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Master of Enterprise Risk Management

30 total credits | average 2 years to complete

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Start Date
10 courses

Fall 2024

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Comprehensively Manage Threats Against Your Organization

To build an effective risk culture at your organization and manage complex organizational threats, enterprise risk management (ERM) professionals must possess more than technical expertise. Public and private sectors are impacted by strategic, security, legal, technological, reputational, and financial risks. To successfully navigate the risks modern organizations face requires a combination of leadership skills, technological knowledge, and an awareness of all risk categories, including environmental sustainability.

This online enterprise risk management degree program from Wake Forest University School of Professional Studies (SPS) holistically embraces traditional risk-related topics and elevates emerging issues such as sustainability, technology, artificial intelligence, and others.

Career Prospects and Outcomes

With a Master’s degree in Enterprise Risk Management, avenues open for professionals to advance their career in many roles such as:

  • Chief Risk Officer (CRO)
  • Risk Manager
  • Risk Analyst
  • Risk Management Consultant
  • Chief Compliance Officer (CCO)
  • Chief Operational Risk Officer
  • Compliance Manager
  • Chief Strategy Officer
  • Corporate Development
  • Audit
  • Legal


projected annual growth rate

of the global enterprise governance, risk, and compliance market size from 2023 to 2030.

average national salary

for a professional with a Master of Enterprise Risk Management degree.

“Wake Forest SPS understands that I’m a working individual and created this program for people like me to not only learn what I need to receive a degree but also apply it to what I’m doing now”

— Ellie Matthews, SPS Graduate Student

Core Courses

There are 9 required core courses including the Capstone course. Students may choose 1 elective. ERM 710 must be taken first to frame the breadth of the discipline and orientate students to the program. After ERM 710, there is no prescribed order for the courses. 

  • Enterprise Risk Management

    Begin your program with an introduction into the discipline of enterprise risk management (ERM). Learn how to recognize key ERM concepts and management issues involved with assessing current and emerging risk environments.
  • Risk Strategy and Compliance

    Develop the tools and skills necessary to identify and understand key regulatory risks and internal controls that are essential elements of the ERM framework.
  • Financial Risk Management

    Evaluate how organizations manage financial risk including credit, market, price, and liquidity risks. This course will explore the advantages and disadvantages of different financial risk management tools.
  • Decision Making and Enterprise Risk Management

    Learn how to navigate key ERM decisions in a dynamic risk environment. This course will cover concepts and skills needed to improve risk-related business problem-solving and managerial decision-making through the use of quantitative and qualitative tools and techniques.
  • Sustainable Operations Risk Management

    Explore the central concepts of operational risk to better understand how organizations monitor, assess, and manage operational risks to support strategy and promote productivity and sustainability. This course will cover key operational risk framework elements such as process mapping, risk identification, control documentation, and testing.
  • Technology, Data, and Cyber Risk Management

    Build a foundational understanding of how to navigate a complex environment with layered technology, data, and cyber risks. This course explores how organizational responses to cyber security, data, and emerging technologies can help organizations avoid minefields and capture opportunities.
  • Data Analytics and Risk Management

    Examine the important connection between data analysis, ERM, and organizational strategy. This course will dive into traditional and new sources of data, data governance, data quality, digital, legal, and ethical considerations, and challenges associated with forecasting in the context of risk and uncertainty.
  • Leadership and Risk Awareness

    Develop the knowledge and skills to align ERM with organizational strategy and deploy leadership methods to promote a risk-aware culture. This course will explore topics such as leadership principles, managing governance risks, motivating and directing teams, change management, advancing strategy with ERM, strategic communications, reputational stewardship, partnering, and stakeholder management.
  • Enterprise Risk Management Capstone

    Apply ERM principles and techniques learned throughout the program in a direct study course consisting of an applied research project. Each project topic will vary based on student interest and will demonstrate an understanding of ERM’s cross-functionality and its impact across the organization.
  • Elective Course Options

    Students may choose 1 elective course. You may take the course at any time your selection is available.

  • Emergency and Crisis Management

    Learn how crisis management and its lessons contribute to improving organizational performance on an ongoing basis. This course focuses on business decisions and management processes necessary to anticipate, plan for, manage, communicate about, and recover from crises. Learners will be equipped to develop a corporate Business Continuity Plan.
  • Financial Technology Today

    Develop knowledge of the trends, innovations, and uncertainties in financial services. This course explores how fintech enhances industries supported by finance, including real estate and insurance. Learners will also discuss and assess the systems that support innovative technologies, including payment systems, personal banking, peer-to-peer lending, portfolio management, and more.
  • Emerging Technology

    Survey some of the world’s emerging technological practices, including: blockchain, cryptocurrencies, cybersecurity, robo-advising, lending and payment systems, and other emerging financial technologies. This course will explore the role cryptography plays in securing blockchain-based cryptocurrencies. Learners will understand the scale, complexity, threats to, and solutions possible with cybersecurity, and analyze the opportunities and future directions for robo-advising and lending and payment systems.
  • Machine Learning & Artificial Intelligence

    Explore the impact of machine learning, deep learning, and artificial intelligence tools in finance. While learners will not engage in coding or the building of machine learning and AI tools, this course will cover the practical application of these tools to solve problems in asset management, corporate finance, and financial institution settings.
  • Leadership & Change Management

    Explore the knowledge, skills, and tools necessary to successfully undertake change. This course delves into the leadership principles, styles, frameworks, and skills required to guide, motivate, and direct teams. Learners will develop the ability to prepare, support, and assist individuals, teams, and organizations in organizational change.
  • Health Information Regulation, Privacy & Security

    This course offers foundational exposure to legal and ethical issues related to health information privacy and security, and the basic technological considerations to meet professional obligations in health informatics practice. Learners will evaluate security audits, regulatory policies/laws, and release of information procedures, and address ethical considerations in health sciences, informatics, and electronic medicine. They will discuss legal and regulatory issues that apply to the management of patient information in health informatics and how they can be a source of innovation. The course will also cover evolving standards and issues, such as blockchain, remote patient monitoring, telemedicine, and their regulatory, privacy, security, and ethical issues.
  • Health Information Management Systems

    Explore information technology aspects of health information management. This course provides a comprehensive introduction to various principles, tools, and concepts involved in service provision.
  • Healthcare Policy, Law, and Ethics

    Take an in-depth look at healthcare compliance programs and laws ranging from the basics of compliance to specific issues facing the industry. In the compliance portion of this course, the focus is on the seven elements of an effective compliance program. The legal portion covers selected laws impacting compliance, including HIPAA, the Stark Law, the Anti-Kickback Statute, and the federal False Claims Act.
  • Strategic Communications

    Internal and external stakeholders expect greater transparency and responsiveness from organizational leaders today. This course emphasizes the practice of internal and external strategic communications through the analysis of case studies. This course examines real organizational challenges and students work to identify solutions.
  • Communications Leadership, Organizational Culture & Ethics

    Most organizations have a mission or values statement. How many organizations are living it? This course helps identify leadership strategies for ensuring organizational strategies are aligned with organization mission and values and serve the broader goals of business and society.