Overview
REGULATIONS FOR THE BACHELOR OF COMMERCE HONOURS DEGREE IN RISK MANAGEMENT AND INSURANCE (BS13)
Duration: 4 years
Credit Load: 528
Minimum Credit Load: 480
Maximum Credit Load: 540
Maximum MBKS Credit Load: 384
- PURPOSE OF THE DEGREE
To develop a graduate who is well versed in all aspects of risk management and the role of insurance in risk financing.
- ENTRYREQUIREMENTS
- Normal Entry
To qualify for normal entry into the Bachelor of Commerce in Risk Management and Insurance Honours Degree programme, a candidate, in addition to satisfy the minimum conditions as prescribed under the General Regulations and the Faculty Regulations for English and Mathematics at ‘O’ Level, must have obtained a pass in ‘A’ Level subjects: Economics, Management of Business, Accounting or Mathematics.
- Visiting School Programme
To qualify for entry into the Bachelor of Commerce in Risk Management and Insurance Honours Degree (Visiting School) programme, a candidate, in addition to satisfying the minimum requirements as prescribed under the General Regulations and the Faculty Regulations for English Language at ‘O’ Level must have: –
Either:
-A Certificate of Proficiency in Insurance,
-A Certificate of Insurance Practice,
-A Diploma in Insurance,
-An Advanced Diploma in Insurance,
-National Diploma in Business Studies,
-A Higher National Diploma in Business Studies,
-Any other equivalent tertiary qualification
Or
–Passes in 2 any ‘A’ Level subjects
And
–At least two years working experience in a relevant field
–Proof of employment
- Mature Entry
Refer to Section 3.3 of the General Regulations
- PROGRAMME CHARACTERISTICS
- Areas of study: The broad perspective on risk management with a special focus on enterprise risk management, financial risk management, Investment analysis, insurance regulation and supervision, marketing of financial services, reinsurance and corporate finance, and financial mathematics.
- Specialist focus:Risk Management and Insurance
- Orientation: Research and innovation-oriented. Teaching and learning are professionally oriented and focused on practical aspects.
- Distinctive features: The programme builds the research-technology-innovation continuum and focuses on knowledge development and application using a student-centered approach.
- CAREER OPPORTUNITIES
Graduates for the Bachelor of Commerce Risk Management and Insurance can pursue careers as Insurance brokers, risk managers, risk management officers, pension’s consultants, pension administrator, compliance officers, and loss adjustors.
- PROGRAMME DELIVERY
- Teaching and Learning Methods:
Lectures, tutorials, seminars, group work, industrial visits, Work-Related learning, research projects and individual independent study.
- Assessment Methods:
Written and oral examinations, tests, term papers, seminar presentations, Work-Related learning report, final-year research project report, and continuous assessments.
- LEARNING OUTCOMES
By the end of the programme a graduate will be able to:
- Apply analytical skills in the day-to-day operations of businesses and solve problems in a logical manner, particularly in claims investigations.
- Explain technical information to various internal and external stakeholders.
- Make sound decisions in underwriting insurance policies.
- Negotiate policy terms with clients, brokers and reinsurers.
- GENERAL PROVISIONS
6.1 A candidate is required to undertake a minimum of five (5) modules per semester unless one is carrying over or retaking certain modules from the previous academic level or semester, respectively.
6.2 Each module is worth twelve (12) credits except for the Work-Related Learning level, which is worth one-hundred and twenty (120) credits and the dissertation which is worth 24 credits.
6.3 Successful completion of Work-Related Learning component at Level III is compulsory for all candidates.
6.4 A student requires 528 credits to complete this programme.
- PROGRAMME ASSESSMENT
Refer to Section 6 of the General Regulations and Section 5 of the Faculty Regulations.
- PROVISION FOR PROGRESSION
Refer to section 6 of the faculty regulations.
- FAILURE TO SATISFY EXAMINERS
RefertoSection9of the General Regulations.
- GRADING AND DEGREE CLASSIFICATION
RefertoSection12FacultyRegulations.
