BML Munjal University introduces Risk Management as a part of MBA curriculum in current academic year

Traditional Risk Management courses have focused only on Financial Risk. 

 

However, in today’s environment an analysis of other risks also such as country  risk, systemic risk and business risk could lead to completely different outcomes in major projects.

 

"Take the example of transporting gas from Iran to India. If a pipeline were to be built entirely through a land route, the country risk would involve an analysis of India Pakistan relations. Systemic risk would involve analyzing the very stability of Afghanistan. Looking at risk from such a holistic point of view may lead to a completely different outcome," an official statement said. 

 

"It may, for example, be best if the gas were transported from Iran to the European grid and then moved by sea to India. If we looked at the project purely from the viewpoint of Financial Risk Management, we could come up with a sub- optimal solution. Such a holistic view is called Enterprise Risk Management and BMU is among the first to be teaching this in India," it added.

 

Commenting on the new course structure, Dr. Tapan Panda, Dean, School of Management at BMU commented, “BMU aspires to impart quality education to its students and this new course is a vital step in that direction. ‘Analyzing and mitigating risk’ provides a wholesome knowledge about risk management, which is more than just financial risk management (FRM).A multidisciplinary University like ours is best suited to teach such a course. This course is being taught by four faculty members from our Business School and where a project involves Engineering risk, we will also bring in appropriate faculty from our School of Engineering and Technology. ”

 

"The course will prove useful both to students planning to join large corporations as well as those planning start-ups. For example, app based taxi and hotel room aggregators face significant regulatory risk. The same may hold true for a company planning to get into the manufacture of drones in India, for example. So the risk in this case is not just of cheaper imports from China," the statement added.

 

MBA students from BMU will have an edge because of their ability to look at risk from a holistic point of view thanks to the new course on Analysing and Mitigating Risk.