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Integrative Education

Educating Risk Managers in the 21st Century

2 ETH Risk Center Integrative Education

An integrative approach to risk management

The courses provided through the ETH Risk Center allow partici-pants to explore the many dimensions of Risk. Multi-disciplinary approaches are favoured and equip students with a sound un-derstanding of the interdependencies and complexities of social and engineered systems.

Therefore, we encourage our students to overcome the traditional silo-thinking of risks and risk-management.

Combining theory and practiceRisk Managers should not be pure theoreticians. Building on the solid theoretical knowledge students acquire at ETH, Risk Center courses provide valuable insights into the actual practice of Risk Management.

This is achieved through the cooperation of the Risk Center with its Industry Partners and the Risk Community at large. Course speakers often come from the industry or civil society and share their experience and challenges with students. Consequently, our graduates are better prepared to take on their new role in the economy.

Fostering critical thinkingWhile models are at the core of many Risk Management theories and practices, it is crucial that students take a step back and ref-lect on the actual meaning of mathematical models.

Several courses, such as the Risk Case Study Challenge (pages 5-6) are designed to get students to think outside-the-box and come up with their own Risk Management initiatives!

Empowering today’s and tomorrow’s risk managersAt the Risk Center, we provide education formats for students as well as professionals.

Because the tools and techniques of Risk Management evolve incredibly fast, it is crucial that everyone stays on board and gets up to date with the latest developments in the tools of the future. See page 4 for more details on our Continued Education formats.

We believe education to be the most important and e"ective channel to disseminate knowledge and create impact in academia, industry, government agencies and society as a whole. The Risk Center o"ers a portfolio of educative formats ranging from master-level lectures to advanced study courses and courses for risk professionals.

Training Tomorrow's Risk Manager

› Dr Hélène Schernberg › Executive Director, ETH Risk Center › [email protected]

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› Coordinators and Lecturers:

› Dr Bastian Bergmann › Program Coordinator MAS MTEC › [email protected]

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Interacting and Collaborating with UsThe ETH Risk Center o"ers several education formats, some of which in collaboration with the Department of Management, Technology and Economics (D-MTEC). Our joint formats target various groups of students:

ETH Risk Center Integrative Education

The MAS ETH MTEC (Class of 2019) The MAS ETH MTEC programme is one of the longest- standing and most successful management education programmes in Switzerland. It builds on students’ existing technical and scientific knowledge. The goal of the programme is to equip paticipants with the knowledge and skills required to develop and present systematic solutions to complex entrepreneurial challenges. It targets working professionals with at least 2 years of experience.

Professionals

Participants in Block Courses and Continuing Education Programs are risk professionals from banking, finance, insurance as well as managers of critical infrastructure providers. They typically have a quantitative background.

The MSc ETH MTEC (Class of 2019)

The MSc ETH MTEC is a four-semester full-time programme attracting ambitious students with a Bachelor’s degree in engineering or natural sciences. By building on students’ already extensive knowledge of engineering and natural sciences, the MSc provides a solid foundation for developing systemic solutions to complex professional challenges.

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like a scientist", with an emphasis on evidence, in order to solve real- world problems. Students learn to aggregate information from various sources under a time constraint

Students also engage in active inquiry and in- depth discussions, coordinating within and across groups, and with their Case Ma-nagers.

Finally, the Case Studies teach students to process and present their findings to diverse audiences of risk professionals.

A beneficial experience for StudentsStudents acquire a better understanding of risk-management and modelling. They discover new tools and applications for the theo-retical knowledge provided by their curriculum at ETH. Finally, they learn first-hand to communicate their results in a profes-sional environment.

In addition, Risk Center lecturers provide adequate coaching on

DesignEach Challenge involves a Risk Center Industry Partner. The vari-ous Case Studies, connected by an overarching theme, are deve-loped with Risk Center and ETH lecturers. They o"er students a concrete environment to apply their knowledge, logic, creativity, and problem- solving skills with an emphasis on applications. Ty-pically, the Case Studies are complex, contain ambiguities, and may be addressed in more than one way.

The course is o"ered as an elective in the ETH D-MTEC curriculum as well as in other ETH MSc Programs. It is open to MSc and MAS Students from D- MTEC and from other ETH departments.

Students work in groups of 4 under the supervision of a Case Ma-nager from the Industry Partner. In addition, Risk Center lecturers o"er regular coaching sessions.

