Risk Management

Investors in financial markets and regulators expect corporations to establish an adequate and up-to-date risk management function. A proper understanding of risk management techniques is essential in today’s markets since the decisions of risk management professionals such as treasurers, risk analysts, risk controllers and portfolio managers may determine the fate of a whole institution.

This course is structured around case studies that allow students to study the fundamentals of corporate financial risk management in diverse situations. It covers techniques to identify, measure and manage corporate financial risk for both financial and non financial institutions. Specifically, topics will include approaches to manage foreign exchange rate risk, interest rate risk and credit risk, static and dynamic hedging strategies and portfolio insurance techniques. Students will learn to apply different risk measures such as Value-at-Risk, Expected Shortfall, and also to analyze the impact of risk incidents on corporate (accounting) earnings and Cash Flows and corporate liquidity risk. The course will also address advantages and disadvantages of using hedging instruments such as futures, options, and credit default swaps (CDS) in order to limit a corporations exposure to risks. The course is both quantitative and application driven.

Learning objectives

Upon completion of this course, you will:

  • Gain an introduction and overview over modern risk modeling techniques for analyzing optimizing the risk position of a corporation;
  • Understand how to apply hedging strategies using derivative instruments such as futures and options;
  • Work with real world data and case studies.

Key concepts

  • Market risk
  • Credit risk
  • Interest rate risk
  • Exchange rate risk
  • Hedging with Futures & Options
  • Financial Engineering
  • Structured Finance

Course format

This course is offered in the part-time Master in Finance program and may be attended on a “no credit” basis by individuals not enrolled in the program. Course participants are visitors who are not responsible for assignments and do not take an exam or earn academic credits. As the number of seats in the course is limited, we recommend to register online early.

Mark Wahrenburg is the founding Dean of Goethe Business School and Chaired Professor of Banking and Finance of Frankfurt University. He received a Master degree in Business Administration and a PhD from the University of Cologne. Prof. Wahrenburg has been visiting professor at the Wharton School and full professor of finance at the University of Witten/Herdecke. For several years, he worked as a consultant with McKinsey and American Management Systems. Professor Wahrenburg also spent one year in Vietnam in order to support the establishment for the German-Vietnamese-University in Ho-Chi-Minh-City.


Ludmila Ketterer

Senior Manager -
Master in Finance & Open Programs

  +49 69 798 33512


Key Facts

Course materials
Course materials will be provided in electronic form.

Course language

Course fee*
€ 1.900 (fee is exempt from VAT). The fee for GBS students or alumni amounts to € 800.

Certificate of participation
A GBS certificate of participation is awarded upon completion of the course.

Partially online via Zoom and Campus Westend of Goethe University Frankfurt.

*Withdrawal and fee refund

In case the course withdrawal request is received two weeks prior to the start of classes, GBS will retain a withdrawal fee of € 50. In case the course withdrawal request is received less than two weeks prior to the start of classes, GBS will retain 50% of the payment made.

Course Schedule

Fri., Apr 9, 2021

13:00-15:00 15:30-17:30 

Sat., Apr 10, 2021


Fri., Apr 23, 2021

13:00-15:00 15:30-17:30

Sat., Apr 24, 2021


Fri., May 7, 2021

15:30-17:30 18:00-20:00

Sat., May 8, 2021


Fri., May 21, 2021 13:30-15:00 15:30-17:30 
Sat., May 22, 2021


Open Programs

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