Dumm, Randy; Hubbel, Michael; Külpp, Leona d
A icle — Published Ve sion
F om basics o boa d oom: A holis ic app oach o ERM
educa ion
Risk Managemen and Insu ance Re iew
P o ided in Coope a ion wi h:
John Wiley & Sons
Sugges ed Ci a ion: Dumm, Randy; Hubbel, Michael; Külpp, Leona d (2025) : F om basics o
boa d oom: A holis ic app oach o ERM educa ion, Risk Managemen and Insu ance Re iew, ISSN
1540-6296, Wiley, Hoboken, NJ, Vol. 28, Iss. 3, pp. 471-492,
h ps://doi.o g/10.1111/ mi .70020
This Ve sion is a ailable a :
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TEACHING CASE STUDY
F om basics o boa d oom: A holis ic
app oach o ERM educa ion
Randy Dumm
1
|Michael Hubbel
2
|Leona d Külpp
3
1
The Baldwin G oup School o Risk
Managemen and Insu ance, Muma
College o Business, Uni e si y o Sou h
Flo ida, Tampa, Flo ida, USA
2
Depa men o Risk, Ac ua ial Science,
Heal hca e Managemen , and Legal
S udies, Fox School o Business and
Managemen , Temple Uni e si y,
Philadelphia, Pennsyl ania, USA
3
Munich Risk and Insu ance Cen e ,
LMU Munich School o Managemen ,
Munich, Ge many
Co espondence
Leona d Külpp, Munich Risk and
Insu ance Cen e , LMU Munich School
o Managemen , Munich, Ge many.
Email: [email p o ec ed]
Abs ac
The case s udy me hod o lea ning has long been a
eaching app oach ha uses a o m o expe ien ial
lea ning o allow s uden s o make he connec ion
be ween class oom lea ning and eal‐wo ld applica ions.
Cases such as hose published by he Ha a d Business
Re iew u ilize de ailed his o ical in o ma ion, inancial
da a, and o he ele an da a, while o he s a e c ea ed o
highligh an exis ing se o p oblems o issues ha also
suppo o enhance he adi ional lec u e. In his pape ,
we p esen a cou se concep ha p o ides a amewo k
o mul iple lea ning expe iences whe e case s udies
build on co e knowledge o p epa e he s uden o eal‐
ime expe ien ial lea ning oppo uni ies based on li e
in e ac ions wi h expe s du ing company isi s. The
case s udies se e o b idge he gap be ween adi ional
lec u es and company isi s and a e complemen ed by
he FM isk managemen game, online quizzes, and
p e‐ isi company esea ch p ojec s. While ou pape is
based on an En e p ise Risk Managemen cou se in a
speci ic geog aphic ma ke , we belie e ha he ame-
wo k o online lea ning, case s udies, and on‐si e
expe ien ial lea ning is applicable in di e en loca ions
and se ings.
Risk Managemen and Insu ance Re iew. 2025;28:471–492. wileyonlinelib a y.com/jou nal/ mi
|
471
This is an open access a icle unde he e ms o he C ea i e Commons A ibu ion License, which pe mi s use, dis ibu ion and
ep oduc ion in any medium, p o ided he o iginal wo k is p ope ly ci ed.
© 2025 The Au ho (s). Risk Managemen and Insu ance Re iew published by Wiley Pe iodicals LLC on behal o Ame ican Risk and
Insu ance Associa ion.
1|INTRODUCTION
The educa ional sec o has aced unp eceden ed challenges in ecen yea s, ma ked by he
global dis up ion o he COVID‐19 pandemic and he apid eme gence o Gene a i e AI in o
mains eam awa eness. These de elopmen s signi ican ly impac ed adi ional eaching
me hods, necessi a ing al e na e s a egies o engage s uden s e ec i ely and deli e comp e-
hensi e ins uc ional con en . In esponse o such challenges, Lobos e al. (2023) highligh he
impo ance o adap abili y, digi al p o iciency, and he in eg a ion o p ac ical expe iences in
academic cu icula, pa icula ly spo ligh ing he ans o ma i e e ec s o he COVID‐19 pan-
demic on educa ional pa adigms. Simila ly, Rusandi e al. (2023) del e in o he p oblems
in oduced by he apid eme gence o Gene a i e AI, s essing he need o educa o s o os e
an en i onmen ha enhances s uden s' c i ical hinking and social skills. Toge he , hese
pe spec i es highligh he bene i s o conside ing educa ional s a egies ha a e no only mo e
holis ic bu also an icipa e new echnologies and e ol ing demands o u u e lea ning
en i onmen s.
The pu pose o his a icle is o sha e an inno a i e app oach o isk managemen educa ion
ha inco po a es di e en eaching me hods wi hin a speci ic cou se. Building on he case
s udy app oach highligh ed in Hoy e al. (2010), we p esen a cou se concep ha u ilizes a
building block app oach ha inco po a es online lea ning, ocused case s udy applica ions, and
expe ien ial lea ning h ough a se ies o on‐si e engagemen s wi h isk managemen p o es-
sionals. Focused case s udies play an impo an ole in his app oach, o e ing an e ec i e
means o engage s uden s by p o iding a p ac ical and a ge ed applica ion o heo e ical
knowledge. While none o he indi idual elemen s o his app oach a e no el on hei own,
hei dis inc i e combina ion wi hin a single cou se p o ides a esh pe spec i e on an al e -
na i e op ion o isk managemen educa ion, whe e case s udies p o ide he ounda ion ha
enhances he on‐si e, applied lea ning expe ience o s uden s.
