LV EN RU DE FR

RISK MANAGEMENT

Course developer

Course abstract

The study course provides in-depth knowledge and practical skills in enterprise risk management, which is a structured process that includes the identification, assessment, control, monitoring, reporting and integration of risks in the enterprise. The aim of the course is to provide students with expanded knowledge of effective risk management to ensure the sustainable development and stability of companies.
Students will gain an in-depth understanding, knowledge and practical skills of a sustainability risk management strategy that focuses on environmental, social and governance (ESG) risks that can affect a company's long-term success and resilience.

Learning outcomes and their assessment

Knowledge
1. In-depth knowledge and understanding of risk management, its goals and objectives, as well as methods and tools that help companies effectively manage potential and actual risks in order to make appropriate decisions - 1st test.
2. in-depth knowledge of sustainability risk identification and assessment, integration into existing systems, risk culture development - 1st test.
Skills
1. Ability to practically apply the appropriate methodology for identifying, evaluating and controlling risks in the stages of the risk management process - 2nd test.
2. The ability to practically apply ESG risk assessment tools - practical work.
Competences.
1. Ability to independently analyse and evaluate and develop a risk management strategy in the company including the necessary stages and methods that help to effectively identify, evaluate and manage risks that may affect their strategic and operational goals - practical work, exam work.

Course Content(Calendar)

1. Global risk trends. (lectures - 2 h, practical works - 2 h).
2. Risk management process. (lectures - 2 h, practical works - 1 h).
1st test (1 h)
3.Risk management policy. (lectures - 2 h, practical works - 2 h).
4. Risk management and risk-based behaviour, good practice in forecasting and financial management. (lectures - 2 h, practical works - 2 h).
5. Inclusion of sustainability risks in the company's risk management. (lectures - 2 h, practical works - 1 h).
2nd test (1 h)
6. Effective company risk management. (lectures - 2 h, practical works - 2 h).

Requirements for awarding credit points

The test of the study course is the exam.
In order to take the exam, the student must develop and submit the practical work: ESG risk assessment tools during the semester.
Two tests must be successfully passed: on sustainable and effective company risk management and on the Risk Management process. On the day of the exam, the independently developed work must be presented: Company's risk management strategy.

Description of the organization and tasks of students’ independent work

Prepare for tests and pass them successfully. Preparation and presentation of practical works. Study course materials research, analysis, evaluations. Prepare for tests and pass them successfully. Preparation and presentation of practical works. Exam preparation.

Criteria for Evaluating Learning Outcomes

The exam grade of the study course is determined by the cumulative assessment, in which 10 points make up 1 point of the exam grade.
Evaluated:
1. 1st control paper on sustainable and effective company risk management. (20 points).
2. 2nd test on the Risk Management process. (20 points).
3. Practical work - ESG risk assessment tools. (20 points).
4. Exam paper - Development and presentation of the company's risk management strategy. (40 points).

Compulsory reading

1. Assa, Hirbod; Liu, Peng; Wang, Simon. Quantitative Risk Management in Agricultural Business. Springer, Berlin, Springer Nature Switzerland; UTB GM,2025, p.332.
2. Dietmar Häcker, Joachim Ernst. Corporate Risk Management: A Case Study on Risk Evaluation. Springer, Berlin, Springer Nature Switzerland; UTB GM,2024,p.209.
3. Rodriguez E. Risk Analytics: Data-Driven Decisions under Uncertainty. CRC Press.2023. p. 469.

Further reading

1. ISO 31000: Risk management – A practical guide for SMEs. Pieejams: http://www.iso.org/iso/iso_31000_for_smes.pdf
2. Ilgtspējas risku iekļaušana uzņēmuma risku pārvaldībā. Pieejams:https://www.pwc.com/lv/lv/about/services/esg-un-ilgtspejas-pakalpojumi/saistitie-raksti/ilgtspejas-risku-ieklausana-uznemuma-risku-parvaldiba.html
3. Hopkin P. Fundamentals of Risk Management: Understanding, Evaluating and implementing Effective Risk Management. 5th Edition. London: Kogan Page, 2018, p. 453.
4. Sweeting P. Financial Enterprise Risk Management. International Series on Actuarial Science 2nd Revised edition. Cambridge University Press. 2017, p. 614.

Periodicals and other sources

1. ESG risku novērtēšanas pamatnostādnes. Pieejams: https://www.luminor.lv/sites/default/files/docs/general/esg_risk_assesment_lv.pdf
2. Guide on Enterprise Risk Management. Pieejams: https://www.coso.org/Pages/erm.aspx
3. Kāds šobrīd ir "biznesa klimats" Baltijā? Baltijas uzņēmumu vadītāju aptauja 2024. Pieejams:https://www.pwc.com/lv/lv/about/case-studies/baltijas-uznemumu-vaditaju-aptauja-2024.html
4. Novērtējiet sava uzņēmuma ESG ietekmi nozares kontekstā. Pieejams: https://blog.swedbank.lv/riki-kalkulatori/esg-butiskas-ietekmes-novertesanas-riks
5. Risku vadības ieviešanas rokasgrāmata. Pieejams:https://www.fm.gov.lv/lv/risku-vadibas-ieviesanas-rokasgramata
6. Risku pārvaldības principi. Pieejams: https://www.altum.lv/par-altum/risku-parvaldibas-principi/#_ftn1
7. Risk in Focus 2025: Pieejams: https://www.eciia.eu/wp-content/uploads/2024/09/Risk-in-Focus-2025-FINAL.pdf
8. Šturca E. Risku vadības pievienotā vērtība stratēģijas plānošanā un īstenošanā. KPMG Baltics AS, 2021, 15 lpp. Pieejams:https://www.fm.gov.lv/lv/media/8427/download

Notes

Compulsory study course for the academic master's study program "Economics".