Choose one from the following two:

Insurance and Pensions - 30 credits

Insurance plays two key functions over the life cycle of a consumer. It absorbs risks and protects consumers from losing their income because of death, disability, retirement or depletion of income. Yet, insurance is not widely understood, resulting in the over-insurance of small risks (for example, contents) and underinsurance of big risks (for example, premature death and disability).

This module examines the use of insurance products to hedge against these three risks in life: premature death and disability, inadequate income in retirement and longevity risk. It focuses on how life insurance products (such as life insurance, critical illness, income protection) can be used to hedge against premature death and disability, pension plans to ensure adequate income in retirement and annuities to hedge against longevity risk. This module also examines why personal risk management is the foundation of financial planning, and why individuals need to have a greater understanding of insurance and pensions, because of changing welfare and occupational pension provision.

Risk Management in Banking – 30 credits

Develop an understanding of the key risks faced by banks and what actions they can take to mitigate these risks. You will explore the spectrum of risks, including liquidity, credit, market risk and operational risk at the enterprise (balance sheet) level and at the whole financial sector (systemic) level. This module aims to reflect the emergence and increasing recognition of systemic risk management as a risk discipline.