Year of Study:	3- 4
Credit Units:	3
Duration:	45hours
Prerequisites:	AMS1302 Probability and Statistical Theory or with the Instructor’s permission and upon endorsement of the relevant Chairperson or Programme Director

This module aims to equip students with a variety of risk models with fundamental
concepts, knowledge, skill and techniques in risk management. Students are introduced to a
variety of severity, frequency and aggregate models, and statistical methods to estimate
parameters of such models given sample data. Students are also required to understand the
steps involved in the modelling process and how to carry out these steps in solving
practical business problems.

Upon completion of this module, students should be able to:

1. be familiar with severity, frequency and aggregate models and parameters estimation of models in a given business application;


2. apply mathematical models and statistical techniques for assessing insurance and financial risks;


3. apply the knowledge and techniques to model and calculate expected claims from individual as well as collective losses; and


4. apply the acquired knowledge and techniques to adjust appropriately the models for impact of insurance coverage modifications as well as to manage risks in financial sectors.