Posted on 26 July 2012.
Be it safeguarding athletes and attendees from a terrorist attack, the 2012 Olympics, opening Friday, share something in common with rogue traders and drought ? risk, wrote The Globe and Mail on Thursday, July 26.
Whether it is staging a safe sporting spectacle, protecting the financial health of a company or insuring against crop loss, managing risk is a hot topic at business schools. New government regulations after the 2008 financial crisis and a recent spate of big-bank scandals (J.P. Morgan and Barclays among them) have only intensified demand for those able to identify threats and limit the chance of bad things happening.
Employers want B-school graduates with high-end math skills to apply risk management tools, such as derivatives, as well as the capacity to look beyond the numbers at qualitative ?what if? scenarios that could disrupt company operations.
In response, some schools are revamping their curriculum.
York University?s Schulich School of Business has modified its Master of Finance to introduce a specialization in financial risk management this fall.
?The intention of the Master of Finance introduced three years ago was to produce students in investment banking, but after the 2008 financial crisis the investment banking business is declining,? says Melanie Cao, a professor of financial engineering and co-ordinator of the new specialization.
For the 12-month program, students who choose the financial risk specialization will study a variety of topics including derivative securities and enterprise risk management.
?There is a demand for this cohort,? says Prof. Cao, citing industry requests for students trained in risk management as it applies to markets, day-to-day operations and other issues. ?I am very hopeful that students with this [new] specialization will have an easier time getting a job.?
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