2|COURSE STRUCTURE
The cou se is s uc u ed in o ou modules: Module I builds an ERM ounda ion, Module II
u ilizes case s udies o examine speci ic isk managemen and ERM opics, Module III includes
expe ien ial lea ning h ough mee ings wi h isk p o essionals, and Module IV deli e ables
p o ide he oppo uni y o e alua e lea ning, c i ical hinking, and w i en communica ions
skills. Figu e 1highligh s he lea ning p inciples, objec i es, and lea ning me hods o each
Module.
In mo e gene al e ms, Module I is an online module whose pu pose is o p o ide s uden s
wi h a base le el o knowledge abou isk managemen . In addi ion o ma e ial on adi ional
isk managemen , Module I p o ides co e age o he ERM p ocess and i s implemen a ion.
Module I also p o ides co e age o he ole o ERM in suppo ing i m s a egic goals and
objec i es. S uden s wo k h ough ideos, slides, and eading ma e ials, and can moni o hei
p og ess h ough in e ac i e quizzes. An example o a Can as page o one sec ion o he online
module is shown below in Figu e 2.
Module II is impo an in his cou se o se e al easons. S uden s om his cou se come
om Eu ope, Asia, and he U.S., and hey mee o he i s ime in pe son a he beginning o
his Module. Module II also e lec s a change in eaching me hod and ocus, whe e case s udies
p o ide s uden s wi h he oppo uni y o apply Module I ounda ional lea ning in a con olled
472
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DUMM ET AL.
en i onmen . The goal o Module II is o u he p epa e s uden s o engage in expe ien ial
lea ning ac i i ies ha a e pa o he hi d module, namely he co po a e isi s. As no ed
abo e, Module II inco po a es cases selec ed o ein o ce key isk managemen o ERM p in-
ciples o e alua e speci ic applica ions o adi ional isk managemen o ERM.
1
Lea ning in
Module II expands u he on concep s lea ned in Module I o in he case s udies, as he acul y
conduc s FM's isk managemen game, whe e g oups mus alloca e a ixed budge o a ious
isk con ol p ojec s.
2
This exe cise allows s uden s o apply wha hey lea ned om he case
s udies in an in e ac i e, con olled en i onmen and eaches hem skills in p io i izing isk
con ols and making in o med decisions on p ojec implemen a ion.
The ansi ion om Module II o Module III includes a ge ed company esea ch p ojec s
whe e s uden g oups e alua e and epo on companies ha he class will be mee ing wi h in
Module III.
3
He e, he company's annual epo s se e as he basis o in es iga ion whe e he
s uden a e asked o epo on hei company in e ms o i s his o y, p oduc s/ope a ions,
inancials, ma e ial isks, and isk managemen p ac ices as disclosed in he annual epo . The
s uden s a e also asked o in es iga e and epo on ecen signi ican e en s ha a e ela ed o
i m isk. In addi ion o p epa ing he class o upcoming isi s, he p ojec also se es o
s eng hen s uden s' analy ical, communica ion, and p esen a ion skills while p o iding in-
sigh s in o an o ganiza ion's app oach o isk managemen o ERM. The objec i e o his
ansi ion is o ensu e ha s uden s a i e a he co po a e isi s in Module III wi h a g ea e
abili y o engage and ask ques ions.
In Module III, s uden s in e ac di ec ly wi h isk p o essionals. The pa icipa ing compa-
nies span di e se indus ies and a y signi ican ly in egula o y equi emen s, o ganiza ional
size, and ope a ional ma u i y le els.
4
Topics ange om de ailed desc ip ions o he compa-
nies' ERM sys ems and s a egies o implemen ing ERM amewo ks o specialized a eas such
as isk managemen app oaches o ene gy ading and AI go e nance. Visi s usually inco -
po a e a s anda dized ERM componen ocusing on he company's ERM amewo k, se ing he
s age o subsequen c oss‐company compa isons o isk managemen and ERM p ac ices. The
FIGURE 1 O e iew o cou se s uc u e and eaching goals.
1
See Appendix C o a lis o he case s udies and why hey a e used in his cou se.
2
See Appendix D o mo e in o ma ion on he FM isk managemen game.
3
See Appendix F.1 o a sample ins uc ion.
4
See Appendix E o a lis o companies ha ha e pa icipa ed in ou semina .
DUMM ET AL.
|
473
FIGURE 2 Example o a can as page.
474
|
DUMM ET AL.
s uc u e o he company isi s has e ol ed signi ican ly since ou semina 's incep ion o e a
decade ago, when co po a e si e isi s we e uncommon in academic cu icula. While such isi s
ha e become inc easingly p e alen , he sys ema ic p epa a ion o s uden s h ough applied
lea ning expe iences, pa icula ly case s udies, has eme ged as a c i ical success ac o , ensu ing
hey can in e ac meaning ully wi h execu i es.
