Postgraduate Diploma in Insurance in Risk Management (PgDIRM)
Entry Requirements:
Applicants shall
- hold a bachelor’s degree awarded by a recognised institution; and working full-time in related industries; OR
- have achieved a level in relevant professional qualifications equivalent to a bachelor’s degree; and have one year of full-time work experience in related industries.
- Applicants with other qualifications and three years of senior-level work experience in related industries will be considered on individual merits and subject to a satisfactory admission interview.
AND
English Proficiency Requirements
If the bachelor’s degree is not from an institution where the language of teaching and assessment is English, or if the relevant professional qualifications are not awarded in Hong Kong nor an English speaking country, applicants shall provide the following evidence of English proficiency:
- an overall band score of 6.5 in IELTS; or
- a TOEFL score of 550 (paper-based test) or 213 (computer-based test) or 79 (internet-based test); or
- equivalent qualifications.
Continuing Education Fund
This course has been included in the list of reimbursable courses under the Continuing Education Fund. Eligible applicants can apply for fee reimbursement upon successful completion of each CEF reimbursable course, i.e. met the minimum attendance requirement of 70% AND attained an overall mark of 50% or above. This course is recognised under the Qualifications Framework (QF Level 6). The respective CEF course codes are listed as below:
| PBA60001 Enterprise Risk Management | CEF code: 23Z102201 |
| PBA60002 Law and Practice of Insurance | CEF code: 23Z10221A |
| PBA60003 Managing Insurance Organizations and Self-insurance | CEF code: 23Z102228 |
| PBA60004 Property Insurance Management | CEF code: 23Z102236 |
| PBA60005 Liability Insurance Management | CEF code: 23Z102244 |
| PBA60006 Marine Insurance Management | CEF code: 23Z102252 |
| PBA60007 Life and Medical Insurance Management | CEF code: 23Z102260 |
| PBA60008 Reinsurance Management | CEF code: 23Z102279 |
| PBA60009 Operational Risk Management | CEF code: 23Z102287 |
| PBA60010 Financial Risk Management | CEF code: 23Z102295 |
| PBA60011 Financial Planning Management | CEF code: 23Z102309 |
| PBA60012 Corporate Governance and Compliance | CEF code: 23Z102317 |
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Postgraduate Diploma in Insurance in Risk Management (PgDIRM) Mentorship Scheme
Introduction
The Objective of this Mentorship Scheme is to provide a platform for continuing students of PgDIRM to learn from seasoned industry personnel working in Insurance or Risk management industry for the purpose of their career development as a guided learning for sustainability of the profession in Insurance and/or Risk management through consultation and experience sharing.
Mentoring is an interaction process that provides opportunities for the mentors and mentees to experience, share and learn from each other's gifts and talents. It is believed that students have much to learn and gain insight from association with mature, prudent and prominent people in the community. The mentor-mentee relationships will have a profound influence on the students' personal growth, career development and even life values. Through mentor-mentee connections, mentor shares professional practice and information, offers advice, and teaches the mentee, and on the other hand, mentee brings in new questions, ideas and enthusiasm to the mentor. Consequently, the mentor-mentee becomes a beneficial process both for the mentor and mentee.
Anything discussed during the mentor-mentee relationship is to be maintained confidential.
Any queries, concerns or complaints, including the need for temporary suspension of this Scheme due to conflict of interest like mentor happens to be the PgDIRM lecturer of the mentee have to be discussed with PgDIRM Programme Director as soon as possible for necessary actions.
Mentors and mentees are given the discretion to decide on the mentorship arrangements and meetings.
While no specific rules are in place, the mentors and mentees are encouraged to meet at least four times throughout the year, apart from regular phone / email communications, so that the objectives of the Scheme can be fulfilled. Some of the useful tips of mentor and mentee can refer to programme guidelines whenever applicable as per https://www.hkicpa.org.hk/mentorship or https://www.mentorship.hku.hk/daao/index.php/faq/.
Application Process
Any persons who are interested to become Mentor/ Mentee (PgDIRM continuing student) should send the following information in soft copies to PgDIRM Programme Officer:
• 2-page resume / CV with contact email and mobile phone
• objectives of what he/she expects to achieve by participating in this Scheme as mentor/mentee and the most relevant fields (in order of priority like motor claims, product liability underwriting, etc. ) for basis of matching
Mentees’ applications are accepted on a first-come-first served basis, subject to a successful matching process for a period of one year of the Mentorship Scheme and upon expiry, can be applied again for different fields of career interest.