Programme Structure
PROGRAMME STRUCTURE
Level 1 Semester 1
| CODE | DESCRIPTION | CREDITS |
|---|---|---|
| CS131 | Communication Skills | 12 |
| BM131 | Principles of Management | 12 |
| HCS135 | Introduction to Information Systems | 12 |
| EC131 | Principles of Economics 1 | 12 |
| BM132 | Business Communication | 12 |
| ACC135 | Financial Accounting for Business 1 | 12 |
| RMI130 | Risk and Insurance | 12 |
Level 1 Semester 2
| CODE | DESCRIPTION | CREDITS |
|---|---|---|
| RMI131 | Introduction to Risk Management | 12 |
| BM135 | Commercial Law | 12 |
| ACC136 | Financial Accounting for Business 2 | 12 |
| CMI131 | Introduction to Marketing | 12 |
| BF134 | Financial Mathematics | 12 |
| ACC144 | Quantitative Analysis for Business 1 | 12 |
| EC134 | Principles of Economics 2 | 12 |
Level 2 Semester 1
| CODE | DESCRIPTION | CREDITS |
|---|---|---|
| RMI132 | Insurance Law | 12 |
| RMI232 | Operational Risk Management | 12 |
| GS211 | Gender Studies | 12 |
| BF233 | Corporate Finance A | 12 |
| RMI234 | Health and Disability Insurance | 12 |
| ENT131 | Introduction to Entrepreneurship | 12 |
| RMI233 | Liability Insurance | 12 |
Level 2 Semester 2
| CODE | DESCRIPTION | CREDITS |
|---|---|---|
| RMI235 | Life Insurance | 12 |
| RMI239 | Introduction to Reinsurance | 12 |
| BF234 | Corporate Finance 1B | 12 |
| RMI238 | Insurance Broking and Client Services | 12 |
| RMI237 | Retirement Funding | 12 |
| RMI230 | Property and Pecuniary Insurance | 12 |
| RMI240 | Transportation Insurance | 12 |
Level 3 Semester 1
| CODE | DESCRIPTION | CREDITS |
|---|---|---|
| RMI331 | Work-Related Learning Continuous Assessment | 40 |
Level 3 Semester 2
| CODE | DESCRIPTION | CREDITS |
|---|---|---|
| RMI332 | Work-Related Learning Employers’ Assessment | 40 |
| RMI333 | Work-Related Learning Report | 40 |
Level 4 Semester 1
| CODE | DESCRIPTION | CREDITS |
|---|---|---|
| RMI430 | Enterprise Risk Intelligence | 12 |
| RMI434 | Micro-insurance | 12 |
| RMI431 | Advanced Reinsurance Practice | 12 |
| BF433 | Financial Risk Management | 12 |
| RMI432 | Occupational Health and Safety | 12 |
Level 4 Semester 2
| CODE | DESCRIPTION | CREDITS |
|---|---|---|
| MM436 | Services Marketing | 12 |
| BM438 | Strategic Management | 12 |
| RMI435 | Finance and Management Accounts for Insurance | 12 |
| RMI437 | Research and Innovation Project | 24 |
- MODULE SYNOPSES
The synopsis provided is for RMI-coded modules. For the rest, reference is made to the respective departments where the modules are taught from.
RMI 130 Risk and Insurance
The aim of the module is to familiarize students with risk financing with special emphasis placed on insurance and self-insurance. It deals with guidelines for insurable risks, risk assessment and measurement of insurable risks, principles and practice of insurance and self-insurance, the insurance industry, including the role of the government. It introduces the students to international insurance markets and provides an overview of short-term and long-term insurance policies, claims management and the marketing of insurance services.
RMI 131 Introduction to Risk Management
The aim of this module is to introduce students to an early appreciation of basic concepts of risk and risk management. It deals with the concepts of risk and uncertainty, risk definitions and classifications, and the application of principles of management to risk management. Emphasis is placed in the generic risk management model with special focus in risk identification/awareness, risk measurement and techniques for dealing with risk. This module provides a foundation for the rest of the risk management and insurance modules to be taken later in the study programme.
RMI 132 Insurance Law
This module reviews the development of insurance as an introduction to Insurance Law. It explores the relationships between the insurer, agent and insured as created by the insurance contract. It also discusses other agency legal issues while providing a basic understanding of the principles of contract law and how they relate to insurance. It also looks into the interpretation of insurance contracts; conditions precedent; representations; warranties; terms; conditions; insurable interest; rights of beneficiaries; exemptions; excess liabilities; waiver and estoppels; subrogation; and controls on the insurance industry. The module also examines principles governing insurance claims and their application.
RMI 233 Liability Insurance
The aim of this module is to familiarize students with concepts, principles and practices for dealing with risks connected to legal liability. The module also examines the latest enactments and insurance products arising out of social and economic, specimen wordings of policy, insurance proposals, risk assessment and rating and claims management. Different types public liability, professional liability, product liability, and environmental liabilities insurances form part of the module content.