In he inal module, we inco po a e a eedback loop whe e s uden s mee wi h he cou se
ins uc o s in a casual se ing o e lec on hei lea ning om he i s h ee modules. S uden s
a e hen gi en 1 week o p epa e an execu i e summa y ha syn hesizes and analyzes he
insigh s gained om he isi s.
5
This exe cise e ines hei w i ing skills and encou ages hem
o e lec on hei lea ning and expe iences. The p og essi e s uc u e ensu es ha s uden s
build compe ence sys ema ically, mo ing om heo e ical unde s anding h ough con olled
applica ion o eal‐wo ld engagemen .
3|BENEFITS FOR STUDENTS, COMPANIES, AND
SCHOOLS
The ERM cou se gene a es bene i s ac oss mul iple s akeholde g oups. The cou se's ac i e
lea ning en i onmen suppo s comp ehensi e s uden de elopmen om baseline knowledge
in Module I h ough case s udy applica ions in Module II o expe ien ial lea ning in Module III.
E idence o he success o his p og ession appea s in se e al ways. Assessmen sco es imp o e
om Module I o he inal e alua ions.
6
Addi ionally, company es imonials no e he quali y o
s uden ques ioning and p o essional demeano ,
7
and he posi i e s uden eedback
8
indica es
ha his app oach is e ec i e in enhancing he unde s anding o he cou se ma e ials. C i ical
hinking de elopmen becomes obse able h ough he w i en epo s, FM isk managemen
game in e ac ions, company esea ch p esen a ions, and p o essional discussions wi h execu-
i es, whe e s uden s mus a icula e in o med pe spec i es.
The in e ac ions wi h senio execu i es p o ide s uden s wi h pe spec i es on ERM ha a e
a ely a ailable o s uden s o e en many indus y p o essionals, c ea ing subs an ial ne -
wo king and p o essional de elopmen oppo uni ies. Fo some s uden s, his will ansla e in o
in e nship and employmen oppo uni ies. One es imonial, in pa icula , highligh s he an-
gible bene i s o he cou se, as sho ly a e inishing he cou se, his s uden decided o pu sue
a ca ee in isk managemen and success ully ansi ioned in o a job wi hin he isk man-
agemen sec o . This ype o p o essional success is no an isola ed case, as nume ous s uden s
ha e epo ed simila ca ee oppo uni ies.
The cou se has also been bene icial o he pa icipa ing companies. Tes imonials om hese
companies ha e highligh ed he ad an ages o in e ac ing wi h s uden s who a e up o da e
wi h he la es isk managemen heo ies. Companies sha e hei app oach o ERM and ha e
indica ed ha hey no only alue he esh pe spec i es and solu ions ha s uden s p o ide,
bu also app ecia e he access o a pool o alen ed indi iduals. In e ms o cou se de elopmen ,
5
See Appendix F.2 o a sample ins uc ion.
6
G ade ends e eal consis en imp o emen ollowing ou COVID‐19 pandemic e o ms, as shown in Figu e 3.
Pos ‐implemen a ion inal g ade a e ages o 85%–90% (equi alen o 1.3 in Ge man g ading) e lec excep ionally high
lea ning ou comes.
7
See Appendices B.1 and B.2 o a lis o commen s om company ep esen a i es.
8
See Appendix B.3 o es imonials om p io s uden s.
DUMM ET AL.
|
475
he co po a e isi s o e insigh s in o impo an changes in isk managemen p ac ices ha
acul y can inco po a e in o u u e i e a ions o he cou se.
The e is a po en ial bene i o p og ams ha a e Ad ance Collegia e Schools o Business
(AACSB) acc edi ed o a e pu suing acc edi a ion. Al hough his cou se was no designed wi h
AACSB s anda ds in mind, we sugges ha he cou se ea u es suppo AACSB s anda ds ou
o se en. Unlike adi ional company isi s ha o en lack sys ema ic in eg a ion, in ou
implemen a ion o he cou se, he opic‐ ocused company p esen a ions di ec ly suppo
AACSB S anda d 4.1 by deli e ing cu en , ele an , o wa d‐looking, globally o ien ed con en
h ough pa icipa ion o in e na ional companies. A he same ime, case s udies p epa e s u-
den s o engage meaning ully wi h hese cu en issues. The cou se suppo s S anda d 4.3
h ough ex ensi e expe ien ial lea ning componen s, including he FM isk managemen game,
case s udies, and company isi s ha p o ide hands‐on applica ion o heo e ical concep s. Ou
app oach also suppo s S anda d 4.4's lea ne ‐ o‐lea ne and lea ne ‐ o‐ acul y engagemen
equi emen s h ough g oup ac i i ies (case s udies, FM isk managemen game, g oup p e-
sen a ions), in o mal deb ie ing sessions wi h ins uc o s, and p o essional engagemen du ing
co po a e isi s. While S anda d 5.1's o mal Assu ance o Lea ning p ocesses a e no cu en ly
implemen ed, ou exis ing assessmen amewo k (online quizzes, p esen a ions, company
in e ac ions, execu i e summa ies) could easily be o malized o mee Assu ance o Lea ning
equi emen s, and ou cons an exchange wi h indus y pa ne s acili a es measu emen o
pos g adua ion ou comes. The cou se demons a es alignmen wi h S anda d 6.2 h ough
documen ed pos g adua ion success, e idenced by company es imonials, execu i e eedback,
and s uden epo s o imp o ed employmen p ospec s and in e nship oppo uni ies esul ing
om cou se pa icipa ion. Addi ionally, ou app oach suppo s S anda d 7.3 by ensu ing acul y
exposu e o di e se pe spec i es h ough a ied company ep esen a i es and indus y con ex s.
