The HKUST-NYU Stern MS in Global Finance (MSGF) program is a highly acclaimed program known for its innovative curriculum. As an executive program, it places a strong emphasis on knowledge application and real-world problem-solving. The program aims to foster a deep understanding of global financial issues and to cultivate the essential skills to tackle financial challenges.
This article will take you behind the scenes of the program's Risk Management Module, shedding light on the rationale behind the curriculum design, the teaching philosophy, and the learning outcomes that extend beyond the classroom experience.
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In today’s global economy, the ability to effectively manage risks and make informed decisions is vital for organizational success. As industries continue to grapple with an array of new and ongoing threats – from pandemics and cybersecurity threats to geopolitical unrest and the rise of emerging technologies – the demand for specialized risk management expertise has never been higher (1).
Led by Professor Richard BERNER and Professor Robert SEAMANS, the Risk Management module explores the most pressing risk factors impacting organizations today. This year’s iteration features a new focus on sustainability and artificial intelligence (AI) – two rapidly changing areas that are rewriting the global business environment.
“Any professional needs to appreciate and understand emerging risks and the ways to manage, adapt to and mitigate them,” says Professor Berner.
“A risk manager cannot afford to be surprised by emerging risks; they must anticipate them.” By helping students develop a forward-thinking, proactive mindset, the module empowers aspiring finance leaders to drive resilient, sustainable outcomes for their organizations.
Beyond techniques: An integrated approach to contemporary risks
While many risk management courses focus on theory, the module stands apart for its integrated, enterprise-wide approach to the discipline. It also examines the interplay between various risks, including financial, operational, cybersecurity, climate, and geopolitical risks – many of which are hard to measure and analyze by traditional methods.
Furthermore, the curriculum emphasizes the practical application of risk management tools and strategies. Guided by Professor Berner, students will learn to select the most appropriate techniques to tackle specific challenges.
“I’m interested in having students understand the basic overall framework and concepts and be able to use those in what they're doing. Instead of just teaching techniques, I help students understand what we mean by risk, how to manage it, and the benefits and pitfalls of different strategies.”
At the core of the module structure is the prominence of teamwork and collaboration to reflect the interdisciplinary nature of solving complex challenges in the 21st century.
“Risk management is a classic team sport,” Professor Berner explains. “Managers must build strong, diverse teams with complementary skill sets, and excellent communication among team members is a sine qua non.”
This interdisciplinary focus is further reinforced by Professor Seamans, who notes the importance of teamwork as AI automation is expected to make certain individual jobs outdated in the future job market: “In the future, there will be more demand for knowledge workers working in teams as harder problems require teamwork to solve. So, putting students in a situation where they have to work together will reflect the reality of how our world will be organized.”
Navigating AI and sustainability risks for strategic decision-making
Recognizing that emerging risks in technological and sustainable advancements are reshaping the business landscape, the module’s curriculum also enables students to assess these strategic implications.
As innovation has become a key driver in modern business, Professor Seamans will guide students to investigate the disruptive potential and risks of AI through a strategic, decision-oriented framework.
“While AI is no longer seen as a trend and is attracting significant investment,” Professor Seamans observes, “there’s a lack of understanding about the risks of these investments. That’s why it’s important to discuss these topics to promote better critical thinking and decision-making when it comes to investing in technology.”
The module will also dive into the pivotal issue of sustainability and ESG (Environmental, Social, and Governance), which has reportedly become a “dirty word” (2) in the corporate world. “Sustainability is about how to make businesses more resilient with respect to climate-related and other types of risks,” says Professor Berner. “Responding to how employers and students are demanding better, sustainable practices, we want to help students understand what sustainability really means, what it's all about, and what frameworks they need to think about these risks through the module.”
Empowering informed decision-making for global resilience
As a cornerstone of the MSGF program, the risk management module equips participants with the critical skills needed to navigate an increasingly complex and unpredictable business landscape and understand the broader implications of financial decisions and strategies. Going beyond simply future-proofing organizations, the module also highlights the importance of making well-informed decisions by cultivating intellectual curiosity, healthy skepticism, and the ability to separate hype from reality.
As Professor Berner states, “risk management is about making decisions and understanding the consequences.” This module, together with the program’s comprehensive curriculum, prepares finance executives to engage deeply with the challenges they will face, embrace change with confidence, and drive more resilient and sustainable outcomes.
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