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All qualifications and part qualifications submitted for public comment, or registered on the National Qualifications Framework, are public property. Thus, the only payment that can be made for them is for service and reproduction: it is illegal to sell this material for profit. If the material is reproduced or quoted, the South African Qualifications Authority (SAQA) should be acknowledged as the source. |
SOUTH AFRICAN QUALIFICATIONS AUTHORITY |
REGISTERED QUALIFICATION: |
Master of Commerce in Banking and Financial Risk Management |
SAQA QUAL ID | QUALIFICATION TITLE | |||
91823 | Master of Commerce in Banking and Financial Risk Management | |||
ORIGINATOR | ||||
North West University | ||||
PRIMARY OR DELEGATED QUALITY ASSURANCE FUNCTIONARY | NQF SUB-FRAMEWORK | |||
CHE - Council on Higher Education | HEQSF - Higher Education Qualifications Sub-framework | |||
QUALIFICATION TYPE | FIELD | SUBFIELD | ||
Master's Degree | Field 03 - Business, Commerce and Management Studies | Finance, Economics and Accounting | ||
ABET BAND | MINIMUM CREDITS | PRE-2009 NQF LEVEL | NQF LEVEL | QUAL CLASS |
Undefined | 180 | Not Applicable | NQF Level 09 | Regular-Provider-ELOAC |
REGISTRATION STATUS | SAQA DECISION NUMBER | REGISTRATION START DATE | REGISTRATION END DATE | |
Reregistered | SAQA 1141/23 | 2021-07-01 | 2024-06-30 | |
LAST DATE FOR ENROLMENT | LAST DATE FOR ACHIEVEMENT | |||
2025-06-30 | 2028-06-30 |
In all of the tables in this document, both the pre-2009 NQF Level and the NQF Level is shown. In the text (purpose statements, qualification rules, etc), any references to NQF Levels are to the pre-2009 levels unless specifically stated otherwise. |
This qualification does not replace any other qualification and is not replaced by any other qualification. |
PURPOSE AND RATIONALE OF THE QUALIFICATION |
Purpose:
This qualification has been designed to satisfy the needs of the banking and financial sector for suitably qualified risk managers. The qualification will fill a significant gap in higher education as evidenced by requests for, and interest in, this qualification from risk stakeholders in the market. The qualification is intended and designed specifically for the further educational needs of full time employees who wish to enter or grow in a senior risk management related role. Rationale: The banking and financial sector has seen an increase in the importance of expertise in enterprise, operational, financial and compliance risk management. Companies struggle to find suitably qualified candidates for these roles and have to rely on employees who learn about risk and risk management on the job. Higher education qualifications have traditionally focused on the more quantitative financial risk aspects such as mathematical risk modelling. The increasing complexity of banking and financial institutions means that this is no longer enough. A real need has developed for formal academic qualifications that focus on the more qualitative aspects of risk management. Risk occurs in all aspects of corporate and societal endeavour. This means that risk management is an inherently multi-disciplinary occupation and as a result risk managers come from many different academic backgrounds. The ideal Master's qualification for risk managers will be focused on developing the knowledge, skills and values that they need to make a success of their risk management role. |
LEARNING ASSUMED TO BE IN PLACE AND RECOGNITION OF PRIOR LEARNING |
It is assumed that the learner:
Recognition of Prior Learning (RPL): It is assumed that learners may have been performing duties that reflect competencies contained in this qualification at the workplace for many years without having received any formal qualification. Learners will be allowed to apply for RPL for access into the qualification. In addition, through RPL learners may apply for credits for certain modules. Recognition of Prior Learning is possible for purposes of both access and full or partial exemption from content. Admissions or exemptions through RPL are in accordance with institutional principles and may be in the form of qualifications from other countries, reports testimonials or work records. Access to the Qualification Learners must have obtained a Bachelor of Commerce (Honours) Degree or equivalent. |
RECOGNISE PREVIOUS LEARNING? |
Y |
QUALIFICATION RULES |
This qualification comprises 7 modules at NQF Level 9 totalling 180 Credits.
Modules: |
EXIT LEVEL OUTCOMES |
1. Select, analyse, evaluate and communicate the specialist knowledge and information necessary to find solutions to practical risk issues in own area of employment in the banking and financial sector.
2. Design, select and apply appropriate and creative methods, techniques, processes or technologies to investigate and solve complex practical risk-related problems in a solid theoretical framework. 3. Apply ethics, professional practice, context and systems in practice. Critical Cross-Field Outcomes: The learner is to: |
ASSOCIATED ASSESSMENT CRITERIA |
Associated Assessment Criteria for Exit Level Outcome 1:
Associated Assessment Criteria for Exit Level Outcome 2: Associated Assessment Criteria for Exit Level Outcome 3: Integrated Assessment: Both formative and summative forms of assessment will be used to determine competencies acquired through learning. This will include: |
INTERNATIONAL COMPARABILITY |
Higher education qualifications in risk management have traditionally focused on the more quantitative aspects of risk such as mathematical risk modelling. This qualification is comparable with the following international qualifications in module content and in meeting the research prerequisites for the completion of a Master's Degree. The two comparable qualifications at Masters' level that focus on the more qualitative aspects of risk management as a profession are:
The New York University's Stern School of Business in the United States offers a Master of Science in Risk Management (for Executives) which covers all key dimensions of risk encountered in both financial and non-financial services businesses. The qualification is contextualised in the current and prospective regulatory environment and covers the main dimensions of risk. The qualification is designed to focus on strategic risk management. The five modules are taught by leading global risk experts. The Vrije Universiteit of Amsterdam (VU) in the Netherlands offers a Master of Science in Risk Management for Financial Institutions which is intended for risk and business managers of pension funds, insurers, banks and asset managers, auditing accountants and auditors at financial institutions, regulators/supervisors, experienced professionals seeking a senior management role (e.g. CEO/CFO/CIO) and financial consultants who deliver services to financial institutions or regulators or supervisors. The qualification consists of the following five modules: Conclusion: This qualification is comparable with the international qualifications in that it is for senior professionals in risk management roles, has taught modules and a research component. |
ARTICULATION OPTIONS |
This qualification articulates horizontally with the following qualifications:
The qualification articulates vertically with the following qualification: |
MODERATION OPTIONS |
The qualification will be moderated via a system of external peer review and evaluation of all examinations. At least one internal examiner and at least two external examiners will be appointed in the various areas of focus. The minimum qualifications for examiners: should have a PhD plus at least 5 years' research experience in risk management. |
CRITERIA FOR THE REGISTRATION OF ASSESSORS |
The assessor assessing this qualification needs to have:
|
NOTES |
N/A |
LEARNING PROGRAMMES RECORDED AGAINST THIS QUALIFICATION: |
NONE |
PROVIDERS CURRENTLY ACCREDITED TO OFFER THIS QUALIFICATION: |
This information shows the current accreditations (i.e. those not past their accreditation end dates), and is the most complete record available to SAQA as of today. Some Primary or Delegated Quality Assurance Functionaries have a lag in their recording systems for provider accreditation, in turn leading to a lag in notifying SAQA of all the providers that they have accredited to offer qualifications and unit standards, as well as any extensions to accreditation end dates. The relevant Primary or Delegated Quality Assurance Functionary should be notified if a record appears to be missing from here. |
1. | North West University |
All qualifications and part qualifications submitted for public comment, or registered on the National Qualifications Framework, are public property. Thus, the only payment that can be made for them is for service and reproduction: it is illegal to sell this material for profit. If the material is reproduced or quoted, the South African Qualifications Authority (SAQA) should be acknowledged as the source. |