Risk Management and Insurance (R M I) < University of Wisconsin-Madison (2024)

RMI300 — PRINCIPLES OF RISK MANAGEMENT

3 credits.

Nature of risk, principal techniques of risk management, including insurance markets, and the bases for decision-making in managing risk effectively.

RMI365 — CONTEMPORARY TOPICS

1-3 credits.

Exploration of subject areas possibly to be introduced into the business curriculum.

RMI399 — READING AND RESEARCH-RISK MANAGEMENT

1-6 credits.

Individual work suited to the needs of undergraduate students may be arranged with a faculty member.

RMI/​ECON530 — INSURING LIFE'S RISKS: HEALTH, AGING, AND POLICY

3 credits.

Covers risks related to health and aging, rationales for social insurance programs to protect against these risks, and costs and benefits of these programs. Broad topics include health insurance, disability insurance, and Social Security and pension policy.

RMI610 — PROPERTY RISK MANAGEMENT

3 credits.

Comprehensive analysis of loss control and transfer techniques (including insurance), risk management concepts, loss adjustment and underwriting problems, and profitability/regulatory issues concerning the insurance industry. Current topics: large-scale catastrophes (hurricanes and earthquakes), solvency, insurance coverages for property exposures, and loss control.

RMI615 — LIABILITY RISK MANAGEMENT

3 credits.

Comprehensive analysis of economic services, benefits, rates and rating theory, loss adjustment problems, legal theory factors, risk management concepts, loss prevention and transfer techniques and government regulation of public liability insurance. Topics include: medical malpractice, no-fault auto insurance, professional liability, workers' compensation, products liability and pollution liability.

RMI620 — EMPLOYEE BENEFITS MANAGEMENT

3 credits.

Nongovernmental schemes for treating the risks of superannuation of members of a group; property, liability, legal expense, life and health coverages available to groups; organizational characteristics, benefit structure and pricing of risk transfer schemes for groups; characteristics and funding of various types of pension plans; effects of ERISA.

RMI635 — CAPTIVE INSURANCE

1-2 credits.

Examines how captive insurance works, the different structures of captives, and advantages and disadvantages of their use in various settings. In addition, the captive feasibility process, as well as techniques for measuring financial performance, will be covered.

RMI636 — INSURANCE ACCOUNTING

1 credit.

Focuses on how insurance is affected by accounting rules including discussion of Statutory Accounting Principles and their effect on strategic decisions.

RMI637 — REINSURANCE

1 credit.

Focuses on reinsurance, a key component to the successful implementation of the insurance mechanism. Provides exposure to the types and uses of reinsurance, its specific regulatory requirements, how it affects and is affected by primary insurance, and general market mechanisms.

RMI640 — MANAGEMENT OF INSURANCE ENTERPRISE

3 credits.

Functional analysis of the operations of insurance organizations; legal organization, marketing systems, management and control, underwriting, rating, financial analysis, rate making and regulation.

RMI645 — COMMERCIAL INSURANCE

3 credits.

Consideration of the structure, use, benefits, and limitations of corporate insurance products. Fundamental to the material is the economic underpinning of the insurance contract structure. The major commercial property and liability insurance products will be analyzed in detail with the purpose of illustrating these economic principles and applying them to specific organizational situations.

RMI650 — SUSTAINABILITY, ENVIRONMENTAL AND SOCIAL RISK MANAGEMENT

2-3 credits.

The assessment, control, financing and management of risks deriving from pressures on and damages to the environment, workers and local/foreign communities. Risks include liability and directors and officers law suits, boycotts, regulations and competitors' actions.

RMI655 — RISK FINANCING TECHNIQUES

3 credits.

Study of advanced risk management tools and markets for financing loss costs. Topics include: insurance, self-insurance, retrospective premium plans, risk retention and purchasing groups, reinsurance, insurance subsidiaries (captives), and other policyholder-owned facilities.

RMI660 — RISK ANALYTICS AND BEHAVIORAL SCIENCE

2-3 credits.

An overview about the challenges people face in situations with risk and uncertainty with a goal of enhancing the ability to navigate uncertainty. Use that knowledge to identify decision-making biases and to build a framework for thinking clearly about decisions in uncertain environments. Introduces techniques for improving the understanding of risk and uncertainty and the potential consequences of our choices. Practice working through making inferences and decisions in the face of ambiguity.

RMI670 — CYBER RISK & REGULATIONS

2-3 credits.

Defines cyber risk and studies prominent case examples to become familiar with the many challenges it poses. Includes an in-depth look at the current state of data privacy law both in the US and globally. Establishes a framework and some basic methods to quantify cyber risk. Explores current cyber risk management options in the market including the implementation of internal risk controls as well as options in the burgeoning market for cyber insurance.

RMI700 — PRINCIPLES OF RISK MANAGEMENT

3 credits.

Nature of risk, principal techniques of risk management, including insurance markets, and the bases for decision-making in managing risk effectively.

RMI/​GENBUS701 — MANAGING LEGAL RISKS

3 credits.

Legal implications for business managers of selected areas of the law including negligence, contract, intellectual property, officer/director liability, financing the business enterprise, and employment and trade regulation; introduction to the legal process, including alternative dispute resolution systems.

RMI705 — RISK MANAGEMENT AND TECHNOLOGIES IN A DIGITAL AGE

3 credits.

Develop insight into the principles of risk management, including institutions engaged in identifying, assessing, preventing, mitigating, and transferring risk. Specific focus is given to how the digitization of data, technology, and analytics are creating a new risk landscape, and how conventional risk management approaches can adapt to meet these emerging business needs.

RMI710 — RISK MANAGEMENT

2 credits.

The purpose of risk management is to minimize the adverse consequences of variability. Topics include the general philosophy of risk management, environmental factors affecting risk, options to manage risk, and decision processes to select among those options.

RMI765 — CONTEMPORARY TOPICS

1-4 credits.

Exploration of advanced subject areas possibly to be introduced into the business curriculum.

RMI799 — READING AND RESEARCH-RISK MANAGEMENT

1-6 credits.

Individual work suited to the needs of graduate students may be arranged.

RMI820 — ADVANCED TOPICS IN RISK MANAGEMENT

3 credits.

Examination of data collection and analysis methods for risk management decisions. Analysis of qualitative and quantitative data to support transfer, retention, and loss control decisions, including loss trending, and evaluation of regulatory controls.

RMI875 — SEMINAR-RISK MANAGEMENT AND INSURANCE

3 credits.

Applied learning in risk management and insurance.

RMI920 — SEMINAR IN ACTUARIAL SCIENCE, RISK MANAGEMENT & INSURANCE I

3 credits.

Doctoral seminar in actuarial science, risk management and insurance with emphasis on developing an appreciation of existing literature and appropriate skills to conduct own scholarly work in the field.

RMI930 — SEMINAR IN ACTUARIAL SCIENCE, RISK MANAGEMENT & INSURANCE II

3 credits.

Doctoral seminar in actuarial science, risk management and insurance, with emphasis on developing an appreciation of existing literature and appropriate skills to conduct own scholarly work in the field.

RMI990 — RISK & INSURANCE INDEPENDENT RESEARCH PHD THESIS

1-12 credits.

Individual work to complete dissertation requirement of Ph.D. program.

RMI999 — READING AND RESEARCH-RISK MANAGEMENT AND INSURANCE PHD

1-6 credits.

Individual work suited to the needs of Ph.D. students may be arranged.