RMIN 317 - Introduction to Risk Management and Insurance Notes to the Course Outline (Available on Blackboard): 1.

Online materials (Power Point slides used in class and assignments) are available by accessing Blackboard. These are not meant to stand on their own but to accompany the textbook, class attendance, taking notes, assignments and studying. For each class I will indicate the readings and preparation that I expect students to do before class in order to be able to fully participate. The dates for guest speakers may be moved in order to accommodate scheduling. If you are going to miss an exam you must contact me ahead of time by phone or in person, not by email, and then provide appropriate documentation for why you are missing an exam. There are three sections to this course and an optional assignment for each section. There are also in-class (or take-home) applied exercises that together account for 10% of your grade. There are two midterms and a final exam. The final exam is not cumulative BUT some material carries over from the first two sections: Chapters 3 and 9. Please be on time for class and if you must leave early, please tell me ahead of time. Discussion in class is encouraged; however, talking while another student, the instructor, or a guest speaker is talking is not acceptable and students may be asked to leave the class. Cell phones are not to be used during class. The course outline should be self-explanatory. However, if you need clarification about anything at any time please ask. If you ever need to see me and my office hours do not fit your schedule, please make an appointment.

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10. Study packages for the mid-term exams will be made available through ARMI (Association of Risk Management and Insurance). Memberships are $10.00 (lifetime) and exam packages are free to members. Their office is in the Clubs Area of Scurfield Hall. Positions for next year directors will be advertised in the winter and applications are encouraged. 11. Whenever you miss class you are responsible for getting the notes and knowing what was covered in class.

FIVE very good reasons to consider RMIN, RMIF or PFPL as your concentration: i. ii. Lots of scholarships and financial aid! Check with the Awards and Financial Aid office. Terrific job placement with interesting and varied careers. The RMIN career fair, Who's Hiring in Risk Management and Insurance, will be take place November 2014.

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Risk Management matters! It has become one of the most important issues facing every business. Risk is something that all organizations must manage and in order to succeed, must manage successfully. Risk management is a good area of study along with other concentrations, such as Finance, Tourism, Marketing, and Operations Management. In the spring of 2014 a Credit Travel Study course entitled "International Insurance Markets" will be offered. This course involves four weeks of on-campus class followed by a trip to London and Bermuda (June 1-14). RMIN 317 serves as a pre-requisite for this course. If you would like further information please see me. Each year RMIN/RIVIIF students are eligible to apply to attend the Canadian RIMS (Risk and Insurance Management Society) annual meeting or be nominated to attend the US RIMS meeting. These are fantastic networking and learning experiences and all expenses are paid. For information about 2014 Canada RIMS go to http://mcgannonfoundation.ca/studentinvolv.html PFPL students have an opportunity to be selected to attend the annual Financial Planning Week.

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RMIN 317 (Day 1) Risk Management for the Royal Cuisine Food Truck
A young couple, William and Kate, are considering opening a food truck in Calgary called Royal Cuisine that will specialize in traditional English fare: fish and chips, steak & kidney pie, curry, etc. William and Kate are married, 23 years old and are hoping to start a family in the next one to two years. They are currently renting a basement suite in southwest Calgary for $1,400/month and own a two year old Honda Civic. Kate graduated from Haskayne while William graduated from SAITs culinary program. William was able to work during school and pay for all of his tuition and related expenses, but Kate is repaying $11,000 in student loans. To start the business, they will need to take out a loan to buy the truck and equipment. They plan to operate six days a week (depending on the weather), and alternate their parking location throughout the city. They also plan to serve different festivals during the summer.

In-class exercise: In groups of three or four, please discuss and be prepared to share:
1. Is the food truck business risky? Name a business that you consider more risky, and one that you consider less risky. What does risky mean?

Sure there are a lot of other things they could invest in. More risk companies: ie oil and gas, real estate, technology investments Sort of not really a big capital investment required. Small businesses are difficult to run. 2. Identify 3 critical risks for Royal Cuisine. Consider critical risks as risks that threaten their ability to stay in business. What options are there for managing these risks?

Regulatory issues, fires, car accident, food quality ways to mitigate include insurance, following protocols. 3. Name two additional risks that may occur more frequently but will not threaten the existence of the business. How should they manage these risks?

Changes in food prices. Location of the truck. Bad weather.

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For your concentration area, identify a risk in the food service business.