Finally, S anda d 7.4 is add essed h ough consis en e idence o eaching impac : high s uden
sa is ac ion, academic pe o mance, and posi i e pos ‐cou se ou comes.
4|TRANSFERABILITY
The ERM cou se concep can be success ully implemen ed ac oss di e se educa ional en-
i onmen s and ins i u ional con ex s. The cou se concep p o ides a lexible empla e ha
educa o s can cus omize o supplemen exis ing isk managemen cou ses, u ilizing widely
a ailable online esou ces and compa ible case s udies ha may al eady exis in educa o s'
FIGURE 3 A e age g ades o e he yea s, wi h black ba s indica ing s anda d e o s. G ades ollow he
Ge man sys em, which anges om 1.0 ( e y good) o 4.0 (su icien ) and uses a 5.0 o a ail.
476
|
DUMM ET AL.
cu icula. This adap abili y makes he amewo k pa icula ly aluable o Risk Managemen
and Insu ance p og ams seeking o enhance hei expe ien ial lea ning componen s ega dless
o ins i u ional size, geog aphic loca ion, o esou ce cons ain s. The cou se, as desc ibed
abo e, wo ks well o a class size o up o 25 s uden s. Mos o he case s udies used in his
cou se a e publicly a ailable online, p o iding educa o s wi h immedia e access o p o en
eaching ma e ials. Howe e , he amewo k o e s lexibili y o educa o s o ei he employ
hese exis ing case s udies o in eg a e simila ones ha align wi h hei speci ic cou se ob-
jec i es and egional con ex s. Cases ocusing on eme ging opics such as Ca as ophe Risk
Managemen (Neale & Medde s, 2025), Gene a i e AI go e nance, e ol ing egula o y a-
mewo ks, o clima e change adap a ion can p o ide aluable con empo a y supplemen s o
es ablished case s udies.
An essen ial ea u e o ou app oach is inco po a ing company isi s and alks. While he
di icul y o o ganizing hese will a y by school, hey should be easible o any ins i u ion.
9
La ge u ban uni e si ies bene i om p oximi y o di e se indus ies and es ablished co po a e
ne wo ks, allowing hem o le e age me opoli an loca ions o secu e company isi s ac oss
mul iple sec o s, om Fo une 500 co po a ions wi h sophis ica ed ERM amewo ks o
inno a i e Fin ech s a ups na iga ing eme ging isk landscapes. U ban p og ams can ypically
suppo la ge coho s while main aining he in ensi e, in e ac i e expe ience ha cha -
ac e izes e ec i e expe ien ial lea ning. In con as , small egional schools can success ully
implemen his amewo k h ough s a egic pa ne ships and c ea i e esou ce u iliza ion.
While hese ins i u ions may ha e ewe local co po a e op ions, hey o en enjoy close e-
la ionships wi h egional businesses. The e o e, hey can de elop deep pa ne ships wi h local
insu ance agen s, communi y banks, heal hca e sys ems, and manu ac u ing companies. The
in ima e scale o smalle p og ams can ac ually enhance he lea ning expe ience, allowing o
mo e pe sonalized in e ac ions wi h co po a e pa ne s and deepe indi idual engagemen wi h
cou se ma e ials. Technical and p o essional schools can adap he amewo k o emphasize
p ac ical skills de elopmen and immedia e indus y applica ions. These p og ams migh ocus
mo e hea ily on ope a ional isk managemen , egula o y compliance, o sec o ‐speci ic isk
challenges, ailo ing company isi s o align wi h hei s uden s' ca ee ajec o ies in spe-
cialized ields such as cybe secu i y, supply chain managemen , o en i onmen al isk
assessmen . The amewo k's lexibili y allows each ins i u ional ype o emphasize aspec s
mos ele an o hei s uden popula ions while main aining he co e expe ien ial lea ning
bene i s.
Based on ou expe ience, inco po a ing be ween six and nine company p esen a ions s ikes
an app op ia e balance, p o iding s uden s wi h comp ehensi e exposu e o isk managemen
p ac ices ac oss a ious indus ies wi hou c ea ing excessi e logis ical bu den. This ange has
been e ined o e ime based on s uden eedback and ins uc o expe ience, e lec ing ou
commi men o op imizing he lea ning expe ience. Fo p og ams implemen ing his app oach
o he i s ime, beginning wi h h ee o i e company isi s p o ides a manageable s a ing
poin while building he ne wo k o coope a ing o ganiza ions. As ela ionships de elop and
ins i u ional capaci y g ows, p og ams can g adually inc ease o he op imal six o nine com-
pany engagemen s. Depending on he leng h o he cou se, cou se scheduling, and a ailable
esou ces, expanding o mo e han en company mee ings is possible, hough no
9
E en wi hou exis ing co po a e ne wo ks, implemen ing his cou se should be easible, since companies gene ally
demons a e ecep i eness o educa ional ini ia i es.
DUMM ET AL.
|
477
ecommended.
