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Enterprise Risk Analytics Major

Carmel Boyer School of Business

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Baldwin Wallace University has discontinued the enterprise risk analytics major and is no longer accepting applications as of spring 2024. View majors.

Undergraduate Admission

(440) 826-2222, 


Be part of an exciting and growing career field. Baldwin Wallace's enterprise risk analytics major prepares you for an ever-changing global business environment where analytical business and technical skills are needed to identify, analyze and manage the increasing and emerging risks that threaten organizations across diverse industries.

You'll learn how to protect an organization's information and financial assets along with its property and personnel by applying principles of enterprise risk management. You'll gain skills in financial modeling, business analytics, information security governance, threat identification, insurance principles, risk control strategies and strategic decision making.

The enterprise risk analytics major is a cross-disciplinary program integrating business, mathematics, and systems analysis. It combines experience-based projects, applied learning and comprehensive coursework. It is one of the few Ohio programs in enterprise risk management specifically focused on data analytics.

Real-World Experiences Build Risk Analytics Skills

Internships and experiential learning projects give you the knowledge, skills and hands-on experience to create strategies, problem-solve and make presentations to real-world clients.

Developed in Partnership with Business Leaders

BW's enterprise risk analytics program was developed in collaboration with insurance and risk management professionals from regional and national firms, including Oswald Companies, National Interstate Insurance, Westfield Insurance, KeyBank and others.

What Do Enterprise Risk Analysts Do?

As businesses increasingly rely on data analytics, information technology and financial systems for operations, a risk management analyst can help manage risk exposure across all areas - physical assets, communications and financial information systems, data management, business operations and personnel. Responsibilities include identifying, evaluating and measuring risk, modeling risk data, determining risk mitigation strategies, and ensuring that effective data privacy and integrity levels are maintained.

photo of Enterprise Risk Analytics

Enterprise Risk Analytics Career Opportunities

As businesses find it imperative to manage risk and ensure data security, college graduates with risk management skills are in high demand. Immediate employment opportunities exist in the government, insurance, corporate and financial industries in careers relating to enterprise risk management, risk compliance and analytics, and information security.

  • Enterprise Risk Manager
  • Enterprise Risk Analyst
  • Property and Casualty Risk Analyst
  • Cybersecurity Risk Analyst
  • IT Enterprise Risk Analyst
  • Risk Management Compliance Specialist
  • Compliance Risk Manager
  • Business Data Analyst

In-Demand Need for Enterprise Risk Analysts

Infographic: Growth Forecasts, 2019-2029: +5% financial analyst, +11% management analyst, +18% actuary and +31% information security analyst

The U.S. Bureau of Labor classifies individuals with risk management and risk analyst skills under several categories, each with promising growth forecasts for 2019-2029: financial analyst (+5%), management analysts (+11%), actuaries (+18%) and information security analysts (+31%).

Average Salaries

Infographic: Enterprise Risk Analytics Earning Averages - $104,000 per year
Earning power for workers in these industry segments averages $104,000 per year.

Insurance Industry

Infographic: Ohio Insurance Industry - 2016-2024 - plus 29,000 jobs and higher in metropolitan areas
Regionally, the insurance industry in Ohio is expecting well over 29,000 jobs between 2016 and 2024. In the metropolitan statistical areas of Cleveland, Elyria, Youngstown, Boardman and Akron, 2018 preliminary employment estimates are forecasted to be over 30,000.

Risk Management is a Lucrative Career Field

Infographic: Risk management director ranked as the #2 best job in the nation
CNNMoney/, in 2017, looked at 100 careers with "big growth, great pay, and satisfying work." Risk management director ranked as the #2 best job in the nation.


Baldwin Wallace's enterprise risk analytics major provides an enterprise-wide perspective that includes traditional insurance and financial risk analytics as well as evolving organizational risks that may impact business operations, such as supply chain, human capital, environmental and cybersecurity risks. View all courses and course descriptions for the major.

