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Faculty of Business

Risk Management

133 Credit Hours 60% Minimum Grade

Department Welcome

Dr. Leen Gammoh

“ Welcome to the Risk Management department! ”
Leen Gammoh

Risk Management Department

Head of Department Welcome Message:

Welcome to the Risk Management Department at the American University of Madaba. Our department is dedicated to equipping students with the knowledge and skills required to identify, assess, and manage risks in an ever-changing global environment. As the only program of its kind in Jordan, we pride ourselves on offering a unique and comprehensive curriculum that combines theoretical foundations with practical applications. We aim to prepare our graduates to become leaders in risk management, capable of making informed decisions that protect and enhance organizational value. Thank you for choosing our department as your academic home, and we look forward to supporting your journey toward professional success.

Program Description Paragraph:

The Risk Management program at AUM offers a specialized curriculum designed to address the complexities of modern risk landscapes. Students gain expertise in areas such as financial risk, operational risk, and crisis management, supported by advanced analytical tools and methodologies. The program provides a balanced approach between theoretical foundations and practical experiences, ensuring that graduates are well-prepared to contribute effectively in both public and private sectors. Our alumni are equipped to handle challenges in diverse industries, driving innovation and promoting sustainability in risk management practices.

Introduction Video for Risk Management

See what we have to offer in this exclusive welcome video.

Study Plan

Details about the study plan and curriculum.

Course Curriculum: 133 Credit Hours

Guidance Plan

Guidelines and plan for student guidance.

Course Curriculum: 133 Credit Hours

List of Competencies

Risk Management - List of Competencies

  1. Knowledge:
    1. A1-Demonstrate an understanding of Risk Management International Standards and best practices.
    2. A2- Ability to assess in-detail/in-depth the various relevant issues related to risk factors at personal, organizational and social levels.
    3. A3- Ability to articulate and explain technical and conceptual issues in relation to solving real-life risk events using a range of Risk Management strategies and applications.
    4. A4- Demonstrate an understanding of the potential critical risk that various organizations could face.
  2. Thinking skills:
    1. B1- Ability to analyze past, present and future occurrences/events using the best available information, tools and techniques.
    2. B2- Demonstrates an adequate understanding of the use of different numerical and quantitative
    3. methods related to risk analysis.
    4. B3- Demonstrates an understanding of the various interactions between humans and systems, as well as the interactions/interrelations between the various parts of any risk-relevant system .
    5. B4- Demonstrates an ability to propose different meaningful future scenarios according to the currently - available resources .
  3. Practical Skills:
    1. C1- Utilize the skills gained from studying Risk Management function to enhance decision making.
    2. C2- Demonstrate ability to deploy International Standards and best practices of Risk Management in real organizations .
    3. C3- Ability to provide advice for real organizations on how to improve their Risk Management practices.
    4. C4- Demonstrate ability to create Risk Management framework, Risk Management strategies, policies and plans
  4. Communication skills:
    1. D1- Demonstrate debating skills in aspects related to Risk Management systems
    2. D2-Demonstrate ability to communicate with media and other local authorities about major various Risk events/threats

Course Description

Detailed descriptions of the courses offered.

505101 3 CH. Prerequisite Co-requisite
0 3 - -
This course provides students with a comprehensive understanding of the basic and primary concepts of Risk Management. This includes: meaning of risk, types of risk, sources and causes of risk, and the risk management process. Ultimately, students are expected to be able to identify, assess, and utilize the most efficient and cost effective techniques to treat, manage and control risk. The course also draws on the ISO31000 of Risk Management.

505102 3 CH. Prerequisite Co-requisite
0 3 - -
This course provides an overview of the economic main principles that determine equilibrium in the market, the determination of output, employment, unemployment, interest rates, and inflation. Monetary and fiscal policies are discussed, as are public debt and international economic issues. By the end of the course, students will be able to understand the concept of economic theory, develop interpersonal skills to solve basic economic problems and use these techniques to think about several policy questions relevant to the operation of the real economy.

505103 3 CH. Prerequisite Co-requisite
0 3 - -
This course provides an examination of the scope and method of economic analysis. It includes topics, such as economic resources, monetary system, income determination, and economic growth and stability. Macroeconomics deals with the effects of government policies on income, output, and employment. Specifically, Macroeconomics is concerned with Fiscal and Monetary policies which affect unemployment, inflation, and the business cycle.

505210 3 CH. Prerequisite Co-requisite
0 3 903182 -
This course introduces students to the fundamentals of probability theory and its applications in the decision making process. The course starts by discussing basic probability axioms and then moves to illustrate discrete and continuous random variables and distributions. Central limit theorem and law of large numbers are also discussed. The course concludes with the integration of probability theory concepts in the decision making process.