RMI 230 Property and Pecuniary Insurance
The aim of this module is to provide students with the key concepts, principles and underwriting criteria applicable to property and pecuniary portfolios handled by the majority of insurers domestically and internationally. Particular emphasis will Page 128 of 443 be placed on the practical application of the concepts through case studies and group assignments wherever appropriate
RMI 232Operational Risk Management
The aim of the module is to expand on the knowledge gained in RMI131 Introduction to Risk Management and RMI130 Risk and Insurance. The Operational risk management module impacts knowledge that will help students in identifying, assessing, and managing operational risks that can affect a firm and the different strategies to minimize their impact on an organization. Students will be taught how to design an effective Operational Risk Management Framework that includes the governance and oversight of all operational processes
RMI235 Life Insurance
The module seeks to develop in the student: knowledge and understanding of the scope of life assurance, different types of life insurance policies, appropriate uses and administration of life insurance; underwriting of life insurance policies including medical underwriting, financial underwriting, genetic underwriting and technological underwriting, claims management; legal and regulatory aspects of the conduct of life insurance business.
RMI239 Introduction to Reinsurance
The aim of this module is to give students an in-depth understanding of how reinsurance operates. Areas to be covered include reinsurance methods; life, non-life and liability reinsurance programmer design, legal issues relating to reinsurance, reinsurance contract wordings and other key issues associated with this business in today’s world insurance markets. Attention will also be paid to financial reinsurance.
RMI 237 Retirement Funding
The aim of this module is to equip students with knowledge and skills in designing retirement plans. Emphasis will be placed on the development of analytical and critical abilities in relation to retirement rules, appropriate packages for different stages of life preparation for retirement, different strategies for funding retirement, taxation, regulations and techniques for assessing, measuring and managing risks, and costs that can affect the provision of financial security at retirement.
RMI 240 Transportation Insurance
This module provides an overview of transportation insurance, which is designed to protect businesses and individuals from financial losses arising from damage to or loss of the vehicle/ship/plane and/or goods during transportation. This module covers the various types of transportation insurance, that is, marine insurance, motor insurance and aviation insurance. The module will deal with the different types of insurance covers available to each class of insurance and the underwriting and claims procedures.
RMI 238 Insurance Broking and Client Services
The aim of this module is to equip students with knowledge of the role played by intermediaries in the provision of risk management and insurance services. Emphasis will be placed on the functions, roles, duties, and regulations of insurance brokers. The module will also include marketing and competition in the risk management and insurance intermediaries sector.
RMI234 Health and Disability Insurance
The aim of this module is to equip students with knowledge and skills of designing, marketing and managing health insurance, disability insurance and managed care plans provided under private sector, non-profit making and government programs. Emphasis will be placed on funding of the different schemes, regulations, tax, fraud and costs.
RMI433 Enterprise Risk Intelligence
Enterprise Risk Intelligence is a crucial aspect of modern-day business operations. The module will give students an appreciation of the different Enterprise-wide risk management processes that are used globally. The different risk management frameworks include COSO and ISO31000. The students will be able to choose and design a suitable risk management framework and then the different strategies on how to implement the framework. The module will also deal with risk governance and risk culture promotion techniques.
RMI431 Advanced Reinsurance Practice
Specific issues in property; casualty, marine, aviation and life reinsurance and their application to the various forms of reinsurance; underwriting and transaction of reinsurance business and renewals in these classes of reinsurance; and claims management.
RMI432 Occupational Health and Safety
The module provides an outline of the Principles of Health and Safety Management. it covers the following aspects: history of occupational health and safety, occupational health hazards, occupational exposure limits, job stress, shift work and extended work shifts, evaluation of chemical hazards, emergency response, principles of toxicology and epidemiology, risk perception, reality and risk control, material handling and storage, crane and hoist safety.
RMI434 Micro-insurance
This module aims to provide an introduction to the concept of micro-insurance, including its history and an overview of the different types of micro-insurance products available in life, health, and property classes of insurance. The module will include the development and designs of micro-insurance products, implementation as well as benefits and limitations of micro-insurance to different stakeholders.
RMI435 Finance and Management Accounts for Insurance
Analysing insurance accounting and financial statements for insurance companies is very different from analysing those of other companies and thus presents unique challenges and industry-specific issues. This module is therefore designed to provide an excellent foundation for evaluating insurance company financial statements, industry ratios, capital adequacy, regulatory issues, rating agency assessments, valuations and early warning signs of financial distress. Students will be equipped to recognize the impact of differing accounting standards, reserving policies and changes in external variables such as interest rates and asset prices on the financial statements. Attention will be paid to the risks inherent in the main products offered by life, non-life and reinsurance companies to help students recognize how these are reflected in the financial statements.
RMI 437 Research Project
Students will be expected to complete a research project on a topic of their choice but limited to the taught modules. The project is a consolidation of the theoretical knowledge gained in the taught modules and the practical experience gained from Industrial Attachment.