SAQA All qualifications and part qualifications registered on the National Qualifications Framework are public property. Thus the only payment that can be made for them is for service and reproduction. It is illegal to sell this material for profit. If the material is reproduced or quoted, the South African Qualifications Authority (SAQA) should be acknowledged as the source.
SOUTH AFRICAN QUALIFICATIONS AUTHORITY 
REGISTERED QUALIFICATION: 

Master of Commerce in Applied Risk Management 
SAQA QUAL ID QUALIFICATION TITLE
97753  Master of Commerce in Applied Risk Management 
ORIGINATOR
North West University 
PRIMARY OR DELEGATED QUALITY ASSURANCE FUNCTIONARY NQF SUB-FRAMEWORK
CHE - Council on Higher Education  HEQSF - Higher Education Qualifications Sub-framework 
QUALIFICATION TYPE FIELD SUBFIELD
Master's Degree  Field 03 - Business, Commerce and Management Studies  Generic Management 
ABET BAND MINIMUM CREDITS PRE-2009 NQF LEVEL NQF LEVEL QUAL CLASS
Undefined  180  Not Applicable  NQF Level 09  Regular-Provider-ELOAC 
REGISTRATION STATUS SAQA DECISION NUMBER REGISTRATION START DATE REGISTRATION END DATE
Registered-data under construction  EXCO 0324/24  2024-07-01  2027-06-30 
LAST DATE FOR ENROLMENT LAST DATE FOR ACHIEVEMENT
2028-06-30   2031-06-30  

Registered-data under construction

The qualification content is currently being updated for the qualifications with the status “Registered-data under construction” or showing “DETAILS UNDER CONSTRUCTION” to ensure compliance with SAQA’S Policy and Criteria for the registration of qualifications and part-qualifications on the National Qualifications Framework (NQF) (As amended, 2022). These qualifications are re-registered until 30 June 2027 and can legitimately be offered by the institutions to which they are registered.

 

In all of the tables in this document, both the pre-2009 NQF Level and the NQF Level is shown. In the text (purpose statements, qualification rules, etc), any references to NQF Levels are to the pre-2009 levels unless specifically stated otherwise.  

PURPOSE AND RATIONALE OF THE QUALIFICATION 
Purpose:
Risk management education at Postgraduate Level is one of the key strategic development areas of the Faculty of Economic Sciences and Information Technology at the University.

This qualification is designed to complement the School of Economic Science's existing Master of Commerce (MCom) in Banking and Financial Risk Management by expanding the qualifications to cater for learners from sectors other than the banking and financial sector.

Upon completion of the qualification the learner will have to demonstrate the following:
  • Source, select, analyse, evaluate and communicate the specialist knowledge and information necessary to find solutions to the practical risk issues in her/his area of employment.
  • Design, select and apply appropriate and creative methods, techniques, processes and technologies to investigate and solve complex practical risk-related problems in a solid theoretical framework.
  • Acquire an understanding of risk management as a profession, the ethics of risk and the applications in risk management within systems-based contexts and apply these insights into practice.
  • Develop own learning strategies to sustain independent learning, academic and professional development, as well as effective communication and presentation skills.

    Rationale:
    Risk management has become a key employment area across sectors with an increasing number of roles in the fields of enterprise, operational, financial and compliance risk management. Companies struggle to find suitably qualified candidates for these roles and have to rely on employees who have learnt about risk and risk management whilst on the job.

    Higher education qualifications have traditionally focused on the more quantitative aspects of risk such as mathematical risk modelling in the banking and financial sectors. The increasing complexity of institutions and corporations mean that this is no longer enough. A real need has been warranted for the development of a formal academic programme that focuses on the more qualitative aspects of risk management across sectors. Also the professional risk organisations such as the Institute of Risk Management South Africa (IRMSA) are looking at academia to assist with the professionalisation of risk management in the market. Corporations and employees are also requesting for formal risk qualifications at a Master's Level. Risk is relevant to all aspects of corporate and societal endeavour.

    Risk management is an inherently multi - and inter-disciplinary occupation. Correspondingly, risk managers come from many different academic backgrounds. The ideal Master's qualification for risk managers will be to focus on developing the knowledge, skills and values so that they will be able to make a success of their Risk Management role.

    The Master of Commerce in Applied Risk Management will be designed to satisfy the needs of institutional and corporate sectors for suitably qualified risk managers. The qualification will be able to fill a significant gap in the higher education market as evidenced by requests for, and interest in this qualification from stakeholders in the market.