10
The mos e ec i e app oach combines on‐si e company isi s wi h uni e si y‐
based p esen a ions. While isi s o company p emises p o ide s uden s wi h a iche expe i-
ence, uni e si y‐based alks o e signi ican logis ical ad an ages and can accommoda e la ge
g oups mo e easily. When in‐pe son mee ings a e no easible due o geog aphic, scheduling, o
esou ce cons ain s, ideo con e ence p esen a ions p o ide a iable al e na i e, hough hey
may sligh ly educe engagemen le els compa ed o ace‐ o‐ ace in e ac ions. Company selec-
ion should p io i ize di e si y ac oss mul iple dimensions o maximize lea ning ou comes.
11
This means engaging o ganiza ions anging om la ge insu ance i ms wi h ma u e ERM
p og ams o noninsu ance s a ups na iga ing unique isk landscapes, om adi ional man-
u ac u ing companies o echnology i ms add essing eme ging digi al isks. Selec ion c i e ia
should conside indus y a ie y, o ganiza ional ma u i y le els, and isk managemen
sophis ica ion. Geog aphic di e si y also enhances lea ning, exposing s uden s o di e en
egula o y en i onmen s, ma ke condi ions, and cul u al app oaches o isk managemen .
Beyond ERM cou ses, his amewo k can be e ec i ely adap ed o a ious ela ed
cu icula. Insu ance ope a ions cou ses could include cases such as he one by Pan e al. (2025)
and he Heal h Insu ance Game by Ellis and Esson (2024). Co po a e isi s could hen ange
om small local b oke s and Insu ech s a ups o es ablished mid‐sized ca ie s ac oss di -
e en lines o business, as well as la ge einsu e s and cap i es. Co po a e inance p og ams
could use cases such as he one by Rosen hal e al. (2021) and hen emphasize inancial isk
managemen h ough isi s o banks, in es men i ms, and co po a e easu y depa men s o
a ious non inancial companies. The key o success ul adap a ion lies in inco po a ing applied
lea ning expe iences be o e he co po a e isi s and ensu ing b oad indus y exposu e while
main aining a cen al hema ic ocus h oughou company p esen a ions. This amewo k
pa icula ly lends i sel o mul i‐school collabo a ions, as demons a ed in ou cu en imple-
men a ion
12
, whe e pa icipa ing ins i u ions main ain lexibili y o build cou ses ha bene i
all pa icipan s. Such collabo a ions can ake se e al o ms, wi h schools wo king indepen-
den ly o le e age local esou ces o company isi s while sha ing online modules and case
s udies. Al e na i ely, ins i u ions can coo dina e o hos join company isi se ies ha all
pa icipa ing schools a end, ei he i ually o h ough s uden a el a angemen s. Mul i‐
school pa ne ships p o e pa icula ly bene icial o smalle ins i u ions, p o iding he scale
necessa y o a ange company isi s in majo inancial cen e s while sha ing associa ed cos s
and logis ical complexi y. Regional conso ia o Risk Managemen and Insu ance p og ams can
pool esou ces o b ing indus y execu i es o cen al loca ions o simul aneously coo dina e
i ual p esen a ion se ies ha bene i mul iple s uden coho s.
5|CONCLUSION
This a icle ou lines an educa ional amewo k ha in eg a es heo e ical knowledge wi h
p ac ical applica ion o maximize he educa ional alue o case s udies and o e a comp e-
hensi e lea ning expe ience. Illus a ed h ough an ERM cou se example, his concep deepens
s uden s' unde s anding o complex issues in mode n co po a e en i onmen s. The cou se
10
We ha e un he cou se wi h 10 company mee ings in he pas , bu his inc eases o ganiza ional complexi y, and
s uden s epo being o e whelmed and ha ing di icul ies managing hei o e all schedule.
11
See Appendix E o a lis o companies ha ha e pa icipa ed in ou semina .
12
Cu en ly, ou ERM cou se is a collabo a i e e o in ol ing h ee uni e si ies.
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DUMM ET AL.
D . Thomas Wilson, Fo me Chie Risk O ice a Allianz G oup & CEO,
P esiden and Coun y Manage , Allianz Ayudhya
“The abili y o pa icipa e in Boa d discussions depends on he indi idual's con idence
le el, hei willingness o “s and ou ”and ask ques ions openly and no ely on being an
“expe .”The e a e many p o essionals who, a e e en 5 yea s o on‐ he‐job aining,
may no ha e he con idence and pe sonali y ai needed o engage ully in a Boa d
discussion. Ha ing said his, I belie e ha he cou se o e s an excellen oppo uni y o
de elop he capabili ies by exposing he s uden s o p o essionals in a quasi‐business
en i onmen . Al hough my ime wi h hese s uden s is mo e limi ed han wi h hose in
he Mas e 's cou se I each, I belie e ha he s uden s a e gene ally high quali y and a e
compa able o ull‐ ime Mas e 's s uden s I each in e ms o quali y o ques ions and
in e ac ion.”
