The University of Texas at Austin Red McCombs School of Business 20 courses 18 total credits
The business world is increasingly faced with risks from cyber-risk to health care fraud to terrorism, identity theft and financial risks from longevity of life. These risks all have financial consequences. The management of risk is increasingly important in the USA and worldwide. For-profit and not-for-profit enterprises (from charities to government) find themselves confronting risks and the resulting financial consequences daily. Business managers from all areas of expertise need to be prepared to prevent and address risks in order to surviveβthe ultimate goal of most enterprises. This minor provides a student with a tool kit for contemplating, identifying, prioritizing, and formulating approaches to manage varying types of risks inevitably faced. The minor allows for free electives (inside or outside of McCombs) as there are many types of risk a particular student might be faced with (e.g., financial crisis risk, natural disasters (from hurricanes, tsunami to volcanoes and fires), cyber risk (from identify theft, fraud, mobile commerce risks to phishing and hacking, etc.), risk of political and other crises disrupting supply chains, terrorism and the reality that all enterprises operate in an increasingly vulnerable and connected infrastructure). For example, over 90% of the Fortune 500 companies have created an insurance company subsidiary designed to help them manage their risks internally (a captive insurer). This allows for some degree of managerial control and risk transfer to protect the firm. Companies need increasingly active risk management expertise to survive. The minor is designed for both business and non-business majors who expect to someday work in a management position, including entrepreneurs. Examples include all Business majors who plan to pursue an entry-level job in supply chain, finance, manufacturing, insurance, management information systems, marketing or other business functions. Non-business majors can be students in liberal arts, economics, actuarial science, petroleum engineering, retailing, communications, health care, or students from any other discipline who want to understand the impact of risk and the management of risk for their future employer.
| College Requirements - Business | credits |
| Undergraduate Minor and Certificate Requirements and Policies | credits |
| Code | Course Title | Credits |
|---|---|---|
| R M 357E or URB 321R | Introduction to Risk Management or Introduction to Risk Management | 3 |
| R M 377 or R M 369K | Property-Liability Risk Management and Planning or Managing Employee Risks and Benefits | 3 |
Accounting Requirement
Hours chosen from:
| Code | Course Title | Credits |
|---|---|---|
| ACC 310F | Foundations of Accounting | 3 |
| ACC 311 | Fundamentals of Financial Accounting | 3 |
| ACC 311H | Fundamentals of Financial Accounting: Honors | 3 |
Finance Requirement
Hours chosen from:
| Code | Course Title | Credits |
|---|---|---|
| FIN 320F | Foundations of Finance | 3 |
| FIN 357 | Business Finance | 3 |
| FIN 357H | Business Finance: Honors | 3 |
Elective Courses
Hours chosen from: (Please note that no more than one can be a course offered by the McCombs School of Business)
| Code | Course Title | Credits |
|---|---|---|
| R M 377 or R M 369K | Property-Liability Risk Management and Planning or Managing Employee Risks and Benefits | 3 |
| M 329F | Theory of Interest | 3 |
Elective Courses
Any three hours Actuarial Foundations (ACF)
| Code | Course Title | Credits |
|---|---|---|
| CMS 354 | Conflict Resolution | 3 |
| CMS 371K | Practicum in Conflict Mediation | 3 |
Elective Courses
Any three hours Economics (ECO)
| Code | Course Title | Credits |
|---|---|---|
| FIN 377.2 | Financial Risk Management | 3 |
Elective Courses
Any three hours upper-division Legal Environment of Business (LEB)
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