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Redbird Risk Management Challenge

Experiential learning game for students to assume roles of risk officers and mitigate potential losses while generating revenues.

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Redbird Risk Management Challenge

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  1. JAMES R. JONESMBA, CPCU, AIS, ARM, AIC Director of the Katie School of Insurance and Financial Services in the College of Business at Illinois State University NAT POPE PhD, CPCU, ARM, ChFC Assistant professor of risk and insurance in the College of Business at Illinois State University Presenters

  2. REDBIRD The KATIE SCHOOL of Insurance and Financial Services CHALLENGE Winner of the 2007 Strickler Innovation in Instruction Award The RISK MANAGEMENT Developed by

  3. Gaming as an Infrastructure for Experiential Learning Pedagogical Underpinnings of the Challenge • Experiential to foster motivation, relevance and intellectual engagement • Iterative to allow for repeated interaction with the content and required skills • Deductive to encourage intellectual ownership over learning

  4. REDBIRD RISK MANAGEMENT CHALLENGE How the is played

  5. The Basics • Corporate Model • Competitive Marketplace • Student-teams assume the roles of chief risk officers • Team-goal is to mitigate the negative effects of potential losses while generating revenues • Success is defined by the creation of owner equity

  6. Q2 Q3 Q4 The Competition Q1

  7. The Task Presented to the Teams • It is each team’s responsibility to assess the nature of the risk their corporation faces for each quarter and implement the appropriate risk management strategies • Environmental risk is defined by two parameters: loss frequency and loss severity • The Matrix guides them in making rational decisions

  8. Environmental risk is defined by the frequency and severity of potential loss

  9. Q2 Retain - Apply Loss Prevention Retain - Apply Loss Prevention Avoid High Frequency Q1 Q3 Transfer - Apply Loss Reduction Retain Transfer - Apply Loss Reduction Low Frequency Retain Low Severity High Severity The Risk Management Matrix The Matrix Q4

  10. Changes in corporate equity are a function of three factors: in-flow of revenue, out-flow of expenses and the impact of hazard risks on the company’s operations

  11. Games within the Game

  12. The RISK MANAGEMENT REDBIRD CHALLENGE

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