allocated by convenor

The purpose of this assessment is to allow the students to work on a significant piece of work and communicate their level of understanding of key concepts, theories and issues presented by the case studies during the semester. Each case study requires an oral presentation, approximately 20 minutes, a submitted power point presentation, plus a written report which summarises the key issues raised by the case study. Case study questions and project teams (numbers permitting) will be allocated in week 1 of semester.

Marking Criteria: This assessment task allows the students to display oral and written communication skills to explain the key concepts. 10 (of 30) marks are awarded for the presentation itself, 20 (of 30) marks are awarded for the written report and presentation slides. To achieve a distinction or high distinction equivalent score, students must be articulate, knowledgeable on the case study in quesion and demonstrate the ability to coherently answer the questions posed. Written reports to be no more than 2000 words, powerpoints to be limited to 20 slides.

Submission: In-class presentation in week allocated. Students work in groups or individually (depending on numbers) and marks are awarded equally unless there is an objection by students based on one or more students not participating in which case the unit convenor will adjudicate and allocate marks accordingly. Case studies are graded based on content and presentation style.

Extension: No extensions will be granted.

Penalties: Failure to present or submit will result in no marks being awarded for this assessment task.
On successful completion you will be able to:
  • Evaluate risk management exposures from a corporate governance (including internal control and ethics) and compliance perspective
  • Respond to issues associated with the development, implementation and use of enterprise risk management
  • Appreciate the social /legal/economic contexts of enterprise risk management frameworks.
  • Examine the weaknesses of current ERM frameworks.
  • Understand and apply important concepts such as risk mapping, risk identification, monitoring risk and appropriate sources of information
  • Develop and implement an organisational policy and strategy for enterprise risk management

3. Final Examination

Due: Examination period
Weighting: 50%

Due Date: Examination period

A final examination is included as an assessment task to provide assurance that:

  1. the product belongs to the student and
  2. that the student has attained the knowledge and skills tested in the exam

A final two hour examination for this unit will be held during the University Examination Period. In session 1 of 2014 this is 16th June to 4th July, inclusive.  All material covered in the unit is examinable. It is a closed book examination. Further details will be made available via iLearn.

Details of the examination time and place will be in the University Examination Timetable: www.timetables.mq.edu.au/exam

The only exception to not sitting an examination at the designated time is because of documented illness or unavoidable disruption. In such circumstances students may wish to apply for Special Consideration. Further details are available here:

http://www.mq.edu.au/policy/docs/special_consideration/policy.html

Marking Criteria: The examination represents 50% of the student's overall assessment for this unit. Typically the examination consists of a multiple-choice format in one section followed by more indepth questions in the next section. Questions in the latter section are designed to test student's ability to demonstrate knowledge and understanding of the key topics and issues covered in the unit.  Students must pass the final examination in order to achieve a passing grade for the unit.

Special consideration in the final examination can only be applied for by students with a minimum of 45% in the coursework assignments completed up to the application closing date.

If a Supplementary Examination is granted as a result of the Special Consideration process the examination will be scheduled as per the Supplementary Examination timetable of the Faculty. Please note that the supplementary exam will be of similar format to the final exam.
On successful completion you will be able to:
  • Evaluate risk management exposures from a corporate governance (including internal control and ethics) and compliance perspective
  • Respond to issues associated with the development, implementation and use of enterprise risk management
  • Appreciate the social /legal/economic contexts of enterprise risk management frameworks.
  • Examine the weaknesses of current ERM frameworks.
  • Understand and apply important concepts such as risk mapping, risk identification, monitoring risk and appropriate sources of information
  • Develop and implement an organisational policy and strategy for enterprise risk management

Delivery and Resources

 

Classes

Students are required to attend one 3 hours face-to-face seminar per week.

The timetable for classes can be found on the University web site at:  http://www.timetables.mq.edu.au/

 

A typical 3 hour session will be as follows:

a)    Brief lecture and class discussions (90 minutes)

b)  Class activities and discussions relating to cases or other pre-assigned reading material and questions (45 minutes)

c)   Case study presentation by students (in certain weeks) (20 minutes)

 

a) Brief lecture and class discussions.  The lecturer will introduce key themes and their practical applications for each week’s topic.  The lecturer will then facilitate discussions on key issues, challenges and solutions relating to the topic.  Students are required to pre-read assigned material and be prepared to lead discussions in turn.  Students are expected to read the course materials for at least three hours per week. A week-by-week list of the topics to be covered is at the end of the unit outline.

 

(b) Class activities and discussions.  Each week, all students will be asked to prepare and contribute to discussion relating to cases or reading material and questions.  These tasks will be assigned in advance.  The amount of time spent on these discussions will be decided by the lecturer.  Contribution to class discussions is part of the learning outcomes and contributes to developing understanding of the key issues (please see the section ‘Relationship between Assessment and Learning Outcomes’ below).

 

(c) Case study presentation.  In week 1, the lecturer will assign students to groups, and will allocate project work to each group.  The groups then will be asked to present their written and oral reports on their project work in allocated weeks.  Group project is an important part of course assessment.

Required and Recommended Texts and/or Materials

Prescribed textbook

No text is prescribed for the course.Reading list will be provided for each week. The main case study is on BP and the Gulf Oil Spill. Copies will be provided to students.

Students are expected to read the business pages of the Sydney Morning Herald (www.smh.com.au) daily or the Australian Financial Review (www.afr.com.au).

References:

•     Taleb, Nassim N., 2005, “Fooled by Randomness: The Hidden Role of Chance in Life and in the Markets”, Random House Trade Paperbacks, 2005

 

On-line sources will be advised for different topics before these topics are covered in the class.