To facilitate the mentees to reflect what they have gained from the Mentorship Scheme, mentees will be asked to submit a half-yearly report. Mentors and mentees are always welcome to share with us their mentorship experience and remarkable moments from time to time
Mentees are expected to:
• take initiatives to contact your mentors and propose your own objectives and activities
• stay in close interaction throughout the mentorship period
• collaborate with your mentor and make yourself available for mentorship activities
• keep your mentor posted about your schedule
• present with appropriate manner and attitude when participating in mentorship activities
This programme is recognised under the Qualifications Framework
QF Level: 6
QR Registration No.: 18/000158/L6
Validity Period: 01/05/2018 - 30/04/2027
Programme Overview:
Nowadays, most organizations highly regard risk management in their business strategies particularly in corporate governance. Risk management and insurance are dynamic and highly competitive businesses and they are now inseparable. Risk managers are expected to be able to evaluate a wide range of insurance tools, including the contemporary variety of specialized insurance products related to directors & officers, cyber, credit, mergers and acquisitions transactions, parametric, etc. in addition to the traditional insurance classes of property and liability, in formulating appropriate risk management frameworks.
The PgDIRM provides students with a holistic training in both risk management and insurance to upgrade their skills and equip them with strategic-level of risk management and insurance knowledge, the latter being generally considered as the most practical and effective risk management solution.
Programme Objectives:
- Develop students’ professional skills in devising and planning effective and efficient methods and strategies for managing complex issues in the risk management and insurance fields;
- Cultivate students’ integrity, ethics and commitment to risk management and insurance professional practices; and
- Nurture students’ self-reflection and lifelong learning awareness of further professional development.
Programme Intended Learning Outcomes
On completion of the programme, students will be able to:
- Assess and manage risk portfolios for risk prevention and management improvement in organizations;
- Develop corporate-level strategies and review risk management frameworks in compliance with regulatory requirements and ethical standards;
- Propose rules and regulations for governing risk management and for managing insurance and financial products and services in response to the market demand;
- Apply a board range of professional knowledge in risk management and insurance, and skills in leadership, communication and research to manage risk management functions within insurance and financial organizations; and
- Reflect on current professional practice to identify plans for further professional development.
Programme Features:
- Postgraduate qualification that explores the multi-faceted world of risk management with the growing interplay between the fields of risk management, insurance and financial services, focusing on local law and practice
- Students are eligible to apply tothe Mentorship Scheme to learn from seasoned professional / senior executive to make progress towards professional goals and broaden business networks (details by clicking the below General Information)
- Students completing any three PgDIRM modules are eligible for ANZIIF Associate Membership. Students completing any six PgDIRM modules are eligible for ANZIIF Senior Associate Membership.
- Graduates have the advantage of having direct access to an international premier professional qualification of Fellowship of the Australian and New Zealand Institute of Insurance and Finance (ANZIIF) by claiming 80 points towards the 100 points required for ANZIIF Fellowship; and before graduation by prior to applying to achieve the additional 25 points, after completion of 3 or 6 modules of the PgDIRM to become Associate member or Senior Associate member of ANZIIF respectively and must also meet the other Fellow criteria (details as per https://anziif.com/membership/membership-levels )
- Graduates can be awarded up to a maximum 190 CII credits (90 at Advanced Diploma and 100 at Diploma level)
- Graduates can be considered to apply for Master of Business Administration and Master of Applied Finance (in Risk Management or in Wealth Management) of the Open University of Hong Kong through Pathway 1 as equivalent to satisfy the requirement of a recongnizedMaster’s degree in business
- PgDIRM can be recognized as Type 3 or Type 5 Qualified CPD Activity with details as per Guideline on Continuing Professional Development for Licensed Insurance Intermediaries (“GL24”) issued by the Insurance Authority
- PgDIRM “Law and Practice of Insurance” and “Financial Planning Management” can obtain exemption of Society of Registered Financial Planners (HKRFP) “Insurance Planning”; PgDIRM “Financial Planning Management” can obtain exemption of HKRFP “Financial Planning”, “Tax Planning” and “Investment Planning”
- Flexible modular structure with three core modules and a choice of five elective modules under the streams of insurance or risk management, to be completed within 2 years at the earliest
- 8 modules each with 30 lecture hours ($7,800 per module until further adjustment), normally 3 trimesters each year commencing in January, May and September
Programme Structure
Learners must take 8 modules including 3 core modules
PBA60001 Enterprise Risk Management
PBA60002 Law and Practice of Insurance
PBA60003 Managing Insurance Organizations and Self-insurance#
# The Pre-requisite of taking the Managing Insurance Organizations and Self-insurance module is to have passed the other 2 core modules plus at least three elective modules of the Programme
Remaining 5 modules to be selected from the elective modules listed below:
Insurance Stream:
PBA60004 Property Insurance Management
PBA60005 Liability Insurance Management
PBA60006 Marine Insurance Management
PBA60007 Life and Medical Insurance Management
PBA60008 Reinsurance Management
Risk Management Stream:
PBA60009 Operational Risk Management
PBA60010 Financial Risk Management
PBA60011 Financial Planning Management
PBA60012 Corporate Governance and Compliance
It is preferable to start an elective module if students have some basic knowledge of the relevant subject. Basic understanding of mathematical concepts is recommended in modules in the Risk Management Stream (except Corporate Governance and Compliance).
Medium of Instruction
All classes are conducted in English supplemented with Cantonese.
Programme Leaflet: Please download here
Student's notes: Please download here