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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 06120/18  2018-07-01  2021-06-30 
LAST DATE FOR ENROLMENT LAST DATE FOR ACHIEVEMENT
2022-06-30   2025-06-30  

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:
  • Has attained a level of academic achievement of at least NQF level 8 in an academic field related to her/his current area of employment.
  • Is able to build on and apply academic principles to analyse and find answers to practical questions.
  • Has at least two years of experience in a risk related role.
  • Has knowledge and experience of practical risk related issues in the market.
  • Is able to work independently as well as part of a team during her/his study.

    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? 

    QUALIFICATION RULES 
    This qualification comprises 7 modules at NQF Level 9 totalling 180 Credits.

    Modules:
  • Applied Analysis and Research in Risk Management, 16 Credits.
  • Fundamentals of Risk Management, 16 Credits.
  • Behavioural Risk Management, 16 Credits.
  • Governance, Risk and Compliance, 16 Credits.
  • Risk Assessment and Quantification Tools, 16 Credits.
  • Risk Data and Reporting, 16 Credits.
  • Applied Research Project (Minor dissertation), 84 Credits. 

  • 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:
  • Identify and solve risk-related problems in a responsible, critical and creative manner.
  • Work effectively with others as a member of a team in the workplace.
  • Manage one's own role in the risk environment in an organised and responsible manner.
  • Collect, analyse, organise and critically evaluate information.
  • Communicate effectively using visual, mathematical a language skills in oral and written modes.
  • Use risk management tools and technology effectively and critically.
  • Demonstrate an understanding of the world of work as a set of related systems by recognising that problem-solving contexts do not exist in isolation. 

  • ASSOCIATED ASSESSMENT CRITERIA 
    Associated Assessment Criteria for Exit Level Outcome 1:
  • The main theoretical and practical risk frameworks are applied and understood.
  • Advanced knowledge and information necessary to solve risk issues in practice are selected, analysed and evaluated.
  • Current processes of knowledge and information production in risk management, both in practice and academia are analysed.
  • Specialist risk-related knowledge and information to risk and non-risk managers at all levels in the organisation is communicated.

    Associated Assessment Criteria for Exit Level Outcome 2:
  • An appropriate process of enquiry for risk issues in own work environment is selected.
  • A wide range of specialised skills in identifying, conceptualising, designing and implementing methods of enquiry to address complex and challenging problems within the field of risk are used.
  • Research and analysis methods suitable for practical situations in risk management are selected and applied.
  • Current research, analysis and problem solving practices in risk management are critiqued.
  • Existing methods are analysed and new methods to solve issues related to own working environment are designed and adapted.
  • The consequences of solutions or insights generated within practical risk contexts are understood and defended.

    Associated Assessment Criteria for Exit Level Outcome 3:
  • Apply risk management principles in professional practice.
  • Adapt risk management principles to fit professional practice when required.
  • Make autonomous ethical decisions that affect knowledge production, or complex organisational or professional issues.
  • Critically contribute to the development of ethical standards in the professional practice of risk management.
  • Make interventions at an appropriate level within a system, based on an understanding of hierarchical relations within the system, and the ability to address the intended and unintended consequences of interventions.

    Integrated Assessment:
    Both formative and summative forms of assessment will be used to determine competencies acquired through learning. This will include:
  • Self assessment.
  • Peer group evaluation.
  • Written assignments on risk issues in the workplace.
  • Evaluation of assignments by business managers.
  • Presentation of research results.
  • Case studies.
  • Simulations and scenario analyses.
  • Group work.
  • Minor dissertation. 

  • 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:
  • Foundations of Risk Management and Financial Institutions.
  • (Risk) Managing Financial Institutions, methods and techniques, rules and regulations.
  • Risk Management and Financial Markets.
  • Human Behaviour and Event Risk driven Risk Management.
  • Thesis.

    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:
  • A Master of Commerce in Banking.
  • A Master of Philosophy in Development Finance.
  • A Master of Commerce in Financial Management Sciences.

    The qualification articulates vertically with the following qualification:
  • A Doctor of Commerce in Banking.
  • A Doctor of Commerce in Financial Management Sciences.
  • A Doctor of Commerce in Business Management. 

  • 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:
  • A similar qualification, one level higher than the level of this qualification.
  • Five years' experience in a senior risk management role. 

  • 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.