ObjectivesThe Risk Case Study Challenges helps students learn to "think

In 2018, the ETH Risk Center launched the first “Risk Case Study Challenge”. In collaboration with an Industry Partner and supported by Risk Center and ETH faculty, teams of students from diverse backgrounds develop innovative solutions to challenging risk-management problems.

«Risk Case Study Challenge» (MSc/MAS)


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Student's impressions

"I liked the topic because it is a real problem that people in the industry are working on and we had the chance to taste this practical approach" (Nikolas, PhD Student, BAUG)

"I will recommend the course to other students. Get-ting first- hand insights into risk-management from a practical point of view was an enriching experience" (Claudia, MSc GESS)

"The group size is ideal for such a task and for com-munication within the group as well.Having members from diverse disciplines allows us to learn from each other" (Diya, MSc ERDW)

"Great opportunity to develop soft skills that are often overlooked when studying technical subjects (presentation skills, communication skills, ability to discuss with the management, receive feedback and implement it, teamwork)" (Franscesco, MSc MATH Statistics)

"I enjoyed being part of the risk case study challenge of this year. It was a great opportunity for me to study the topic of supply chain from the perspective of an insurance company" (Ambra, PhD Student, MTEC)

Past Risk Case Study Challenges

Spring 2018 on Conceptualizing and Assessing Reputation RiskSpring 2019 on Supply Chain Risks and Extreme EventsFall 2019 on Machine Learning Applications in Banking and Finance


Feedback from Partners:

"A fast track to revealing solutions"

"We met 4 groups of bright, fresh minds with excellent academic training."

"We all now look at things from a new angle - the stu-dents brought us towards revealing solutions – Thank you!!"

specific aspects of the relevant discipline(s), as well as commu-nication and presentation skills.

A beneficial experience for the Industry Partner

Case Managers from the Industry Partner guide the students along the case. They also enjoy interacting with fresh minds and being challenged with creative ideas. Students will present their results in the final session at the partner's headquaters.


Students get familiar with the building blocks of risk modelling: uncertainty, vulnerability, resilience, decision- making under un-certainty. The course covers di"erent approaches to modelling and dealing with as well as mitigating various risks in several in-dustries. They gain an understanding of the relation to the decisi-on- making process in business and the value chain of a company.

Cases range from enterprise risk-management to natural catas-trophes, from climate risk to energy market risk, from risk engi-neering to financial risks, from operational risk to cyber risk, and more. An additional emphasis is placed on a data- driven approach to smart algorithms applied to risk modelling and management.

After taking this course, students should be able to identify and formulate a risk-analysis problem with quantitative methods in a particular field.

The course covers the following areas:• Fundamentals of Risk Modelling: Probability, Uncertainty,

Vulnerability, Decision- Making under Uncertainty.• Fundamentals of Risk Management, Enterprise Risk Manage-

ment, Project Risk Management.• Risk Modelling and Management across di"erent areas with

invited speakers.

Introduced in 2019, the course walks students through various aspects of modelling, dea-ling with and managing risks across di"erent industries, contexts and applications. Sessions are taught by risk professionals (industry and government) and academics from diverse disciplines.

Lecture: Introduction to Risk Model-ling and Management (MSc/MAS)

Speakers in 2019 and 2020

› Sandra Andraszewicz, Senior Researcher, Chair of Cognitive Science, ETH Risk Center

› Diethelm Boese, Vice President, Head of New Product Delivery, ABB

› Stefan Brem, Head Risk and Research Coordina-tion, Swiss Federal O#ce for Civil Protection (BABS)

› Prof. David Bresch, Chair of Climate Risk, Risk Center (D- USYS)

› Prof. Roger Cooke, Ressources for the Future Institute, Washington DC

› Prof. Paul Embrechts, RiskLab and Risk Center (D- MATH)

› Roland Goetschmann, Advisor Financial Stability, Swiss National Bank

› Lukas Gubler, Chief Risk O#cer, Axpo Trading

› Anastasia Kartasheva, Senior Economic Advisor, Bank for International Settlement

› Prof. Marie Kratz, ESSEC Paris

› Laurent Marescot, Senior Director, RMS

› Iwan Stalder, Head of Accumulation Management, Group Underwriting Excellence, Zurich Insurance

› Patricio Verdieri, Head of Enterprise Risk Manage-ment, Group Risk Management, Zurich Insurance

7ETH Risk Center Integrative Education

Joint Workshops

Workshops are held jointly with an Industry Partner. They take place either on the Partner's premices or at ETH. In this setting, professionals and researchers share their insights about a specific topic and stimulate a joint discussion with the students.

