Operational Risk Management & Business Continuity Management / Cybersecurity Risk Management
2nd Semester, Course Code: ΜΕΧΤΕ205
Credits: 7,5
Learning Outcomes
The course focuses on the modern reality of identifying and managing operational risks. The main objective of the course is to help students understand the basic concepts related to risk management, to develop important business skills and actions, to enrich their knowledge by analyzing important aspects of operational risks and to provide them with an important background for their professional careers. At the same time, students will be trained in basic concepts, principles and rules of Business Continuity and cyber security.
Upon successful completion of the course, students will be able to develop:
- ability to identify and manage stakeholders and the identification and evaluation of operational risks in the Company,
- analysis and processing of data/information related to operational risks and the ability to select upon the most suitable strategies for dealing them,
- a holistic Business Continuity Management system that recognizes potential threats for the organization and possible outcomes on operation model, if implemented,
- understanding the importance of Cybersecurity in approaching and interpreting everyday phenomena in Business,
- knowledge and implementation of strategies in order to improve the resilience of a business,
- identification of future trends and challenges in the Fields of Business Continuity and Cybersecurity,
- the effective use of relevant techniques, tools, and strategies.
General Competences
The course and teaching methods promote:
- both independent and group work,
- professional responsibility and project management within deadlines,
- the promotion of free and creative thinking through the synthesis and presentation of new scientific knowledge,
- decision-making through simulation exercises of a real business environment,
- the search, analysis and synthesis of data and information, with the use of the necessary technologies.
Course Content
The course aims to help participants understand the basic concepts, principles, and practices of Operational Risk Management. It aims to provide participants with modern methods of analysis on how to plan and make decisions regarding Operational Risks that threaten an organization. It also focusses on applying the principles of Business Continuity and Cybersecurity for sustainable, safe, and uninterrupted operation of business activities. The course analyzes the modern developments in the field of Business Continuity (the uninterrupted business operation) and Cybersecurity. Students will be taught the appropriate methods organizations use in today’s globalized and highly competitive business environment, in order to maintain their competitive advantages and provide their services and products under any conditions, especially in times when extraordinary events threaten to interrupt and/or suddenly stop business operation. These events have an impact on the financial results and corporate reputation of organizations.
Students who will attend the course will develop critical knowledge and skills for a successful career in the ”world of business” in the fields of Risk Management, Business Continuity, Cybersecurity either as entrepreneurs or as Business executives.
The sections covered in the course are:
- Stakeholder Management,
- Development of a risk management plan,
- Identification of risks,
- Qualitative risk analysis,
- Quantitative risk analysis,
- Planning risk management strategies,
- Risk monitoring,
- Description of Business Continuity life cycle,
- Benefits of implementing Business Continuity,
- Design of business impact analysis (BIA) questionnaires,
- Alternative Strategies and critical factors for their implementation,
- Business Continuity and relationships with suppliers,
- Business Continuity and Communication Management,
- Planning and implementing a test program,
- Staff training in business continuity,
- Basic principles and concepts of cyber security,
- Incident response and disaster recovery,
- Access controls,
- Network Security
- Security Operations.
Student Performance Evaluation
The teaching is organized in 13 three-hour lectures and the preparation of a group assignment. Students work in groups of 3-4 people. The topic of the work and an indicative bibliography is given. The work includes searching, studying, and analyzing international bibliography, extracting information, and presenting the topic as a published paper in the standards of scientific conferences.
Evaluation
- Written exam 50%
- Case study presentation 30%
- Homework 20%
Bibliography
Suggested Bibliography
- Teaching Notes
- Οperational Risk Management, Ariane Chapelle, Wiley Publications, February 2019
- Fundamentals of Operational Risk Management: Understanding and Implementing Effective Tools, Policies and Frameworks 1st Edition, Simon Ashby, Kogan Page, April 26, 2022
- Business Continuity Management: A Practical Guide to Organizational Resilience and ISO 22301 1st Edition, James Crask , Kogan Page, April 27, 2021
- The Disaster Recovery Handbook: A Step-by-Step Plan to Ensure Business Continuity and Protect Vital Operations, Facilities, and Assets Third Edition, by Michael Wallace, Lawrence Webber, AMACOM, December 28, 2017
- Business Continuity Management: Building an Effective Incident Management Plan 1st Edition, Kindle Edition, Michael Blyth, Wiley, June 22, 2009
- CYBER SECURITY FOR BEGINNERS: A COMPREHENSIVE AND ESSENTIAL GUIDE FOR EVERY NOVICE TO UNDERSTAND AND MASTER CYBERSECURITY Paperback – February 8, 2022, Liam Smith, February 8, 2022
- Cybersecurity: The Beginner’s Guide: A comprehensive guide to getting started in cybersecurity, Dr. Erdal Ozkaya, Packt Publishing, May 27, 2019
Related Academic Journals
- Journal of Operational Risk, Editor in chief: Marcelo Cruz, First Published: March 2006
- Continuity & Resilience Magazine, The Business Continuity Institute,
- Journal of Business Continuity & Emergency Planning, Henry Stewart Publications,
- International Journal of Business Continuity and Risk Management, Editor in Chief Prof. Kurt J. Engemann,
- Cyber Defense Magazine, New Hampshire, US
- Infosecurity Magazine, London, England, UK