Towards a competency-based undergraduate qualification in risk management
Authors: Marx Johan , de Swardt Cecilia Jacoba 
Published: November 2019

Purpose

The purpose of this paper is first to determine the competencies required of risk managers and second to consider the implications of such competencies in determining modules for inclusion in the curriculum framework of an undergraduate qualification in risk management.

Design/methodology/approach

A qualitative research approach was followed, involving risk management professionals in a focus group and making use of interactive qualitative analysis (IQA).

Findings

The competencies identified are managerial and risk management knowledge, attributes such as assertiveness and steadfastness and ethical values, as well as people and technical skills. These are explained in greater detail in this paper.

Research limitations/implications

The unique contribution of the current research was the innovative use of IQA for data collection, the removal of subjectivity and the rigour in analysing and presenting the results. The results provide a starting point for designing a curriculum that will both meet the requirements of the professional body and will equip graduates with the best possible combination of knowledge, attributes, values and skills needed by the risk management profession. The implications for further research include that a comparative IQA study of the competencies of risk managers using academics from the field could be undertaken, as well as a study of the design, benchmarking and validation of a proposed curriculum for an undergraduate degree in risk management. The purpose of this study was not to compile a curriculum for a new BCom (risk management). However, this was beyond the scope of the current study. IQA uses rigour and eliminates the bias of the researcher, and the one limitation of this research lies in the use of a focus group, which resulted in the findings not being generalizable as the case would have been with a representative sample used in the positivist paradigm and using appropriate statistical analysis. However, this study was exploratory and could serve as a valuable starting point for further research in this area to perform a comprehensive curriculum development.

Practical implications

This study found that constituents of the focus group perceived that the following competencies are required of risk managers, namely, knowledge, skills, attributes and values. These competencies correspond closely with the competencies indicated in the Risk and Insurance Management Society (RIMS) Professional Core Competency Model, except that RIMS subdivides knowledge into three categories, namely, business, organisational and risk management knowledge. Similarly, RIMS distinguishes between management skills and technical skills. The attributes identified by the focus group of this study were similar to those identified by RIMS. However, the focus group emphasised values such as integrity, ethical conduct, respect and accountability. However, unlike RIMS, these were not perceived as one of the five core competencies, but rather as a stand-alone competency in its own right, which risk managers need to be successful. RIMS could consider reviewing its core competencies by allocating three closely related aspects, namely communication, collaboration and consultation to technical skills. Core competencies may be replaced by core values, which are literally at the centre of all the competencies required. Such core values are enhanced by the RIMS Code of Ethics (2019) and significantly contribute to the professionalization of risk management. RIMS could also consider providing guidelines to universities for those competencies that could be taught or learnt, to be included in their curricula and to accredit universities who meet such requirements.

Social implications

The findings of this study also serve as a starting point for the reintroduction of a BCom (risk management) degree by Unisa. Despite the requirements of the South African Qualifications Authority (SAQA) and the Council for Higher Education (CHE), this study demonstrated that a specialised degree in risk management needs to be offered to meet the need expressed by IRMSA for professional risk managers in Southern Africa, and such a degree should ideally be curriculated based on the competencies identified in this article. The implication for public policy is that SAQA and the CHE need to reconsider their rigid stance about the composition of specialised qualifications, and rather set a range of 33-50% for subjects from the field of specialisation that must be included in the curricula of specialised degrees. As indicated by this research, a combination of subjects from different disciplines is required to enhance the competencies and employability of risk management graduates.

Originality/value

The use of IQA is a novel way of ensuring rigour and objectivity in arriving at the required knowledge, attributes, values and skills of risk managers, and aids in the compilation of a new curriculum for an undergraduate qualification in risk management, thus ensuring the qualification will provide a competency-based qualification that will meet the needs of the profession.