Banking and Insurance Management

In this course students are equipped with a structural understanding of financial reports. The focus is set on the relative analysis of corporate performance and value, based on publicly availble accounting information and comparables. A distinction is made between the financial sector and other industries.

The core contents of the course include:

[1] Analysis of financial reports; qualitative business analysis

[2] Comparability of financial reports

[3] EBITDA

[4] Key indicators for non-financial companies

[5] Key indicators for financial companies

[6] Case study: comparative business analysis.

Optional contents include:

[7] Valuation by multiples

[8] DCF valuation.

This course may be taught in English.

This course offers a detailed discussion of results of classical portfolio theory and their extensions. Risk and performance measures are discussed, as well as investment and long-term saving decision-making.

The core contents of this course include:

[1] Decision making under uncertainty; utility theory

[2] Markowitz portfolio theory

[3] CAPM and its extensions

[4] Risk-adjusted performance measures

[5] Passive vs. active portfolio management: index tracking, constant mix, CPP

[6] Life cycle investment theory.

Optional contents can include:

[6] Stochastic dependence and portfolio optimisation; correlation vs. dependence; copulas.

This course may be taught in English.

This course offers an introduction to leadership within corporations and business models. Methods to evaluate existing business models are discussed, as well as structured approaches to business innovation. Case studies illustrate methods of finding innovative solutions and the design of business plans.

The core contents of this course include:

[1] Methods of strategic management: definition of visions, missions and goals, SWOT analysis etc.

[2] Analysis of demand/supply, business environment and trends;

[3] Entrepreneurship as a process: idea generation, evaluation, implementation;

[4] Creative generation and evaluation of ideas; methods of structuring and evaluating ideas in the business context;

[5] Innovation management in corporations;

[6] Design and evaluation of business plans;

[7] Diversified businesses: evaluation of pros/cons and synergies;

Optional contents can contain:

[8] Opportunities of and limits to corporate growth; …

The course aims to provide an understanding of sustainable innovation processes that goes beyond individual product, service or process innovations.

The core contents include:

[1] Dimensions of the concept of innovation and basics of innovation management

[2] Transition management and innovation systems

[3] Sustainable Innovation

[4] Open Innovation

[5] Control of innovations

[6] Corporate culture vs. innovation culture

[7] Potential resistance to innovation

[8] Innovations as a management task

Building on the previous courses of this module, this course discusses the role of information and data management in banking/insurance. A focus is hereby set on administration, data protection and IT requirements. It is a particular feature of the banking/insurance sector that structured data management and analysis is fundamental to designing and pricing products, and selecting appropriate distribution channels.

The core contents of this course include:

[1] Overview of information and data management

[2] Administrative and strategic tasks in information management

[3] Methods of strategic information management

[4] Data protection

[5] Information management in banking/insurance

[6] Current developments in banking/insurance IT solutions

[7] Data analysis for product design and pricing.

Optional contents can include:

[8] SAP applied in banking/insurance

[9] Basics of data base design.

This course introduces process-oriented thinking during business routines, and focuses on process classes specific to the bank and insurance industry. Quality management and optimisation of processes are a key topic.

The core contents of this course include:

[1] Definition and role of business processes

[2] Process-oriented thinking; modelling of processes; process landscape

[3] Documentation of business processes; importance of knowledge management within a corporation

[4] Typical business processes in banking

[5] Typical business processes in insurance

[6] Internal quality management in banking/insurance; competitive advantage through QM

[7] Six Sigma system

[8] Methods for the digitization of business processes

This courses focuses on risk management in banks. Some emphasis is put on Credit as a bank's core business area. Regulatory and economic requirements on a bank's risk management system are discussed, and particular attention is given to the regulatory systems in Austria/Europe (e.g. Basel II/III). After an introductory part, students complete a case study including the building of a bank's risk model. This modelling exercise shall deepen their understanding of the effects of the various risk types.

The core contents of this course include:

[1] Sources of risk in banking

[2] Reporting and regulatory requirements

[3] Measuring risk: RWA, expected loss, unexpected loss, VaR, ES, model risk, etc.