Unit Web Page

Course material is available on the learning management system (iLearn). The web page for this unit can be found at:  http://mq.edu.au/iLearn/index.htm

 Technology Used and Required

Students are expected to have:

·         Proficiency in Word, Excel and PowerPoint

·        Knowledge of the library research databases – for accessing additional research material.

 

Changes to this offering since last semester: None.

 

 

 

 

Unit Schedule

 

Week

Week starting

Topic

1

Tues 4th March 2014

Course overview

ERM  and creating enterprise value

 

2

11th March 2014

Corporate governance, internal control and ERM frameworks

 

3

18th March 2014

Risk culture and developing risk strategy

 

4

25th March 2014

ERM techniques and tools - monitoring risk

 

5

1st April 2014

Introduction to categories of risk: Financial; Credit; Operational, and Market risk

In-class test

 

6

8th April 2014

Financial risk management

 

7

 12th April to 27th April

 Midsession break

 8

  29th April 2014 Measuring strategic and operational risk

8

 6th May 2014

 

 Reputation risk

9

13th May 2014

Information risk

 

10

20th May 2014

Project risk

 

11

27th May 2014

Environmental risk and business

 

12

3rd June 2014

Implementing an ERM strategy, challenges and ethical issues

 

13

10th June 2014

 

Course summary

 

 

Policies and Procedures

Macquarie University policies and procedures are accessible from Policy Central. Students should be aware of the following policies in particular with regard to Learning and Teaching:

Academic Honesty Policy http://mq.edu.au/policy/docs/academic_honesty/policy.html

Assessment Policy  http://mq.edu.au/policy/docs/assessment/policy.html

Grading Policy http://mq.edu.au/policy/docs/grading/policy.html

Grade Appeal Policy http://mq.edu.au/policy/docs/gradeappeal/policy.html

Grievance Management Policy http://mq.edu.au/policy/docs/grievance_management/policy.html

Disruption to Studies Policy http://www.mq.edu.au/policy/docs/disruption_studies/policy.html The Disruption to Studies Policy is effective from March 3 2014 and replaces the Special Consideration Policy.

In addition, a number of other policies can be found in the Learning and Teaching Category of Policy Central.

Student Code of Conduct

Macquarie University students have a responsibility to be familiar with the Student Code of Conduct: https://students.mq.edu.au/support/student_conduct/

Grades

Macquarie University uses the following grades in coursework units of study:

  • HD - High Distinction
  • D - Distinction
  • CR - Credit
  • P - Pass
  • F - Fail

Grade descriptors and other information concerning grading are contained in the Macquarie University Grading Policy which is available at:

http://www.mq.edu.au/policy/docs/grading/policy.html

Student Support

Macquarie University provides a range of support services for students. For details, visit http://students.mq.edu.au/support/

Learning Skills

Learning Skills (mq.edu.au/learningskills) provides academic writing resources and study strategies to improve your marks and take control of your study.

Student Services and Support

Students with a disability are encouraged to contact the Disability Service who can provide appropriate help with any issues that arise during their studies.

Student Enquiries

For all student enquiries, visit Student Connect at ask.mq.edu.au

IT Help

For help with University computer systems and technology, visit http://informatics.mq.edu.au/help/. 

When using the University's IT, you must adhere to the Acceptable Use Policy. The policy applies to all who connect to the MQ network including students.

Graduate Capabilities

PG - Critical, Analytical and Integrative Thinking

Our postgraduates will be capable of utilising and reflecting on prior knowledge and experience, of applying higher level critical thinking skills, and of integrating and synthesising learning and knowledge from a range of sources and environments. A characteristic of this form of thinking is the generation of new, professionally oriented knowledge through personal or group-based critique of practice and theory.

This graduate capability is supported by:

Learning outcomes

  • Appreciate the social /legal/economic contexts of enterprise risk management frameworks.
  • Understand and apply important concepts such as risk mapping, risk identification, monitoring risk and appropriate sources of information

Assessment tasks

  • 1. Class Test
  • 2. Case Study
  • 3. Final Examination

PG - Research and Problem Solving Capability

Our postgraduates will be capable of systematic enquiry; able to use research skills to create new knowledge that can be applied to real world issues, or contribute to a field of study or practice to enhance society. They will be capable of creative questioning, problem finding and problem solving.

This graduate capability is supported by:

Learning outcomes

  • Evaluate risk management exposures from a corporate governance (including internal control and ethics) and compliance perspective
  • Respond to issues associated with the development, implementation and use of enterprise risk management
  • Appreciate the social /legal/economic contexts of enterprise risk management frameworks.
  • Examine the weaknesses of current ERM frameworks.
  • Understand and apply important concepts such as risk mapping, risk identification, monitoring risk and appropriate sources of information

Assessment tasks

  • 1. Class Test
  • 2. Case Study
  • 3. Final Examination

PG - Capable of Professional and Personal Judgment and Initiative

Our postgraduates will demonstrate a high standard of discernment and common sense in their professional and personal judgment. They will have the ability to make informed choices and decisions that reflect both the nature of their professional work and their personal perspectives.

This graduate capability is supported by:

Learning outcomes

  • Evaluate risk management exposures from a corporate governance (including internal control and ethics) and compliance perspective
  • Respond to issues associated with the development, implementation and use of enterprise risk management
  • Appreciate the social /legal/economic contexts of enterprise risk management frameworks.
  • Develop and implement an organisational policy and strategy for enterprise risk management

Assessment tasks

  • 2. Case Study
  • 3. Final Examination

Research and Practice

In addition to the course materials and textbook, students are encouraged to consult different sources and search for external reading materials and practical reports. This will enhance their understanding of the unit concepts and support their learning process.