Risk management degree is welcomed

IMPERIAL College’s Tanaka Business School has responded to industry demand by launching a masters degree in risk management.

The Risk Management MSc has been developed in association with Standard & Poor’s Risk Solutions, with input from senior risk managers at major banks and financial regulators. The course includes practical analysis of financial risk.

Roddy Kohn, managing director of IFA Kohn Cougar, said: “The FSA has been keen to explore risk management as part of the advisory process.

“Those who do have degrees in risk management would be able to introduce different risk management solutions. Anyone joining an IFA with such a degree would boost the offering, as well as being able to educate and enlighten IFAs about risk modelling.”

The degree lasts for 16 months and is a part-time intensive programme. A spokesman for TBS said: “We were keen to launch a new degree, not just to educate students now, but to enhance the financial services sector in the future.

“It is targeting those already in risk management, IFAs and people working in the financial services market, such as banks.

“We see a real development in the role of chief risk manager and the degree is not just academic – it comes with a very good balance of practical workshops.”

The course, which begins in September, has three modules: securities valuation, principles of risk management and applied risk management.

The programme director is Professor William Perraudin, from Imperial College’s Tanaka Business School, which will be running information sessions on the degree throughout the year.

Mr Kohn said: “Ever since the Sandler review on retail savings products, more attention has been paid to risk management. Personally, I feel the industry is chasing the Holy Grail.

“It is impossible to manage all risk as you need to be aware of it. IFAs are really general practitioners with a range of financial health using their capacity.

“The degree is niche and a more general degree may be more useful for IFAs, but this step promotes the diversity of the industry and attracts new entrants.”