Course code Ekon6040

Credit points 2

Risk Management Process

Total Hours in Course80

Number of hours for lectures12

Number of hours for seminars and practical classes12

Independent study hours56

Date of course confirmation19.02.2019

Responsible UnitInstitute of Finance and Accounting

Course developers

author Finanšu un grāmatvedības institūts

Ingrīda Jakušonoka

Dr. oec.

author Finanšu un grāmatvedības institūts

Romēna Šulca

Dr. oec.

Prior knowledge

Ekon5082, Financial Accounting I

Ekon5139, Economic Resources

Ekon5144, Enterpreneurship Financing

VadZ5046, Business Management

Course abstract

The course provides detailed knowledge of the theoretical risk management process guidelines and its role in the company's management process. The course helps to understand how the market economy, the company's management and financing is linked to the risks posed and future situation of uncertainty, as well as potential errors in the company's management. Students learn how to risk management of risk and the impact of the systematic identification of risk management methods, techniques and measures set which can be used to some extent to anticipate the risks

Learning outcomes and their assessment

Successful completion of the course, students will have an in-depth theoretical knowledge and practical skills adequate risk management process: Knowledge of effective risk government process: that the purpose of the organization meets the organization's mission and contribute to its implementation; are identified and assessed significant risks; It has been selected for appropriate risk prevention measures appropriate to the risk appetite. Skills to understand no matter how organized risk management process in the organization that structured and effective risk management process has four main steps: risk identification, risk assessment; risk management measures and risk monitoring. Competence is always able to formulate and practically apply the acquired theoretical knowledge and prepare a list of the risks or the risk of a register in which, for each risk is indicated. Able to practice risk identification and assessment methods.

Compulsory reading

1. Pettere G., Voronova I. Riski uzņēmējdarbībā un to vadība. Rīga: Rasa ABC, 2003. 175 lpp.
2. Riska vadības rokasgrāmata. Rīga: Dienas Bizness, 2005. 323 lpp.
3. Brealey R.A.,Myers S.C. Financing and Risk Management. McGraw-Hill.USA.2003,303.- 327.p.

4. Sobel p.J.,Reding K.F. Enterprise risk management: Achieving and sustaining success.The Institute of internal auditors Researchfoundation (IIARF).USA: Florida.2012,pp.225.

Further reading

1. Enterprise Risk Management – Integrated Framework. (Executive Summary and Framework), Committee of Sponsoring Organizations of the Treadway Commission (COSO). 2004. pp.105. Pieejams:
2. ISO 31000: Risk management – A practical guide for SMEs.Šveice:Ženēva,2015.Pieejams:
3. Riski valsts pārvaldes iestādē. Iekšējo auditoru institūts.2012, 16.lpp.Pieejams:

Periodicals and other sources

1. Guide on Enterprise Risk Management. Pieejams:
2. The Committee of Sponsoring Organizations of the Treadway Commission (COSO). Pieejams:
3. The ISO 31000 standart on risk management: principles and quidelines. 2017. Pieejams: