October 01, 2013

Program Spotlight Certified Enterprise Risk Management

Today in conversation with the Academic Director Prof. Dr. Walter S.A. Schwaiger (Vienna University of Technology) and the Module-Coordinators of the Certified Program "Enterprise Risk Management":

What is the main focus of the certified program Enterprise Risk Management?

How do you identify and manage the risks of your enterprise?
This question is not that easy to answer as the risk management has an interdisciplinary nature at the enterprise level.

  • There are different legal requirements and responsibilities for the establishment of well-functioning risk management systems within the enterprise.
  • Furthermore ‚risk is not risk’ so that in each risk management system the specialties of the different risk types have to be taken into account.
  • Finally risk management is more than just identifying and measuring the risks. Risk management is a process that has to be designed and implemented in the enterprise organization.

In the Enterprise Risk Management program the interdisciplinary nature of the enterprise-wide risk management is explicitly dealt with by considering the identification and management of the different kinds of risks at the operational as well as the financial and strategic level from legal, procedural, managerial, economic and risk theoretical perspectives. This comprehensive approach adequately addresses the interdisciplinary nature of the enterprise risk management and it is an enabler for the establishment of well-functioning enterprise-wide risk management systems in practice.

What are the advantages at the job market for future graduates?
The comprehensive risk management approach directly meets the needs of general managers and enterprise risk managers in order to establish well-functioning enterprise-wide risk management systems in practice. For specialists in the fields of auditing, accounting, finance, controlling, production management, construction, IT management etc. the comprehensive approach is the enabler for an enterprise-wide aligned design and implementation of risk management processes in their specific fields. The acquired insights into the risk management peculiarities of other fields also should be beneficial to all who are tracking broader assignments.

A certified program with economic focus - is this consistant with a Technical University?
Due to the interdisciplinary nature of the enterprise-wide risk management the design and implementation of well-functioning risk management systems requires knowledge, skills and competences from different disciplines. The combination of legal and economic disciplines as well as technical disciplines dealing with procedural, managerial and risk theoretical aspects is a specialty of the Vienna University of Technology which offers bachelor and master studies in the field of industrial engineering and business informatics. Consequently the VUT is the right place to host the Enterprise Risk Management program.

What distinguishes this certified program from other offers?
Other risk management programs mainly deal with specialized aspects in specific risk management domains and thereby focusing either on legal and economic disciplines or on technical and organizational disciplines. They miss the balanced integration of all the different disciplines that are needed for the interdisciplinary enterprise risk management. Furthermore programs often heavily focus either on theoretical foundations or on practical issues. The VUT certified Enterprise Risk Management program is balanced in both dimensions. The two dimensional balance is also reflected in the composition of the faculty which consists of qualified academic and professional experts.



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