European Master and Certification Program
in Risk Engineering and Management

Risk management implementation

Course code: 161323 (MOD)
Language of instruction: English
Duration of the course: 3 days (27h)
Lecturers: Prof. Dr. Aleksandar S. Jovanovic (Steinbeis Advanced Risk Technologies GmbH), Prof. Dr. rer. pol. Dr. h.c. Ortwin Renn (Universit├Ąt Stuttgart (ZIRIUS))
Assessment: Written Exam Transfer Paper [optional topic for Project Study Paper]
Credit points: 5 CPs

Short description

The Module covers:

  1. International Standard of ISO 31000:2009 elaborating 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.
  2. Cultural differences and multilingual issues playing an important role in the area of business communication which can easily fail on apparently banal issues. This could be of particular importance also in collaborative international projects.
  3. Management of innovation risks

The purpose of this course is to ensure that engineers, managers and IT experts can understand the importance of these aspects for the success of their collaboration with partners from other cultural background. It will address issues such as

  • Intercultural value systems
  • Differences in cultural practices
  • Cross-cultural project management
  • Individualism vs. Teamwork
  • Successful management of cultural differences as a factor of success in international projects
  • What one should know, do or not do in an EU project
  • Case studies: US, Japan, India, China ...

In order to recognize, apprehend and manage cultural and international differences, a holistic and cognitive approach will be used throughout the training. This part of the module is designed for individuals and Small- and Medium-sized Enterprise interested in the topic.

The last part is devoted to the risk related to the development of new products and technologies. The success of the new technology does not lie just in the invention part or in the generation of innovative ideas, but in the successful management of the innovation process from an idea to products and services in the market. The management of innovation is a rigorous process which includes a disciplined, stage-by-stage approval process combined with regular measurement of every critical factor, ranging from the capability of the product to reach the target characteristics to success in the market.


3.1 Knowledge

This module will focus on on the successful management of cultural differences as factor of success in risk engineering, risk management, IT and other projects. Working in an international atmosphere, essentials of multilingual business communication, elements of business ethics and Human Resources Management as applicable in collaboration with foreign firms.

At the end of the course, students are expected to have basic knowledge about:
  • 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)
as well as of:
  • Management process of innovation
  • Concept of open innovation
  • Understand the aspects of subcontracting in the innovation process
  • Understand the aspects of involving the end-users in the innovation process

3.2. Skills

Skills needed to manage the projects in terms of risks related to innovation and multinational teams will be acquired.

3.3. Competences

Competences related to the application of new standards like ISO 31000 and new methods like those needed for intercultural management.

Course Content by Units


Unit 1: Successful management of cultural differences as factor of success of IT and other projects

Unit 2: Multicultural contexts – what you should know, what you should do, what you should not do…

Unit 3: Multilingual environments in international projects

Unit 4: Essentials of Business communication & Elements of Human Resources Management in multinational projects

ISO 31000
Unit 1: Introduction to the ISO 31000 philosophy and principles

Unit 2: ISO 31000 Framework

Unit 3: Implementation principles of ISO 31000

Unit 4: Practical aspects of implementation



Unit 1: Introduction

    Unit 2: Innovation steps

      Unit 3: Conventional and alternative innovation processes

        Unit 4: Risk Assessment methodology and selection process

          Teaching Methods

          The course includes:

          • introductory note explaining the aim and structure of the course,
          • ex cathedra lecturing illustrated by number of examples
          • one case study
          • presentation of specific software tools and individual exercises using these tools
          • preparation for final exam by repetition of all course units and main issues
          • final exam


          1. Breakthrough: Stories and Strategies of Radical Innovation, The MIT Press, (2004).
          2. Henry William Chesbrough (2003). Open Innovation: The New Imperative for Creating and Profiting from Technology, 412, .
          3. Louw, L., Du Preez, N.D., (2011). A Framework for Managing the Innovation Process, , .
          4. Ciborra, C. U., Patriotta, G. (1998). Groupware and teamwork in R&D: limits to learning and innovation, R&D Management, vol 28, no. 1.
          5. King, A., Lakhani, K. R. (2009). Principles of Innovation Management, Harvard Business School, Cambridge.
          6. Tang, H. K. (1998). An integrative model of innovation in organizations, Technovatio, vol.18, no. 05, pp. 297-309
          7. Jeffrey Lindsay, Cheryl A. Perkins, Mukund Karanjikar (2009). Conquering Innovation Fatigue: Overcoming the Barriers to Personal and Corporate Success, 10, .
          8. Henry Chesbrough (2011). Open Services Innovation: Rethinking Your Business to Grow and Compete in a New Era, 110, .
          9. Andrew C. Lyons et al. (2012). Customer-Driven Supply Chains: From Glass Pipelines to Open Innovation Networks (Decision Engineering), 2, .
          10. Morris, L. (2008). Innovation Metrics - The Innovation Process and How to Measure It, InnovationLabs LLC, .
          11. Satish Nambisan, Mohanbir Sawhney (2007). The Global Brain: Your Roadmap for Innovating Faster and Smarter in a Networked World, 825, .
          12. Alpheus Bingham, Dwayne Spradlin (2011). The Open Innovation Marketplace: Creating Value in the Challenge Driven Enterprise, 429, .
          13. Lea Shaver (2010). Access to Knowledge in Brazil: New Research in Intellectual Property, Innovation and Development, 2457, .
          14. Gaurav Bhalla (2010). Collaboration and Co-creation: New Platforms for Marketing and Innovation, 2, .
          15. Steven P. MacGregor, Tamara Carleton (2011). Sustaining Innovation: Collaboration Models for a Complex World (Innovation, Technology, and Knowledge Management)
          16. Hongyi Sun (2012). Management of Technological Innovation in Developing and Developed Countries, 2183, .
          17. Carmen de Pablos Heredero (2011). Open Innovation in Firms and Public Administrations: Technologies for Value Creation (Premier Reference Source), 270
          18. Pugatch, M. -P. (2011). On patent pools, risks and rewards in the public health arena – should we abandon the traditional way of patenting? In 20th SRA-Europe Meeting. Stuttgart, Jun. 6-8, 2011. Stuttgart: Steinbeis. ISBN: 978-3-941417-65-6
          19. Dan Bell (2009). The Crowdsourcing Handbook - THE How To on Crowdsourcing, Complete Expert's hints and tips Guide by the leading experts, everything you need to know about Crowdsourcing
          20. Hongyi Sun (2012). Management of Technological Innovation in Developing and Developed Countries

          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: IVC, generated on September 24, 2021)