In this interactive format, students get an understanding of the professional tasks and scope of projects and topics within the company. Workshops are interactive, combining talks and presentations with breakout sessions and small case studies with joint discussion sessions.

Workshops are an ideal format to spend an afternoon -or a day- learning about a specific topic. Our Workshops integrate expertise from researchers, professionals and students. Typically, a workshop targets a specfic group of students -such as the MAS MTEC students with a professio-nal background.

Past Workshops

› Managing Supply Chain Agility & Resilience in a Global Enterprise

› How to Run Business with China: Case for Swiss SME

› Cyber Risk from an Insurance Perspective

› Deciphering Blockchain: Applications, Impact and Risks

› A Systems Approach to Safety and Security

› Climate Risk and the Built Environment: Can Data make a di"erence?

› Managing Risk in Agriculture:A Symposium focused on Innovations in Agricultural Insurance and Digitization

› Autonomous Decision- Making: Assessing the Technology and its Impact on Industry and Society

› Preferences over Random Variables: Let's talk about Continuity

› Extreme Value Theory and its Application to Insurance and Finance

› Foundations of Behavioral Insurance

One Year - One Topic

for a Global Challenge

Join our "One Year - One Topic" Initiative. It o"ers our Indus-try Partners the possibility to participate in workshops, ca-reer talks and case study challenges over the course of one academic year with students from di"erent ETH programs.

Joint Workshops - Case Study Challenges

Career Talks - Internships

Master Theses


Machine Learning in FinanceThe success of Machine Learning (ML) tools urges to apply these methods to a wider range of problems, including financial ones. The adoption of ML tools in the financial industry over the last years is widespread. To address the challenges and risks it poses, it is crucial for professionals to have both subject matter expe-rience of ML techniques and a deep understanding of its scope and limitations.

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Cyber RiskHow to Navigate through the Digital Transformation?

Today’s technology landscape is evolving at an increasing pace, forcing businesses, individuals and society to adapt to stay com-petitive. At the same time, the risk to businesses from cyber- at-tacks is growing just as fast, if not faster. Staying on top of today’s cyber risks means understanding the key drivers of cyber risk and remaining aware of the latest trends, research, solutions and best practices.

The Risk Center is involved in Continuing Education. In 2019, two Block Courses were designed specifically for risk professionals. They adress two key topics: Cyber Risk: How to navigate through the digital transformation and Machine Learning in Finance.

Professional Education(Block Courses)

Machine Learning in Finance: Content

› Session 1 - 3: Fundamentals of ML with recent applications in Finance (Josef Teichmann, Bastian Bergmann)

› Session 4: Applications in Finance: Pricing and hedging American-style derivatives with neural networks (Patrick Cheridito, Sebastian Becker)

› Session 5: ML for Health Monitoring of Critical Systems with Rare Faults (Olga Fink)

› Session 6: ML for Financial News (Stefan Feuerriegel)

Cyber Risk: Content

› From Fortress to Resilience

› Technical Fundamentals of Information Security

› Key Drivers, Supply Chain Security and Internet of Things

› Cyber Insurance: How to mitigate Cyber Risk

› Critical Infrastructures

› How to cope with the cyber threat landscape from a gover-nance perspective?

› Keynote Lecture with UBS Visit: Michael Dargan (Group CIO, UBS) and Neal Pollard (Group CISO, UBS) on “Managing Cyber Risk: A Bank's View”

9ETH Risk Center Integrative Education

ForthcomingThe Risk Center plans to expand the portfolio of Block Courses over the next 3 years. This o"ers our Industry Partners opportunities to collaborate with us on a joint format on a speci-fic topic. In addition, combining di"erent block courses will allow to qualify for a CAS Diploma, currently under development.

Impressions

«The course format is excellent for professional educa-tion.»«The on-site visit was a huge highlight.»«Glad to have attended the course.»«Very diverse and balanced selection of topics.»«I really enjoyed the course - and was always happy to stay for the Apéros.»«Very pleased. Mostly very good speakers, who convey-ed relevant information in a very exciting and entertai-ning way.»

Work With Us!

Are you interested in our education initiatives?

We look forward to strategic and long-term partners-hips with innovative companies.

Please contact Bastian Bergmann for further details on the initiative:

Dr Bastian BergmannExecutive Director, ETH Risk Center

Program Coordinator MAS MTEC [email protected]

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ETH ZürichRisk CenterScheuchzerstrasse 78092 Zurich Switzerland

[email protected]

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