European Master and Certification Program
in Risk Engineering and Management

Risk Management

Course code: 181781
Language of instruction: English
Duration of the course: 20 days (180h)
Lecturers: Prof. Dr. Aleksandar S. Jovanovic (Steinbeis Advanced Risk Technologies GmbH)
Assessment: Written Exam Transfer Paper
Credit points: 6 CPs

Short description

In an uncertain world, risk management experts are in demand – and risk management is an emerging role across all industries and sectors. Risk management can improve everything from an organization’s ability to meet targets to its employees' job satisfaction - but it's often a highly controversial area and a source of dispute and litigation.



Upon successful completion of this module, students will have reliably demonstrated the ability to:

-Understand and use the risk management vocabulary
-Know and understand the main principles of the ISO 31000 standard
-Be familiar with the ISO 31000 framework for managing risk
-Be able to implement the ISO 31000 standard in their own project or company
-Be aware of the open issue in ISO 31000 standard
-Have an overview of existing risk assessment techniques
-Know how to select and use the risk assessment techniques
-Be able to assess a risk for their company/organization
-Have an overview of main external risks
-Are familiar with the methodology for chemical process risk analysis
-Understand the method for the evaluation of domino effects
-Know how to recognize, classify and monitor emerging risks
-Be familiar with modern IT tools, including the application of data mining and web semantics.

Target Attendees / Participants

This module prepares current master of engineering students who will be accountable for ensuring that risk is effectively managed within the organization as a whole or within a specific area, project or activity. This is also for students who will be dealing with evaluation of an organization's effectiveness in managing risk.

Course Content by Units

ISO31000: Principles and Methods of ISO 31000

The course covers the International Standard of ISO 31000:2009 highlighting the relationship between the risk management principles, framework and process as described in this International Standard. The course also highlights issues related to the applicability of the standard in industry and in general.


In this course, students will receive a comprehensive overview of:

-          Main principles of the ISO 31000 standard

-          ISO 31000 framework for managing risk

-          Implementation principles of the ISO 31000 standard

-          Related standards

-          Open issues in ISO 31000

-          Further development of ISO 31000 (ISO 31004, new revisions)

ISO31010:  Principles and Methods of ISO 31010

The course deals with the issues related to practical implementation of ISO/IEC 31010 standard 31010:2009 (codified by The International Organization for Standardization and The International Electrotechnical Commission (IEC)). The standard itself intends to provide support for implementation of the main ISO 31000 standard, giving principles of risk assessment and the risk management process. The course provides information as to the selection and application of the risk assessment techniques tackled in the standards and gives examples of application of single methods/techniques in engineering, insurance, finances and general risk analysis.


The emphasis of the course is on new and alternative methods (e.g. those expert opinion or big data oriented), which can be used for better identifying the risks and the reason for their occurrence, as well as for better assessing the probabilities and factors determining the consequences.


QRA&A: Quantitative Risk Assessment and Advanced Applications

An introduction to Quantitative Risk Analysis is presented, thus illustrating the necessary steps for the calculation of risk indexes. The steps necessary to calculate risk indexes starting from the results of hazard identification will be illustrated and demonstrated.


Practical approach to frequency calculation and consequence assessment, including vulnerability models, will be discussed. A specific focus on domino effect and accidents triggered by Natural-Technological (Na-Tech) events will be presented.


This course gives an introduction to Quantitative Risk Assessment and introduces the students to the analysis of risks originated outside the process boundary, i.e. due to external events. More specifically: domino effects and Na-Tech accidents due to earthquakes, flooding, lightning.


The students will be introduced to the more accepted methodologies for chemical process risk analysis, with particular emphasis to the recent advancement on consequence analysis. A focus on the methods for the evaluation of domino effects will be presented, exemplifying the assessment of complex industrial layouts. Na-Tech analysis methodologies will provide training in supporting the resilience of industrial facilities to accidental scenario triggered by natural events.


EmRISK: Emerging Risks

The course introduces and transfers knowledge on emerging risks and management of emerging risks. The risks considered as "emerging" are primarily the risks previously not recognized as such, e.g. the risks due to new processes, new technologies, new ways of working or risks due to social or organizational changes (the risks linked to nanotechnologies, bio-technology, new chemicals, outsourcing, globalization are practical examples tackled within the course). The risks due to the change in public perception or new scientific knowledge are considered as well.


An introduction of the concept of "emerging risks" will be discussed and the issues of early recognition, classification and monitoring of emerging risks are explained. Furthermore, the course will present frameworks, procedure and factors of emerging risks. Particular attention will be paid to the methodology to deal with these risks. The methodology, as expected, requires new methods and tools. These methods and tools will be elaborated during the course, concentrating in particular onto indicators and modern IT tools, including the application of data mining and web semantics.


Interesting examples as well as results from the current EU and other research projects will be highlighted and explained in detail to the students.

Teaching Methods

The module includes:

  • introductory note explaining aim and structure of the course, and used methodology as well
  • ex cathedra lecturing illustrated by number of examples
  • review of main topics in the end of each lecturing unit
  • collective exercises


Defined in the courses

For more information about the European Master and Certification Program in Risk Engineering and Management in general, go the Homepage.
For more information about the European Master Program in Risk Engineering and Management in general, go the Master Study page.
To see more courses in the curriculum, go to The curriculum page, or by date and topic go to the Calendar of Courses page.
Contact: via email or phone +49 711 1839 781 or +49 711 1839 647
(Course profile ID: B9/F4, generated on September 25, 2021)