Enterprise Risk Analytics Courses

The enterprise risk analytics major includes coursework that builds business and technical expertise in the following areas:

Course Number Course Number Credits
MTH 105 Introduction to Probability and Statistics 3
MTH 106 Introductory Statistics II 3
MTH 141 Calculus I 4
ECN 201 Principles of Economics I (Micro) 3
ECN 202 Principles of Economics II (Macro) 3
MGT 205 Introduction to Management 3
ACC 213 Financial Accounting 3
MKT 230 Introduction to Marketing 3
ACC 245 Bloomberg & Excel Certifications 3
FNC 299 Principles of Risk Management and Insurance 3
BUS 326 Legal Environment of Organizations 3
BIS 340 Visualizing Data for Business Analysis 3
FNC 342 Corporate & Organizational Finance 3
BUS 358 Business Communications 3
BUS 365 Business Analytics 3
FNC 465 Risk Management in Financial Institutions 3
BIS 475 Cyber Security Governance 3
BUS 391 Making Hard Decisions - Under uncertainty and Risk 3
FNC 381 Enterprise Risk Management 3
FNC 499X Enterprise Risk Internship Experience 3

Carmel Boyer School of Business Course Requirements

MTH 105 - INTRODUCTION TO PROBABILITY AND STATISTICS. An introductory course designed to promote the understanding of basic statistical and probability concepts. Topics to be studied include descriptive statistics, probability of finite sample spaces, probability distributions, hypothesis testing, confidence intervals and parameter estimation.

MTH 106 - INTRODUCTORY STATISTICS II. This course will continue the development of inferential statistics typically found in an introductory statistics curriculum. Major topics covered will include advanced techniques in hypothesis testing and regression analysis, as well as nonparametric statistics.

MTH 141 - CALCULUS I. This course will develop the theory and applications of calculus, including limits, continuity, differentiation, and an introduction to integration and the fundamental theorem of calculus. Topics from elementary functions will be reviewed as needed. Applications and concepts explored using CAS technology.

ECN 201 - PRINCIPLES OF ECONOMICS I (MICRO). Principles and problems of microeconomics: price, value and distribution. Economic decision making under different market structures is analyzed. Emphasis is placed on the efficient allocation of resources by firms and owners of the factors of production. VEE Approved Course by the Society of Actuaries.

ECN 202 - PRINCIPLES OF ECONOMICS II (MACRO). Principles and problems of macroeconomics: national income, employment, inflation, economic growth, monetary and fiscal policies, international economics and alternative economic systems. VEE Approved Course by the Society of Actuaries.

MGT 205 INTRODUCTION TO MANAGEMENT. Examine leadership activities of managers within organizations in various environments to understand how managers successfully meet individual and organizational challenges. This course analyzes the functions of management from a systems perspective with emphasis on behavioral interaction to create organizational effectiveness.

ACC 213 - ACCOUNTING & FINANCE ESSENTIALS. This is an introductory course designed to emphasize the fundamentals of financial literacy by acquainting students with the basic accounting process and essential principles of finance. The focus will be on understanding the financial impacts of decisions made in every area of a business as they relate to various business organizations.

MKT 230 INTRODUCTION TO MARKETING. Marketing involves understanding the changing wants of individuals and organizations, the creation and distribution of goods and services to meet those wants, and the maintenance of satisfactory customer relationships. Marketing encompasses all of the activities necessary to deliver goods and services from the producer to the consumer. Students will conduct an analysis of marketing strategies and the evaluation and control of marketing programs.

ACC 245 - BLOOMBERG & EXCEL CERTIFICATIONS. Bloomberg and Excel Certifications will allow students to gain certifications in both Excel and Bloomberg Market Concepts while also applying skills through projects and assignments in order to build proficiency.

FNC 299 PRINCIPLES OF RISK MANAGEMENT AND INSURANCE. This course will introduce students to the concepts of Risk Management and Insurance. Topics begin with the nature and perceptions of risk; we will then connect the costs of risks to the measurement and assessment of mitigating options including insurance. The course will provide an overview of several insurance products offered as mitigants to various personal and business risks. Examples will rely on numerical analysis as well as systems thinking to introduce modes of analysis.

BUS 326 - LEGAL ENVIRONMENT OF ORGANIZATIONS. Substantive private law, business associations, labor-management agreements, government regulations, and international law as they affect American business policies, practices and ethics are covered in this course.

BUS-340 VISUALIZING DATA FOR BUSINESS ANALYSIS. Using and understanding data are a necessity in today's business environment. Learn cutting-edge techniques for creating data visualizations -- visual representations of patterns and trends that affect an organization's bottom line. Students will also learn how to interpret data and translate insights from analytics into actionable next steps for a firm's business strategy.

FNC 342 CORPORATE AND ORGANIZATIONAL FINANCE. This course is a study of the sources and uses of funds within an organization, and the returns and risks related to an organization's working capital and capital budgeting decisions.