505221 3 CH. Prerequisite Co-requisite
0 3 0502101 -
This module is concerned with the development of strategic vision, corporate objectives, formulating and implementing strategies and introducing corrective measures if an organization is found vulnerable against various types of risk. The planning aspect of the course focuses on the strategic dimension of management which aims at preventing potential adverse consequences the organization is likely to face in future, typically within the horizon of the coming five years. This satisfies the requirements of the field of Strategic Risk Management which is considered an inseparable part of the overall Risk Management Process. Additional contemporary topics are also discussed including Strategic Thinking which also underpins the strategic dimension of the course.

505222 3 CH. Prerequisite Co-requisite
0 3 505101 -
This course aims at providing students with in-depth look at the Islamic banking industry and the risks facing Islamic banks and financial institutions; internally and within the wider context of external business environment. The course covers primary Islamic concepts, including Mudaraba, Musharaka, Murabaha and "Al-Qard Al-Hasan".

505231 3 CH. Prerequisite Co-requisite
0 3 0505101 -
Business Continuity Management is the process by which organizations assure continuous running of operations and effective recovery under all circumstances. The course provides students with profound background to: types of discontinuities, Business Impact Analysis, the Business Continuity Management Process, and Disaster recovery fundamentals. The course is based on the principles of the ISO22301.

505232 3 CH. Prerequisite Co-requisite
0 3 - -
This course introduces students to the fundamentals of crisis communications. First, students are introduced to the different organizational structures and their ways of communications under normal workplace conditions. Next, the course will be directed towards enabling students to develop the necessary communication strategies and plans for crisis occurrences internally and externally. The course draws on the principles of the British Standard BS11200:2014 Crisis Management: Guidance and Good Practice.

505241 3 CH. Prerequisite Co-requisite
0 3 - -
This course introduces students to the risks facing individuals, families and small businesses, and the means used to eliminate or mitigate these risks through buying various types of insurance contracts. The course covers: types of insurers, insurers marketing systems, insurance companies operations, government regulation of Insurance and legal principles of insurance. A brief background to the Islamic insurance is also provided.

505242 3 CH. Prerequisite Co-requisite
0 3 - -
This course provides students with theoretical and practical backgrounds to the ?Theory of Interest?. The material covered is a part of the material tested in the second actuarial exam ?Exam FM? by the Society of Actuaries, USA. It applies relevant actuarial techniques to analyze cash flows and covers a broad range of topics including: Time value of Money, types of Interest Rates, and level and non-level annuities. Numerous case studies illustrating these principles are introduced.

505311 3 CH. Prerequisite Co-requisite
0 3 507102 -
This course provides students with an understanding of operation mechanisms of various financial markets. It aims at developing a critical awareness of the theoretical and practical risks associated with regulating financial markets. The course investigates how market structures potentially cause or mitigate financial risk to market participants and end users. Examples on financial scandals and crises will be reviewed as case studies. Students will also be familiarized with financial institutions, such as banks, stock exchanges, and brokers.

505312 3 CH. Prerequisite Co-requisite
0 3 507102 -
This course addresses the importance of conducting a financial analysis using specific ratios to measure financial performance. Performance areas covered include: capital adequacy, liquidity, asset management, profitability, leverage, market value ratios, and comparative analysis. The objective of the course is to provide students with the knowledge and skills required to measure and monitor financial performance and position in conjunction with a set of financial statements.

505321 3 CH. Prerequisite Co-requisite
0 3 0502101 -
Organizations play major roles in creating/mitigating environment hazards. Organizations are also exposed to a variety of environmental risks. People and societies expect that companies behave responsibly towards the environment. Subsequently, an increasing number of organizations have already taken steps to assess, monitor, and report on their environmental performance. This course helps students to identify and assess environmental risks and ultimately develop environmental management plans to treat these risks. The course is based on the principles of the ISO14001.

505322 3 CH. Prerequisite Co-requisite
0 3 505101 -
This course provides students with a profound understanding of the project management process and the risks associated with various types of business projects. It emphasizes issues related to project vulnerability and the cumulative effect of the chances of uncertain occurrences that may adversely affect project objectives. The project risk management cycle is thoroughly investigated in this course.

505331 3 CH. Prerequisite Co-requisite
0 3 0505101 -
This course aims at providing students with a fundamental knowledge and background to the international banking industry, as well as the risks facing international banks, internally and within the wider context of external business environment. A particular focus will be drawn on the global banking activities, transactions and interconnectedness. Basel Accords (I, II & III) are decoded and fundamental understanding of their deployment is covered.

505332 3 CH. Prerequisite Co-requisite
0 3 505231 -
This course provides students with an in-depth understanding of dimensions of Major Incident Management. This includes procedures for managing crises, emergencies and disasters before, during, and after their occurrence. The course is based on the most contemporary international frameworks including the HYOGO 2005-2015 and SENDAI 2015-2030 frameworks for Disaster Risk Reduction. The course covers man-made and natural disasters; concept of resilience, disaster and emergency management systems; and Vulnerability and Capacity Assessments for societies and organizations.

