EFMD Advisory Seminar - Risk Management: Managing Business Schools in Turbulent Times

Hosted by: EFMD

The event will start on: 21 Nov 12 08:00
And will end on: 21 Nov 12 16:00

Location: Brussels, Belgium


Risk Management: Managing Business Schools in Turbulent Times

Target Audience
Deans, Associate Deans, Chief Financial/Risk Officers of Business Schools

Seminar Objectives
The financial crisis of 2008 has been a financial wake-up call for many business schools with income dropping by double digits within a time span of a few months. Painful downsizing, refocusing and sometimes even “fire sale”-type mergers have been the consequence. The persisting sovereign debt crisis in Europe coupled with emerging financial market frictions in other parts of the world are currently renewing the recessionary threat for the business school sector.

Casual empiricism suggests that many business schools are ill prepared for these challenges. They are lacking a formalized risk management function and are frequently managing “risks gone bad” rather than the “exposures to risk”. At the same time, many business schools are evolving into entrepreneurial organizations with a heavy reliance on proprietary (and volatile) cash flow streams.

The purpose of this seminar is to discuss with participants the importance of establishing formalized risk management processes, how to structure an effective risk management function and how to manage risk exposures in practice on an ex-ante rather than ex-post basis.

Seminar Speakers
Experienced risk management experts will be available to discuss these issues with seminar participants. David Vose (experienced risk management consultant, creator of ModelRisk, a leading risk management software tool, and author of Risk Analysis, Wiley 3rd edition) will walk seminar participants through the essential steps of modeling risks and risk exposures. John Board (Dean of Henley Business School and Professor of Finance) will discuss the design of a risk management strategy, which is aligned with a business school’s general development strategy. Marius Eriksen (Chief Financial Officer of BI Norwegian Business School) will explain how institutional risk management can be embedded into the financial management of a business school.

The seminar will be led by Ulrich Hommel (Associate Director Quality Services and Director Research & Surveys at EFMD, Professor of Finance at EBS Business School). He will reflect on the need to establish a formalized risk management function from an accreditation perspective and will describe results of ongoing EFMD research on the topic of risk management.

More Information


Tuesday, 20 November 2012 (Location: Restaurant "Oki")
19:30 – 22:30 Informal Networking Dinner
Restaurant "Oki"


Wednesdau, 21 November 2012 (Location: EFMD Premises)
09:00 – 09:10 Welcome and Introduction
  • Ulrich Hommel, EFMD, BE
09:10 – 09:30 Why Risk Management Matters: General Thoughts Based on Industry Observations
  • Ulrich Hommel, EFMD, BE
09:30 – 11:00 Accounting for Risks in Planning and Management: A Software-Based Introduction
  • David Vose, Vose Software, BE
11:00 – 11:15 Coffee Break
11:15 – 12:00 Work Group Exercise (Moderated by Seminar Speakers)
Creating a Risk Register, Prioritizing Risks and Analysing Risk Exposures
12:00 – 13:30 Managing Business School Risks: Risk Mitigation and Alignment with Strategic Development
  • John Board, Henley Business School, UK
13:30 – 14:15 Lunch
14:15 – 15:45 Financial Management in Turbulent Times: Responsibilities and Challenges for a Business School CFO
  • Marius Eriksen, BI Norwegian Business School, NO
15:45 – 16:00 Coffee Break
16:00 – 16:45 The Accreditation Perspective: Should Risk Management Receive More Explicit Coverage in EQUIS and EPAS Standards & Criteria?
  • Ulrich Hommel, EFMD, BE
16:45 – 17:00 Summary and Conclusion
  • Ulrich Hommel, EFMD, BE