Minor in Risk Management
Learn to navigate uncertainty and shape the future of resilience
Our interdisciplinary curriculum equips students with the tools to lead in a world defined by complex risk.
The risk management coursework at UNC equips students with a rigorous and interdisciplinary foundation to understand, evaluate, and manage complex risks facing society. Courses are designed to develop critical thinking, data analysis, and practical knowledge across key risk domains.
The world faces increasing pressure to manage the financial risks of a growing number of threats whose frequency and severity are increasing. Extreme weather events cost the world more than $500 billion per year, just as losses associated with cybercrime are rising at exponential rates, meanwhile the COVID pandemic resulted in the world’s first “trillion dollar” loss event. In the quest to find new and more effective means of combatting the adverse financial impacts of these intermittent and unpredictable events, the risk management and insurance industries represent a critical first line of defense. Consequently, there is a growing and increasingly urgent need for a talented workforce that can generate new and creative solutions that will support these sectors of the economy. This minor is designed to prepare students for careers in risk management and insurance (RMI).
Courses are staffed by many faculty that have real-world experience in the risk management and insurance industry, and IRMII industry partners and friends frequently visit the classroom to serve as guest speakers and bring their lived experiences to students.
Curriculum Overview
Students pursuing the Minor in Risk Management will engage with expert faculty and real-world projects, gaining experience that prepares them for impactful careers in insurance, finance, policy, and beyond. To complete the Minor in Risk Management, students will need to take a minimum of 3 core classes (9 credits) as well as 2 electives (6 credits).
Core Classes (9 credits)
Students are required to fulfill 6 of the 9 required core class credit hours by taking DATA/ENEC/ENVR 540 (3 credits) and DATA/ENEC/ENVR 543 (3 credits), while the remaining 3 required credits will come from either DATA/ENEC/ENVR 541 (3 credits) or a combination of DATA/ENEC/ENVR 542 (1.5 credits) + BUSI 600 (1.5 credits)*.
*Note that modifications to minor requirements are anticipated to come into effect Summer 2026 pending approval. Students will be able to fulfill the 9 required core class credit hours with any combination of courses from 540-546. Students graduating prior to Summer 2026 with questions about these requirements can contact caroline.foster@unc.edu.
Introduction to Risk Management and Insurance
DATA/ENEC/ENVR 540
This course introduces students to the motivations, objectives, and principles of financial risk management through the lens of insurance, reinsurance and financial institutions. Students will become familiar with key concepts that shape the insurance, reinsurance and finance industries so they can effectively communicate using industry vocabulary, metrics and concepts, while also learning basic related mathematical tools.
Natural Hazards and Financial Risk
DATA/ENEC/ENVR 541
Fall 2025 - Monday & Wednesday
3:35 - 4:50 p.m.
Gardner Hall, Room 105
This course is designed to give students exposure to the quantitative analytical techniques used in financial risk evaluation and management of natural hazards. The emphasis is on developing interdisciplinary systems-based computational models that consider natural variability, engineered/managed structures and financial/economic systems. Students are introduced to methods of assessing financial risk and some general discussion of its impacts on private, commercial and public sector organizations.
Risk, Data Science and AI
DATA/ENEC/ENVR 543
This course introduces students to advanced techniques in data sciences, machine learning, and artificial intelligence and their application to the management of both natural hazard and market-related financial risks. Students will learn to discover, process, and visualize high-quality natural and financial data. Students will be taught how to use advanced machine learning/AI techniques to evaluate the financial impacts of natural hazards and market uncertainties, and design risk management strategies to mitigate negative outcomes. Students will develop sophisticated computational models with the goal of applying data analysis and machine learning/AI techniques to multi-objective complex systems.
Innovating Risk Management and Insurance
DATA/ENEC/ENVR 544
This course will focus on understanding the challenges, interpreting key information, and making informed decisions to solve problems in the RMI industry. The content focuses on the factors pushing transformation in the insurance industry through which students will learn about the risk management and insurance industry value chain, including product development, marketing, distribution, pricing, and claims. Students will interpret traditional business practices, think creatively and critically about them, develop solutions to changing environments, and test these solutions.
Insurance: Balancing Risk and Return
DATA/ENEC/ENVR 545
This course is designed to give students exposure to the challenges of managing the market-based financial risk driven by uncertainty in the value of both liabilities and assets. In contrast to 541, which focuses on evaluating the risks an insurer faces from its liabilities (i.e. insured natural hazard risks), this course focuses on how a(n) re/insurer internally manages these risks to its organization through the investment of premia in a portfolio of assets with variable value which must balance its unpredictable liabilities. Students will develop a quantitative understanding of concepts that underlay actuarial science, including discounted cash flows, net present value and uncertainties related to inflation, interest rates and taxation. Students will gain an understanding of the tools and strategies used to manage market-based financial risk, including options, swaps, derivatives.
Modelling Catastrophe Risk and Resilience
DATA/ENEC/ENVR 546
This course emphasizes how hazard, exposure, and vulnerability combine to generate economic and insured losses, and introduces the structure of catastrophe (cat) models widely used in the insurance and reinsurance industries. Students will complete hands-on assignments using probabilistic hazard modeling, vulnerability curves, and loss estimation techniques, culminating in a simplified catastrophe risk model.
Special Topics in Risk Management and Insurance
DATA 590
Each semester, students engage with new material spanning topics such as climate risk, cyber threats, financial resilience, and the future of insurtech—guided by IRMII faculty and visiting experts from industry. The course emphasizes the ability to communicate complex research clearly through both oral presentations and written work, helping students develop essential skills for success. With a strong focus on real-world relevance, students will analyze current challenges, interact directly with practitioners, and contribute to timely discussions shaping the future of risk management.