Nodjan Abolkhi ian, Manage , PwC
“The s uden s who come ou o he cou se eally s and ou o hei p oac i e and in‐
dep h app oach. Thei ques ions a e usually al eady a a e y ad anced le el, which
indica es ha hey no only unde s and he basics, bu , o example, also ques ion AI
go e nance use cases in eal‐li e scena ios. When in e ac ing, he cou se pa icipan s
always s and ou o hei inquisi i e na u e, which o en goes beyond wha we know
om o he s uden s and in e ns om o he cou ses o he same ype. This sugges s ha
he mix o online modules, cases, business games, and company isi s is e ec i e in
encou aging mo e c i ical and concep ual hinking. O e he yea s, we ha e no iced a
signi ican inc ease in he s uden s' independence and sel ‐con idence in hei
app oach. They seem o be inc easingly be e p epa ed o independen ly p epa e and
p esen complex p oblem solu ions, such as ou AI Heal h Check. This boos in
de elopmen could well be ela ed o he s uc u e and elemen s o you cou se, which
seems o no only impa knowledge bu also s ongly encou ages he p ac ical appli-
ca ion and in eg a ion o his knowledge in o he p o essional con ex .”
Tes imonials om s uden s
S uden 1
“Th oughou he cou se, I ound immense alue in he di e se ange o companies
isi ed, which p o ided a comp ehensi e iew o en e p ise isk managemen ac oss
di e en sec o s. This exposu e no only b oadened my unde s anding bu also un-
de sco ed he signi icance o isk managemen in all i s ace s. Engaging wi h hese
companies no only deepened my app ecia ion o he complexi ies o isk managemen
bu also eshaped my pe spec i e on how businesses ope a e wi hin oday's dynamic
economic landscape. Wi nessing i s hand how isk managemen s a egies a e im-
plemen ed di e en ly highligh ed he adap abili y and c i ical na u e o hese p ac ices.
DUMM ET AL.
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Mo eo e , he cou se os e ed a p oac i e lea ning en i onmen , blending heo e ical
concep s wi h p ac ical applica ions. This in e ac i e app oach no only enhanced my
comp ehension o en e p ise isk managemen bu also nu u ed skills in c i ical
hinking and inno a ion. Following he cou se, my en husiasm o isk managemen
was u he ueled, leading me o pu sue oppo uni ies wi h companies like Allianz and
MEAG. These expe iences solidi ied my passion o he ield and inspi ed me o pu sue
ad anced s udies in economics, ocusing on inance and insu ance a LMU. Pe sonally,
o me, he cou se no only p o ided a pla o m o lea ning bu also spa ked a jou ney
o pe sonal and p o essional g ow h. I am deeply g a e ul o he oppo uni y and look
o wa d o applying he knowledge and skills acqui ed o con ibu e meaning ully o
he ield o isk managemen .”
S uden 2
“A highligh o he cou se was ob iously he i m isi s, allowing us o u n he
hypo he ical we had lea ned in o p ac ical knowledge. I hough i was good o ha e us
c ea e ex ensi e p esen a ions o e some o he i ms we isi ed, as his allowed us o
ask mo e in‐dep h ques ions du ing ou i m isi s. P o iding ideos alongside ou in‐
class lec u es also helped us ge a be e g asp o he con en i sel . This con en was
also ex emely applicable and in e es ing (especially no iceable du ing ou i m isi s),
which is a nice change o much o he me ely heo e ical con en we lea n du ing usual
cou ses a Ge man uni e si ies.”
S uden 3
“Sho ideos o aise he appe i e. In e es ing company isi s ‐ e y di e se 3 weeks
cou se ‐ e y in ense engagemen .”
S uden 4
“Company isi s gi e us he oppo uni ies o see wha eal‐li e business looks like, we
can see he heo ies each in class used and he a ia ion o cope wi h di e en com-
panies and indus ies.”
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DUMM ET AL.
S uden 5
“Wha I liked abou he cou se was lea ning abou di e en companies in di e en
sec o s and hei isk managemen p ocesses, as well as eal‐li e cases. The i s week,
which ocused on heo y and lea ning key concep s, was also e y well s uc u ed and
enabled me o be e app ehend he es o he cou se.”
S uden 6
“I liked he di e en ma e ials ha we e p o ided. Also, he di e en company isi s
and he possible discussions. The g oup was e y nice and di e se. I app ecia ed he
possibili y o openly alk abou any opic wi h he p o esso s and s uden s.”
APPENDIX C: OVERVIEW OF CASE STUDIES
En e p ise isk managemen a Hyd o One (A)
Au ho s: Ane e Mikes
Publishe : Ha a d Business Publishing
Publica ion Da e: July 2008 (Re ised Janua y 17, 2012)
Pages: 22
O e iew and Educa ional Value: Hyd o One is a public u ili y in On a io, Canada. The
case is used o iden i y and assess isks, and c ea e isk maps. The case s udy includes a numbe o
help ul exhibi s including an impac ma ix, an impac ‐p obabili y isk map, and co po a e isk
p o ile ends. We also use he case o gain insigh s in o he d i e s o ERM a Hyd o One,
s uc u ing ERM and moni o ing i s e ec i eness, he use o he Delphi Me hod o iden i y and
p io i ize Hyd o One isks, and isk‐based p ojec in es men decisions.
En e p ise isk managemen a ex on
Au ho s: James Laney and D . Lau een Regan
Publica ion Da e: Augus 2008
Pages: 4
O e iew and Educa ional Value: Tex on is an indus ial conglome a e in he de ense
and ae ospace sec o s in he Uni ed S a es. We use his case s udy o ocus on managing he isk o
supply chains, speci ically how o sc een and p io i ize supply chains c i ical o Tex on's man-
u ac u ing ope a ions. The case also p o ides a b ie desc ip ion o he in eg a ion o ERM in
Tex on's go e nance s uc u e.