    The qualification is intended and designed specifically for the further educational needs of full-time employees who wish to enter or grow in a senior risk management-related role. This qualification will offer the opportunity to enrol for a Master's Degree with a qualitative risk management focus. No similar qualification at a Master's Degree level currently exists in South Africa. 
    		•

    LEARNING ASSUMED TO BE IN PLACE AND RECOGNITION OF PRIOR LEARNING 
    Recognition of Prior Learning (RPL):
    The institution subscribes to the principles underlying outcomes-based, source-based and lifelong learning. In this context, considerations of articulation and mobility play an important role. The institution endorses the view that recognition of prior learning (RPL) constitutes an essential element of the transformation of access and admissions policies at education institutions in South Africa. The transformation of access and admissions policies is intended to increase participation and to broaden access to higher education in order to produce learners with the skills and competencies necessary to meet the human resource needs of the country.

    The institution acknowledges that the recognition of prior learning must be conducted in a valid, reliable and equitable way and that it must take place in accordance with the terms of the University's policy on the recognition of prior learning and in accordance with the relevant procedures laid down by the Faculty.

    Recognition and exemption of modules may be given in accordance with the provisions contained in the institution`s Academic Rules. The structure of this qualification makes the recognition of prior learning possible; thus, practical legal experience in the field of Risk Management will be taken into consideration. This qualification may therefore be achieved in part through the recognition of prior learning, which includes informal and non-formal learning and work experience. If the learner is able to demonstrate competence in the knowledge, skills, values and attitudes implicit in some of the modules of this qualification, the appropriate credits will be assigned.

    Entry Requirements:
    Admission requirement for the qualification:
  • Bachelor of Commerce Honours in Risk Management.
    Or,
  • An appropriate qualification on NQF Level 8 in any related discipline may be considered for admission. 
    		•

    RECOGNISE PREVIOUS LEARNING? 
    Y 

    QUALIFICATION RULES 
    The qualification consists of compulsory modules at NQF Level 9, totalling 180 Credits.

    Modules at NQF Level 9, 180 Credits:
  • Applied Analysis and Research in Risk Management, 16 Credits.
  • Fundamentals of Risk Management, 16 Credits.
  • Behavioural Risk Management, 16 Credits.
  • Governance, Risk and Compliance, 16 Credits.
  • Risk Assessment Tools, 16 Credits.
  • Risk Data and Reporting, 16 Credits.
  • Mini-dissertation in Applied Research Project, 84 Credits. 
    		•

    EXIT LEVEL OUTCOMES 
    1. Source, select, analyse, evaluate and communicate the specialist knowledge and information necessary to find solutions to the practical risk issues in her/his area of employment.
    2. Design, select and apply appropriate and creative methods, techniques, processes and technologies to investigate and solve complex practical risk-related problems in a solid theoretical framework.
    3. Acquire an understanding of risk management as a profession, the ethics of risk and the applications in risk management within systems-based contexts and will be able to apply these insights into practice.
    4. Develop own learning strategies to sustain independent learning, academic and professional development, as well as effective communication and presentation skills. 

    ASSOCIATED ASSESSMENT CRITERIA 
    Associated Assessment Criteria for Exit Level Outcome 1:
  • The main theoretical and practical risk frameworks are understood and applied.
  • Advanced knowledge and information necessary to solve risk issues in practice are sourced, selected and analysed.
  • Current processes of knowledge and information production in risk management, both in practice and academia are evaluated.
  • Specialist risk-related knowledge and information to risk and non-risk managers at all levels in the organisation are successfully communicated.

    Associated Assessment Criteria for Exit Level Outcome 2:
  • An appropriate process of enquiry for risk issues in own work environment is selected.
  • A wide range of specialised skills in identifying, conceptualising, designing and implementing methods of enquiry to address complex and challenging problems within the field of risk are used.
  • Research and analysis methods suitable for practical situations in risk management are selected and applied.
  • Current research, analysis and problem solving practices in risk management are critiqued.
  • Existing methods are creatively adapted to and new methods are designed to solve issues related to own working environment.
  • The consequences of solutions or insights generated within practical risk contexts are noticed.

    Associated Assessment Criteria for Exit Level Outcome 3:
  • Risk management principles are applied in the professional practice.
  • Risk management principles are adapted to fit professional practice when required.
  • Autonomous ethical decisions that affect knowledge production or complex organisational or professional issues are made.
  • Professional practice of risk management in the development of ethical standards is critically contributed to.
  • Interventions at an appropriate level within a system, based on an understanding of hierarchical relations within the system are made and the intended and unintended consequences of interventions are addressed.

    Associated Assessment Criteria for Exit Level Outcome 4:
  • Academic assignments are independently designed and executed in own professional environment.
  • Effective contribution, cooperation and discussion in group tasks on learning strategies are demonstrated.
  • Processes and systems ensuring good resource management and governance practices in the work environment are initiated and implemented.