Electives (6 credits)
Students can earn the required 6 credits from a list of approved electives found below (substitutes can be proposed but must be directly related to risk management).**
| Code | Title |
|---|---|
| COMP 435 | Computer Security Concepts |
| COMP/BUSI 488 | Data Science in the Business World |
| COMP 560 | Artificial Intelligence |
| COMP 562 | Introduction to Machine Learning |
| DATA 521 | Foundations in Artificial Intelligence |
| ECON 423 | Financial Markets and Economic Fluctuations |
| ECON 425 | Financial Economics |
| ENEC/ENVR 470 | Environmental Risk Assessment |
| ENEC/ENVR 635 | Energy Modeling for Environment and Public Health |
| ENVR 468 | Temporal GIS and Space/Time Geostatistics for the Environment and Public Health |
| ENVR 575 | Global Climate Change: Science, Impacts, Solutions |
| GEO 567 | Geospatial Data Analysis with Google Earth Engine |
| MATH 528 | Mathematical Methods for the Physical Sciences I |
| MATH 560 | Optimization with Applications in Machine Learning |
| PLAN 655 | Planning for Natural Hazards and Climate Risk |
| PLAN 656 | Climate Change Impacts and Adaptation |
| STOR 471 | Long-Term Actuarial Models |
| STOR 472 | Short Term Actuarial Models |
| STOR 565 | Machine Learning |
| STOR 566 | Introduction to Deep Learning |
** Note that modifications to minor requirements are anticipated to come into effect Fall 2026 pending approval. Under the modification the following courses are anticipated to count as approved electives:
| Code | Title |
|---|---|
| GEO 567 | Geospatial Data Analysis with Google Earth Engine |
| STOR 320 | Methods and Models of Data Science |
| BUSI 408 | Corporate Finance |
| BUSI 588 | Introduction to Derivative Securities and Risk Management |
| BUSI588H | Introduction to Derivative Securities and Risk Management |
| EMES 590 | Special Topics in Earth, Marine, and Environmental Sciences |
| ENEC 481 | Energy Economics |
| ENEC/ENVR 570 | Uncertainty, Decisions, and the Environment |
| INLS 467 | Introduction to Information Security |
| PSYC 210 | Statistical Principles of Psychological Research |
| STOR 572 | Simulation for Analytics |
Students graduating prior to Summer 2026 with questions about these requirements can contact caroline.foster@unc.edu.
Frequently Asked Questions
RMI Minor
The Minor in Risk Management is an interdisciplinary program that equips students with the tools to analyze and manage financial risks across climate, health, technology, and other domains. Students explore real-world applications through course projects and engagement with industry leaders. To complete the Minor in Risk Management, students will need to take 3 “core” courses (any classes from 540-545) as well as 2 electives.
Enrollment
The minor is open to all undergraduate students at UNC-Chapel Hill, regardless of major.
When to Declare Minor
Most students declare by the end of their sophomore year, but there is not a required date by which to declare the minor. Speak with your faculty advisor to officially declare the minor and ensure course planning aligns with graduation.
Course Requirements
The minor requires 5 courses (15 credit hours), including 3 core courses and 2 electives. See the Curriculum Overview above for sample pathways.
Prerequisites
Yes. Pre/Co-requisites for the core courses include two or more of the following classes (or permission of the instructor):
- MATH 210 (Mathematical Tools for Data Science)
- MATH 231 (Calculus I)
- MATH 232 (Calculus II)
- STOR 151 (Introduction to Data Analysis)
- STOR 155 (Introduction to Data Models and Inference)
- BIOS 511 (Introduction to Statistical Computing and Data Management)
- BIOS 512 (Data Science Basics)
- BIOS 600 (Principles of Statistical Inference)
- ECON 400 (Introduction to Data Science and Econometrics)
- BIOL/ENEC 562 (Statistics for Environmental Scientists)
Double Counting Courses
You can double count 2 courses from the Minor in Risk Management with your major. It’s a bit more complex than that and depends on the major and minors, so for the details, check out the full UNC policy (scroll to the bottom).
Frequently Asked Questions
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The Minor in Risk Management is an interdisciplinary program that equips students with the tools to analyze and manage financial risks across climate, health, technology, and other domains. Students explore real-world applications through course projects and engagement with industry leaders.To complete the Minor in Risk Management, students will need to take 3 “core” courses (any classes from 540-545) as well as 2 electives.
The minor is open to all undergraduate students at UNC-Chapel Hill, regardless of major.
Most students declare by the end of their sophomore year, but there is not a required date by which to declare the minor. Speak with your faculty advisor to officially declare the minor and ensure course planning aligns with graduation.
The minor requires 5 courses (15 credit hours), including 3 core courses and 2 electives. See the Curriculum Overview above for sample pathways.
Yes. Pre/Co-requisites for the core courses include these four courses include two or more of the following classes (or permission of the instructor):
- MATH 210 (Mathematical Tools for Data Science)
- MATH 231 (Calculus I)
- MATH 232 (Calculus II)
- STOR 151 (Introduction to Data Analysis)
- STOR 155 (Introduction to Data Models and Inference)
- BIOS 511 (Introduction to Statistical Computing and Data Management)
- BIOS 512 (Data Science Basics)
- BIOS 600 (Principles of Statistical Inference)
- ECON 400 (Introduction to Data Science and Econometrics)
- BIOL/ENEC 562 (Statistics for Environmental Scientists)
You can double count 2 courses from the Minor in Risk Management with your major. It’s a bit more complex than that and depends on the major and minors, so for the details, check out the full UNC policy (scroll to the bottom).