BUS 358 BUSINESS COMMUNICATIONS. A writing intensive course which provides a practical application of business communication skills. Students learn how to effectively communicate with various audiences. Competency will be developed in oral and written communication. Development of these skills is integrated with the use of technology.

BUS 365 - BUSINESS ANALYTICS. This course provides an introduction to the field of business analytics, which is defined as the use of data, statistical and quantitative analysis, exploratory and predictive models, and prescriptive analysis to drive corporate decisions and actions. The course starts off with a discussion of models to summarize, visualize and understand data. We use that selected data to build a sample of models to make decisions. The course takes additional steps to build smart models designed to make optimal decisions. The course uses Microsoft Excel Add-ins to expose students to the concepts and use of Data Mining (scuffle thru large amount of data to pull out useful information), and Optimization Models.

FNC 465 - RISK MANAGEMENT IN FINANCIAL INSTITUTIONS. The course examines various types of financial institutions (banks, investment companies, insurance companies, etc.), the risks (credit risk, market risk, interest rate risk, etc.) inherent in the assets and liabilities of those institutions, and the tools and techniques available for measuring and managing those risks including portfolio diversification, duration, Value at Risk models, and RAROC. Note: This course satisfies the CPA Exam's requirements for "other business courses" but does not satisfy any portion of the "accounting hours" requirement.

BUS 475 CYBER SECURITY GOVERNANCE. An introduction to the various technical and administrative aspects of Information / Cyber Security and Assurance. This course provides the foundation for understanding the key issues associated with protecting information assets, determining the levels of protection and response to security incidents, and designing a consistent, reasonable information security system, with appropriate intrusion detection and reporting features.

BUS 391 MAKING HARD DECISIONS UNDER UNCERTAINTY AND RISK. The course offers an overview of decision analysis under risk and uncertainty, It provides an understanding of modern decision analysis and risk management techniques at a level that can be easily understood by those without a strong math background. It will help a person think hard about the problem on hand especially if the outcome is influenced by future doubts. Decision analysis provides an overall paradigm and a set of tools to incorporate uncertainty in the decision-making process. Students will appreciate that the tools and techniques covered in the course can be used to represent real world problems and thus gain insight and understanding of the decision-making process in uncertain situations. This will help one manage risk; the end result will be a smart decision.

FNC 381 - ENTERPRISE RISK MANAGEMENT. This course will introduce students to the concepts of Enterprise Risk Management. Beyond traditional risk management topics such as insurance, financial institution risk and cyber security, this course will broaden the lens to focus on enterprise wide risks including environmental, safety, supply chain and human capital risks. Management tools for assessing these risks will be introduced including corporate governance functions, compliance, external and internal auditing and quantitative risk assessment tools. The COSO Enterprise risk management framework and ISO 31000 will be introduced as a widely accepted standard to ensure effective enterprise risk management.

FNC 499X - RISK MANAGEMENT INTERNSHIP EXPERIENCE. This course is a companion to the required internship experiences of students in the Carmel Boyer School of Business, Enterprise Risk Analytics (ERA) program. This course facilitates practical skill development, real-world experience and application of program concepts in the workplace. The course is taught in the hybrid format to accommodate the demands of the students' work schedules. This course will integrate and apply key concepts from the ERA program, our university expectations and students' career investigations.




Christian Nsiah

Chair, Finance, Analytics and Economics
Ph.D., Middle Tennessee State University

Christian Nsiah

William Brake

Associate Professor
Ph.D., Case Western Reserve University

William Brake

Xudong Chen

Professor of Finance
Ph.D., Tulane University

Xudong Chen

Assistant Professor
Ph.D. ABD, Finance, Binghamton University

Suresh Paul

Herman Sahni

Coordinator, Economics
Ph.D., Northern Illinois University

Herman Sahni

Christian Nsiah
Chair, Finance, Analytics and Economics
Ph.D., Middle Tennessee State University

Colleen Asaad
Associate Professor
Ph.D., Kent State University

William Brake
Associate Professor
Ph.D., Case Western University

Xudong Chen
Ph.D., Tulane University

Kevin Jacques
Ph.D., Michigan State University

Henry Lewandowski
DBA, Cleveland State University

Narasimha Mohan
Associate Professor
MBA, Case Western Reserve University

Suresh Paul
Assistant Professor
Ph.D. ABD, Finance, Binghamton University

Herman Sahni
Coordinator, Economics
Associate Professor
Ph.D., Northern Illinois University