505333 3 CH. Prerequisite Co-requisite
0 3 - -
This course provides students with a comprehensive understanding of the rules, ethical standards, and laws by which organizations are operated, controlled, and regulated. It focuses on internal factors defined by officers, stakeholders, and constitution of the organization, as well as external factors, such as customers, clients, and state regulations that influence the organization. Roles and responsibilities of senior managements and boards of directors are also introduced.

505341 3 CH. Prerequisite Co-requisite
0 3 505242 -
This course is a complementary course to Principles of Actuarial Studies (1). The students are introduced to the actuarial valuation of life and none-life future contingent payment(s). The evaluation of Premiums and Reserves of several life insurance policies is also presented. The material taught in this course is part of the material examined in the first, second and fourth actuarial exams established by the Society of Actuaries, USA.

505342 3 CH. Prerequisite Co-requisite
0 3 505241 -
This course is a follow up course to Principles of Insurance (1). The course aims at providing a background to Life Insurance and other types of insurance including: Social Insurance, Individual & Group Health Insurance, Homeowners Insurance, Auto Insurance, Commercial Property Insurance, and other Property and Liability Insurance Coverages

505344 3 CH. Prerequisite Co-requisite
0 3 505342 -
This course is intended to provide a rigorous overview of the reinsurance process and industry. The goal is to help students develop a detailed understanding of how the global reinsurance industry operates and the reasons why it is critical to the functioning of global insurance industry and how it is likely to develop in future. An advanced treatment of proportional and non-proportional reinsurance is provided.

505421 3 CH. Prerequisite Co-requisite
0 3 507102 -
This course views the risk return relationship between different types of investment instruments and how they operate in the portfolio theory concept. Students will be introduced to the different types of risk associated with portfolios and how investment and risk managers control these risks. Students should also be able to carry out fundamental analysis to any financial institution in order to compromise between multiple investment options

505422 3 CH. Prerequisite Co-requisite
0 3 0507102 + 0505101 -
This course provides students with the appropriate knowledge and skills necessary for the financial risk management process. This includes quantification of risk, risk monitoring, and risk control measures. In addition, the topics covered include: types of financial institutions and their regulation mechanisms, market risk, credit risk, operational risk, liquidity risk, and lessons learned from the past financial crises.

505423 3 CH. Prerequisite Co-requisite
0 3 505101 -
SMEs are exposed to many types of risks in their ordinary course of business cycle. This module aims at examining why risk management is significant to SMEs? survival and performance. It highlights potential risk management strategies that fit this specific type of organizations and the available alternatives for building organizational resilience and reducing vulnerability

505424 3 CH. Prerequisite Co-requisite
0 3 505101 -
This course provides students with a background to the commercial and investment banking industry basics, as well as the risks facing these banks internally and within the wider context of external business environment. A particular focus will be drawn on the Basel Accords I, II and III.

505431 3 CH. Prerequisite Co-requisite
1 4 505101 -
This course introduces students to a variety of computer applications used in the field of risk management. In this course, students will be equipped with the necessary tools which will enable them to identify, assess and evaluate different types of risk. The course is real world oriented and is expected to be a useful training for a variety of risk-related practices

505491 3 CH. Prerequisite Co-requisite
0 3 Completion of 90 Cr. Hr. -
Practical training enables students to put into practice all theoretical concepts which have already been covered in previous courses in the context of a real organization. The course aims at bridging the gap between theory and practice in the field of risk management. Students undertake a training that is closely monitored by an instructor from the American University of Madaba and a field supervisor from the selected organization

505492 3 CH. Prerequisite Co-requisite
0 3 Department Approval + Completion of 99 Cr. Hr. -
Graduation Project takes the form of a dissertation carried out by graduate students in partial fulfillment of the BSc. Degree in Risk Management. Students are required to develop an appropriate research methodology, collect relevant empirical information, analyze and evaluate this information, and finally, to present the findings of their research. A hardcopy and a softcopy of the final thesis should be submitted at the end of the course.

Program Learning Outcomes

Risk Management Program Learning Outcomes

Student learning outcomes describe what students are expected to know and be able to do by the time of graduation. By the time of graduation, the Risk Management Department's program must enable students to attain an ability to:

PLO1. Demonstrate an understanding of the multidimensional nature and approaches of risk relevant to various industrial sectors.
PLO2. Demonstrate ability to analyze the organizational environment and identify potential sources and causes of risk.
PLO3. Demonstrate effective communication skills, teamwork and decision-making during crisis and disaster situations.
PLO4. Articulate technical and conceptual issues in solving real-life risks using creative and innovative risk management methods and techniques .
PLO5. Build and Demonstrate proactive attitude and mentality to risk management.
PLO6. Demonstrate the ability to develop and implement innovative and entrepreneurship ideas in risk and uncertainty management.