En i onmen al isk managemen a Che on Co p
Au ho s: Fo es L. Reinha d , Monica Mandelli, and Jenni e Bu ns
Publishe : Ha a d Business Publishing
Publica ion Da e: Ma ch 1999 (Re ised Ma ch 31, 1999)
Pages: 28
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O e iew and Educa ional Value: Che on is a majo , global oil company based in he
Uni ed S a es. This case ocuses on en i onmen al isk managemen , and how ha is used o
suppo Che on's co po a e s a egy. The case ocuses on he implemen a ion o a o mal isk
analysis, p io i iza ion ool, and decision‐making model. We use he case in wo discussions:
in eg a ion o isk managemen in co po a e s a egy and ge ing ope a ional suppo , and isk
managemen decision‐making and moni o ing. We use his case along wi h Che on's mos ecen
annual 10K epo submi ed o he Uni ed S a es Secu i ies and Exchange Commission.
Honeywell, Inc. and in eg a ed isk managemen
Au ho s: Lisa Meulb oek and Jona han Ba ne
Publishe : Ha a d Business Publishing
Publica ion Da e: Feb ua y 2000 (Re ised July 11, 2000)
Pages: 22
O e iew and Educa ional Value: Honeywell is a global company based in he Uni ed
S a es ha c ea es echnologies o ene gy, sa e y, secu i y, ai a el, and p oduc i i y o ganiza-
ions. We use his case o ocus on ini ia i es o in eg a e isk managemen , beginning wi h an
inno a i e combina ion o adi ionally insu ed isks wi h inancial isks in one insu ance con-
ac , illus a ing he “po olio e ec ,”and analyzing he o al cos o isk unde Honeywell's
cu en and p oposed insu ance p og ams. The case includes a numbe o help ul exhibi s
including he isk p o iles o se en o Honeywell's compe i o s wi h hei ola ili ies (an indica o o
isk assumed by each compe i o ), e en ions, and co e age limi s in he cu en and p oposed
insu ance p og ams, and he o al cos o isk wi h s anda d de ia ions unde he cu en and
p oposed p og ams.
Te a ech EC and isk managemen
Au ho s: Donna Fle che and Susan Newell
Publishe : Ha a d Business Publishing
Publica ion Da e: May 2007
Pages: 14
O e iew and Educa ional Value: Te a Tech EC is a emedia ion i m in he Uni ed
S a es specializing in he cleanup o con amina ed si es. S uden s lea n abou he p ojec ‐based
app oach o isk managemen , how an o ganiza ion de e mines i s isk appe i e, how i in eg a es
isk managemen in he s a egic decision‐making p ocess, how Te a Tech inculca es isk man-
agemen in i s o ganiza ion, how i aligns wi h isk managemen s anda ds, lessons lea ned
me hodology, e hics in isk managemen , he decision‐making p ocess and how i compa es and
di e s wi h he decision‐making p ocess in he Che on case s udy.
APPENDIX D: FM RISK MANAGEMENT GAME
The FM isk managemen game was c ea ed by FM in 1990 o conduc wo kshops o isk
manage s. I was ecen ly upda ed and Michael Hubbel u he adjus ed i o he use wi h
s uden s Figu e D1.
The scena io uses a ic ional o ganiza ion wi h i e subsidia ies and ocuses on p ope y isk
con ol and quali ying o highly p o ec ed isk a ing o deep discoun s in insu ance p icing.
Twen y isk con ol ecommenda ions a e p o ided wi h loss expec ancies, cos s o implemen ,
and he numbe o mon hs o comple e he p ojec s. Teams a e c ea ed and each eam is gi en
he same budge each “yea ”in a 4‐yea cycle o p io i ize and implemen isk con ol p ojec s.
488
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DUMM ET AL.
A e isk con ol decisions a e made, h ee andomly selec ed loss scena ios a e desc ibed
(based on eal scena ios) Figu e D2.
The compe ing g oups a e sco ed on hei esul s a e measu ing he impac o he losses
on hei eam, based on he isk con ol measu es ha we e adop ed. The objec i es o he game
a e o p o ec he g oup's co po a ion om p ope y losses and educe insu ance p emium
when possible. The game has been p og ammed in an Excel sp eadshee o au oma ically sco e
he pe o mance o each eam o de e mine a winning eam o “b agging igh s”and a ce -
i ica e o eam membe s. By pa icipa ing in he game, s uden s expe ience us a ions o
budge limi a ions, and gain expe ience in p io i izing p ojec s based on loss expec ancies, cos s
FIGURE D1 FM isk managemen game s uc u e.
FIGURE D2 Ins uc ions o he FM isk managemen game.
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489
o implemen , and ime o comple e. S uden s also lea n ha some imes losses occu , whe he
o no isk con ol measu es we e adop ed. The Loss Scena ios and he Excel sp eadshee can
be ound in he Online Appendix.
APPENDIX E: PARTICIPATING COMPANIES ACROSS TIME
(TABLE E1)
TABLE E1 Lis o companies, hei indus ies, and hei p esen a ion opics.
