Please note! Course description is confirmed for two academic years (1.8.2018-31.7.2020), which means that in general, e.g. Learning outcomes, assessment methods and key content stays unchanged. However, via course syllabus, it is possible to specify or change the course execution in each realization of the course, such as how the contact sessions are organized, assessment methods weighted or materials used.


After completing the course,
- Students will have knowledge of risk management in organizations, including risk identification, risk analysis, and risk response.
- Students will be familiar with the process-oriented and accounting focused perspective on risk management.
- Students will be able to analyze and question the covered theoretical/empirical perspectives.
- Students will be able to apply their conceptual understanding to the empirical and practical problems in contemporary organizations.

Credits: 6

Schedule: 16.04.2020 - 28.05.2020

Teacher in charge (valid 01.08.2020-31.07.2022): Emma-Riikka Myllymäki, Vikash Sinha

Teacher in charge (applies in this implementation): Emma-Riikka Myllymäki, Vikash Sinha

Contact information for the course (valid 23.03.2020-21.12.2112):

Online meetings on zoom or skype could be organized through mail. Please write e-mail to the teachers to arrange the meetings. 

CEFR level (applies in this implementation):

Language of instruction and studies (valid 01.08.2020-31.07.2022):

Teaching language: English

Languages of study attainment: English


  • Valid 01.08.2020-31.07.2022:

    - Risk analysis: objectives, identification, risk assessment, risk response
    - Risk management frameworks and regulations (e.g., COSO)
    - Risk Management and other management accounting systems such as performance management, budgeting and planning
    - Risk management, corporate governance, and reporting quality
    - Reporting and governance roles and approaches
    - Auditing and risk management

  • Applies in this implementation:

    The primary objective of the course is to make students familiar with the theoretical understanding of risk management. In doing so, the course makes students familiar with a process-oriented and accounting focused perspectives on risk management. The course also enables students to analyze and question the theoretical perspectives critically. After the course, students will be able to apply their conceptual understanding to the empirical and practical problems in contemporary organizations.

    The secondary objective of the course is to provide students with an empirical and practical understanding of risk management in modern organizations. After the course, students will not only understand the benefits of risk management and its application in the contemporary organizational context but also will be able to understand the limitations and problems with the application of risk management.

    This course covers six main topics of interest: 

    a) What is risk management? - Under this topic the course aims to presents broad ideas on the nature of risks and uncertainties, risk identification approaches, silo based and integrated approaches to risk management, risk assessment tools such as risk maps, as well as risk reporting approaches. 

    b) What kind of frameworks are applied in the industries currently? - Under this topic the course aims to cover the COSO* 2017 Enterprise Risk Management (ERM) framework, the ISO** 31000 framework of 2018, and the COSO Internal Control (IC) framework of 2013. The course will also briefly touch upon the COSO ERM framework of 2004 and the IC framework of 1992. 

    c) Risk management systems need to work in tandem with management accounting and control systems in modern organisations. Under this topic we cover some selective issues where we show synergy and tension between risk management and other management accounting systems (especially planning and budgeting, and performance management).

    d) Risk management systems currently have evolved as systems of strategic importance and are intertwined with corporate governance, internal control and auditing approaches. We cover the role of risk management systems in corporate governance and internal control systems.

    e) The role of risk management in financial reporting quality, internal control over financial reporting, and external auditing.

    f) Reporting approaches to risk management are covered.

    *COSO stands for the Committee of Sponsoring Organizations of the Treadway Commission

    ** ISO stands for the International Organization for Standardization

Assessment Methods and Criteria
  • Valid 01.08.2020-31.07.2022:

    - Exam (40 points; 40 %)

    - Exercises (60 points, 60 %)

    To pass the course, student must obtain:

    1. a) at least 20 points from the exam, and
    2. b) at least 50 points from the whole course (exam + exercises).

  • Applies in this implementation:

    Please bear in mind that we will use Turnitin system to conduct plagiarism check not only for the final exam but also for the assignments. Also make yourself familiar with self-plagiarism. Self-plagiarism will also not be allowed either in any of the diaries/assignments or final exam. What self-plagiarism basically means is that you are also not allowed to copy paste material from any of your own assignments for other courses or this course directly without rephrasing it.

  • Valid 01.08.2020-31.07.2022:

    Total 160 h, including

    - Contact teaching

    - Independent studying

    - Exam (3h)

  • Applies in this implementation:

    These details are only valid for this year! 

    - Lectures will be organized this year through Zoom sessions and thus may be shorter than the three hour required in the face-to-face teaching. More details will follow. 

    - Self-directed learning will be focused on students' assignments

    - Exam will be also conducted online through MyCourses. Students will have 3 hours instead of 4 stipulated above to type their answers in the word file and upload it to the designated folder.


Study Material
  • Valid 01.08.2020-31.07.2022:

    Readings announced at the beginning of the course.

  • Applies in this implementation:

    Details about the course material will be announced in the introductory session. In general, the material will primarily consist of research articles and lecture slides. 

  • Valid 01.08.2020-31.07.2022:

    Introduction to Accounting (22A00110) or comparable course at another university.

Registration for Courses
  • Valid 01.08.2020-31.07.2022:

    Via WebOodi. See the registration time in WebOodi.

  • Applies in this implementation:

SDG: Sustainable Development Goals

    8 Decent Work and Economic Growth

    13 Climate Action


Details on the schedule
  • Applies in this implementation:


Registration and further information