Risk Management, a Crucial Need for Successful Business and Organizational Practice

Risk management has become a critical component of a strong business strategy for any industry as the workforce and marketplace have grown and adapted to the digital revolution and a globalized world. Risk management analysts or risk consultants monitor all aspects of a business’s operations from financial and cybersecurity, to contracts, investments, human resources, and insurance, and develop recommendations and policies to help businesses to mitigate potential risk.

This fall, Notre Dame of Maryland University (NDMU) became one of the first universities in the U.S. to offer a Master of Science in Risk Management based on risk analysis science. The launch of this program continues to advance NDMU’s leadership in risk management education established by five successful years of offering the post-baccalaureate certificate – selected by the U.S. Army Corps of Engineers to meet its risk management education needs.

“Employers are increasingly looking to risk management experts to help them predict risks or future problems down the road and help reduce them. This practice helps companies save valuable time and resources,” says Dr. Charles Yoe, NDMU’s director of risk management programs, “If you are looking for a competitive edge in your profession, bring us your expertise in your chosen field and we will help you learn how best to extend the use of risk analysis science.” 

Research has demonstrated a significant increase in companies’ adaptation of risk management. According to a 2018 survey by the Association for Federal Enterprise Risk Management, more than three-quarters of all Federal agencies now have a formal risk management program, and a Deloitte survey found that risk management is almost universal in the financial and banking industry. A Risk and Insurance Management Society (RIMS) survey of large business firms showed 73% of all firms practice risk management.

The demand for talent in risk management is increasing as more experienced professionals retire. In the insurance industry alone, nearly 40% of the existing talent base is expected to retire in the coming decade according to RIMS.

 The MS in Risk Management is a dynamic and highly interactive 30-credit online program intended for individuals with expertise in their chosen field who are interested in helping their organizations and communities of practice to adapt and apply best practices in risk management. 

The online format offers students the opportunity to work their coursework into their real-life schedules. “It was fantastic upfront because no matter what my crazy schedule was in my life, I could always find my own time to listen to lectures and do the work,” says Michelle Daigle who earned her post-baccalaureate certificate in risk management from NDMU. She adds, “My fellow students in my cohort have really created a good rapport and we help each other.”

The flexible program employs a diverse curriculum to enhance risk analysis skills across all industries in business, government, education and non-profit, and is designed for working professionals who wish to continue to work full-time and earn an MS degree in less than two years.

Notre Dame of Maryland University offers graduate business programs in leadership, nonprofit management and risk management. For more information, visit: NDMU Business and Economics Programs.