The University of Southampton

MANG3032 Risk Management

Module Overview

In overview, this is a holistic module because it emphasises that its constituent topics dealing with diverse aspects of risk management are highly interconnected. Mastery of the subject is conceived as requiring a strong understanding of these interconnections. For example, someone lacking awareness of risk psychology and rick culture topics is likely to have poor insight into what risk management can offer as a decision support function in strategic and other organisational contexts. The lecture sequence and broader student experience are carefully structured with this in mind – and exam questions are designed to offer scope for demonstrating holistic knowledge. It is hoped this will equip students with a highly versatile risk management skillset which provides employers the flexibility they expect from the contemporary risk management function.

Aims and Objectives

Module Aims

This module explores risk management as an academic discipline, as a professional vocation, and as a dimension of managerial excellence. Risk is present whenever there are potential adverse effects on organisational or personal performance as a consequence of uncertainty. Although this module offers a discussion of risk management with a strong focus on what risk managers ‘need to know’, it cuts across all functional areas of management and is highly relevant to the work of all managers. More fully, this module provides a solid academic grounding for anyone whose future career may involve them in the management of risk and uncertainty, in either private or public sector organisations, or in the work of regulatory bodies. Case studies will illustrate ways to apply risk management theories and concepts, important ‘live issues’ in risk management, and practical techniques used by risk managers.

Learning Outcomes

Knowledge and Understanding

Having successfully completed this module, you will be able to demonstrate knowledge and understanding of:

  • the variety of sources of risk in organisations;
  • the nature and importance of effective risk management processes.
Transferable and Generic Skills

Having successfully completed this module you will be able to:

  • use a range of information sources requiring the development of bibliographic skills;
  • use effectively skills of critical analysis and evaluation;
  • plan and control effectively for successful completion of a personal workload.
Subject Specific Intellectual and Research Skills

Having successfully completed this module you will be able to:

  • explain and critically evaluate appropriate theoretical concepts, models, frameworks, tools and techniques which facilitate identification and management of sources of uncertainty.


Summary of content • Sources of uncertainty in organisations. • Objectives for risk management. • Developing Risk management infrastructure and capability. • Risk management guidelines and formal processes. • Risk in relation to corporate governance, internal control and Enterprise Risk Management. • Risk Cognition, Risk Communication, Risk Culture. • Risk within ppp/pfi projects, and in the work of regulators.

Learning and Teaching

Teaching and learning methods

Lectures and classes embracing case studies, critical analysis of literature in small groups, problem-solving activities and private/guided study.

Follow-up work20
Wider reading or practice34
Preparation for scheduled sessions28
Total study time150

Resources & Reading list

Chris Chapman and Stephen Ward (2003). Project Risk Management - processes, techniques and insights. 

Ward, S. (2005). Risk Management: organisation and context. 



MethodPercentage contribution
Examination  (3 hours) 100%


MethodPercentage contribution
Examination  (3 hours) 100%


MethodPercentage contribution
Examination  (3 hours) 100%
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