    Integrated Assessment:
    The assessment practices in this field will fit the needs and experience level of this group as well as that of the prescribed NQF Level 9 descriptor.
  • An inclusive and integrated approach to assessment will be incorporated into the qualification. The term `integrated assessment implies that theoretical and practical components will be assessed together.
  • Assessment practices will be open, transparent, fair, valid, and reliable to ensure that learners are not disadvantaged during the assessment process.
  • Continuous formative assessment methods and summative assessment will include:
    > Self-assessment.
    > Peer group evaluation.
    > Written assignments on risk issues in the workplace.
    > Evaluation of assignments by business managers.
    > Presentation of research results.
    > Case studies.
    > Simulations and scenario analyses.
    > Group work.
    > Mini-dissertation. 
    		•

    INTERNATIONAL COMPARABILITY 
    International comparability studies were conducted with similar international qualifications to ensure quality and international standing of this qualification from the United States of America and Australia.

    Since higher education qualifications in risk management have traditionally focused on the more quantitative aspects of risk such as mathematical risk modelling in the banking and financial sector. Thus only two comparable qualifications at a Master's level was found and which focuses on the more qualitative aspects of risk management as a profession during a comprehensive survey commissioned by Absa Group Risk in 2011.

    These qualifications are:
    The Master of Science (MS) in Risk Management for Executives is one such qualification offered in the United States of America. The qualification covers all key dimensions of risk encountered in both financial and non-financial services businesses. The qualification is put into context of the current and prospective regulatory environment and covers the main dimensions of risk. The qualification is designed to focus on strategic risk management. Modules are taught by leading global risk experts. The MS in Risk Management qualification is designed specifically for experienced and high-potential professionals in the risk management and finance arenas. Therefore, a learner's record of professional achievement is the most critical factor. Learners of this qualification will enhance their academic capabilities and credentials in an area of expertise that is fundamental to the sustainable performance of their organisations.

    The Master of Science in Risk Management qualification is a one year qualification. The focus of this qualification is similar to the current one since it also seeks to enhance the skills of employees and stakeholders in the financial where risk is mostly evident. Furthermore, both the qualifications are done over a year.

    The Master of Commerce in Risk Management qualification is offered in Australia. This qualification has a long and distinguished history in providing high quality, relevant business education to learners with diverse backgrounds wishing to develop their skills and knowledge in business, as well as those who wish to broaden their undergraduate business degree. Risk management is a process of identifying, assessing and prioritising of risks, followed by a well-coordinated and economical application of resources to minimise and control the probability and impact of unfortunate events while maximising the realisation of opportunities. Risks can come from various uncertainties in the forms of financial markets, project failures, legal liabilities, credit risk, accidents, natural causes and disasters. Risk management looks at strategies to avoid or reduce the negative effects of the risk and accepts some or all of the consequences of it.

    Conclusion:
    It is clear from the comparison done that the current qualification compares very well with those from other countries in terms of the qualitative focus of the qualifications. However, it should be noted that for some it is more of science than commerce but with a more qualitative focus in risk management. 

    ARTICULATION OPTIONS 
    This qualification articulates horizontally and vertically as follows:

    Horizontal Articulation:
  • Master of Commerce in Banking and Financial Risk Management, at NQF Level 9.

    Vertical Articulation:
  • Doctor of Commerce (in the same area of specialisation), at NQF Level 10. 
    		•

    MODERATION OPTIONS 
    N/A 

    CRITERIA FOR THE REGISTRATION OF ASSESSORS 
    N/A 

    NOTES 
    N/A 

    LEARNING PROGRAMMES RECORDED AGAINST THIS QUALIFICATION: 
     
    NONE 


    PROVIDERS CURRENTLY ACCREDITED TO OFFER THIS QUALIFICATION: 
    This information shows the current accreditations (i.e. those not past their accreditation end dates), and is the most complete record available to SAQA as of today. Some Primary or Delegated Quality Assurance Functionaries have a lag in their recording systems for provider accreditation, in turn leading to a lag in notifying SAQA of all the providers that they have accredited to offer qualifications and unit standards, as well as any extensions to accreditation end dates. The relevant Primary or Delegated Quality Assurance Functionary should be notified if a record appears to be missing from here.
     
    1. North West University 


    All qualifications and part qualifications registered on the National Qualifications Framework are public property. Thus the only payment that can be made for them is for service and reproduction. It is illegal to sell this material for profit. If the material is reproduced or quoted, the South African Qualifications Authority (SAQA) should be acknowledged as the source.