Company name Indus y P esen a ion opic
Allianz Insu ance E olu ion and Cu en S a e o Allianz G oup
Risk Managemen
Baye n LB Banking Risk Managemen a Baye n LB wi h a Focus
on La ge‐Scale E en s
BMW Financial
Se ices
Financial Se ices & Au omo i e S a egic Risk Managemen a BMW Bank
wi h a Focus on ESG Risks
Diehl De ence De ense & Ae ospace Risk Managemen a Diehl De ence wi h a
Focus on Long‐Te m P ojec s
E.ON Ene gy Risk Managemen a E.ON
Munich Ai po T anspo a ion Risk Managemen a Munich Ai po
Munich Re Insu ance Risk Managemen a Munich Re wi h a Focus
on he In e nal Model
PwC Consul ing Case S udy: AI Go e nance
Scalable Finance FinTech How o implemen an En e p ise‐Wide Risk
Managemen F amewo k wi h a Focus on
Ope a ional Risk
Siemens Elec onics, Indus ial
Equipmen & Heal hca e
Risk Managemen a Siemens
S ad we ke
München
Ene gy & U ili ies Risk Managemen o Ene gy T ading wi h a
Focus on Liquidi y Risk
Swiss Li e Insu ance Risk Managemen a Swiss Li e
Swiss Re Insu ance Risk Managemen a Swiss Re
Tele ónica Telecommunica ions Financial Risk Managemen a Tele ónica wi h
a Focus on C edi Risk
Tesa Chemicals & Manu ac u ing Risk Managemen a Tesa
T a on Au omo i e & Comme cial
Vehicles Manu ac u ing
En e p ise Risk Managemen a T a on
Uni C edi Banking Risk Managemen a Unic edi
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DUMM ET AL.
APPENDIX F: EXAMPLE OF ASSIGNMENT INSTRUCTIONS
Example o company esea ch g oup p ojec assignmen ins uc ions
GROUP PROJECT
Company O e iew and Risk P esen a ions
Fo his assignmen , you will e alua e he annual epo s iled by you companies and
p o ide a 30 min p esen a ion o you indings in a g oup o 2 o 3 s uden s. The p e-
sen a ion should include a high‐le el o e iew o he ele an inancial esul s (e.g., key
pe o mance indica o s, e enue, p o i s), ope a ional in o ma ion (e.g., cus ome s,
employees, business segmen s, key ma ke s), and o he in o ma ion ha you deem
ele an (e.g., clima e change, di e si y). Thenex pa o hep esen a ionwill ocus
on he isks and isk managemen p ocess as discussed by he company. This will
appea in i s own pa o he annual epo and isk iden i ied would be key isks. The las
pa o he p esen a ion will be o epo on impo an company‐ ela ed isk managemen
issues ha may ha e appea in he newspape s and ade publica ions wi hin he pas
6 mon hs.
•Resou ce 1: Annual Repo
•Resou ce 2: Sus ainabili y Repo
Example o w i en assignmen ins uc ions
WRITTEN ASSIGNMENT
Execu i e Summa ies o Company Visi s
You i m is conside ing op ions as i looks o di e si y, and one o hose is in he isk
managemen consul ing and se icing a ea. You ha e been asked by senio managemen o
a end a se ies o 10 mee ings whe e a a ie y o i ms sha e in o ma ion on isk managemen
a hei o ganiza ions and hen p o ide execu i e summa ies (1 o 2 pages) on he eigh
mee ings ha cap u e bo h he di e ences in i m ypes and isk managemen p ocesses and
also a b oad ange o key isks. No e ha managemen is jus seeking in o ma ion on isk
managemen ac oss i ms and is no looking o an opinion on whe he o expand in o
his a ea.
Each summa y should include:
•A desc ip ion o he mee ing de ails (who you me wi h, loca ion, and o he ele an
in o ma ion).
•A gene al o e iew o he company (wha i does, whe e i ope a es, e enues, e c.). I he
i m ha you me wi h is pa o a la ge o ganiza ion, e e ence ha o ganiza ion and
p o ide ele an in o ma ion on you subsidia y company.
•A discussion o he p ocess ha he o ganiza ion uses o manage i s isk (e.g., does i use an
ERM app oach o some hing mo e basic? Does i use a amewo k o i s p ocesses? Wha
ypes o in e nal con ols does i employ?)
•A lis ing, and whe e ele an , a b ie desc ip ion o he key isks o he o ganiza ion.
•A discussion o key isks (i any) ha appea o be unique o ha o ganiza ion (e.g., you did
no hea abou i o hem in o he mee ings) o appea o be unique o a pa icula segmen
(e.g., inancial se ices, manu ac u ing, consul ing).
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Feel ee o include any addi ional in o ma ion ha you deem ele an , bu no e ha he
maximum execu i e summa y o each o ganiza ion is wo pages. Please also no e ha man-
agemen is looking o clea and concise summa ies, bu hese summa ies should p ima ily be
in pa ag aph o m (i.e., use o bulle s should be limi ed). In e ms o o ma ing, use ei he
single space o 1.5 spacing and 1‐inch ma gins, and make su e he on size is easonable (e.g.,
11 o 12 pica). The epo is due 1 week a e he las company mee ing.
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