[4] Economic and regulatory capital (incl. Basel II/III), standard vs. internal model, cost of risk, cost of capital

[5] Managing the credit portfolio (quality requirements, limit system, standard approach/IRBA, capital allocation)

[6] Management of interest rate risk; …

This course discusses various aspects of the treasury and liquidity management in banks. Particular attention is given to risk assessment, regulatory requirements and available financial instruments.

The core contents of the course include:

[1] Liquidity management for banks

[2] Bank deposits

[3] Risks from term transformation; sun spots and bank runs; liquidity measures: liquidity coverage ratio (LCR), net stable funding ratio (NSFR)

[4] Regulatory liquidity requirements

[5] Money market/investment market instruments: securitization, repos, CP, ABS, CDO, ECB instruments, notes/bonds, convertibles, hybrids.

Optional contents can include:

[6] Issuance of bank bonds (treasury); information requirements

[7] Bank liquidity and financial crises: a critical discussion

[8] Settlement of financial market trades and liquidity.

This course assesses business models in the retail banking business. Particular attention is given to recent changes in the market focusing on the demand (customer behaviour, demographic developments, urbanisation) and supply side (move to new distribution channels, increased competition, standardisation of processes and products).

The core contents of this course include:

[1] Client-focused selection of product range

[2] Alternative distribution channels: retail-focused multi-channel, direct and social media distribution, mobile distribution

[3] Integration of various distribution channels to reach hybrid customers ("customer experience")

[4] Business decisions regarding the product range; [5] Media technologies, mobile communication and social media based business models ...

This course discusses the products used in retail banking, ass well as their pricing. A focus is set on risk and profitability control within the retail business of a bank.

The core contents of this course include:

[1] Overview of retail banking; range of product; features of the private and retail banking business

[2] Finance of private clients and small businesses

[3] Lending: assessment of the creditworthiness; collaterals; consequences of a payment default; loan monitoring; covenants

[4] Mortgage-backed lending; basics of real estate valuation; mortgages; management of interest rate risk; interest-free periods

[5] Pricing: loans, asset management services, retail banking services (current accounts, credit cards etc.)

[6] Private banking: saving products, life insurance, cross-selling.

Optional contents can include:

[7] Basic concepts of private wealth management ...

This course discusses reinsurance as a key instrument to manage risk and capital in insurance companies. Specific examples of the application of reinsurance of direct insurers are given, and some attention is given to insuring natural catastrophes. This course can be seen as supplement to the risk and capital management course. Finally, insurance linked securities are presented as instruments allowing to trade insurance risk in the capital markets.

The core contents of this course include:

[1] Product classes in reinsurance; impact on the direct insurer's risk profile; [2] Reinsurance market; counter-party risk in reinsurance

[3] Natural catastrophes (NATCAT): overview, risk models, pricing basics

[4] Relationship direct insurer vs. reinsurer (incl.exchange of data)

[5] Accounting of reinsurance contracts; effect on capital requirements (e.g. Solvency II)

[6] Alternative risk transfer: securitisation of insurance risk (incl. structuring costs); …

This course deepens the understanding of risk management as a central driver of success of insurance companies. The connection between risk and return in the insurer's core business is established and the impact of regulation is discussed in detail. In a case study, students construct a model to compute the capital requirements of an insurance company, which will allow them to test the impact of various risk/return factors on financial results.

The core contents of this course include:

[1] Types of risk in insurance

[2] Financial reporting, supervisory and regulatory requirements

[3] Connection between portfolio risk and capital requirements

[4] Detailed discussion of regulatory regimes (e.g. Solvency II)

[5] Design and implementation of a risk-based capital model (e.g. Solvency II)

[6] Risk and capital budgeting in insurance companies.

Optional contents can include:

[8] Control of operational and other risks ...

The LV provides an understanding of product design and the basics of premium calculation in property insurance.

The core contents include:

[1] Motor vehicle liability insurance

[2] Public liability insurance and product liability

[3] Special cover for certain professional groups

[4] Legal expenses insurance

[5] Business interruption insurance

[6] Credit insurance

[7] Premium calculation; demand premium, costs, risk surcharge, multi-year premium calculation

[8] Treatment of major losses, accumulation losses; contractual aspects

[9] Modern actuarial concepts: e.g. credibility approach, clustering, multivariate analyses, neural networks

[10] Risk-adequate pricing as an economic management tool.

The LV gives an overview of the main products of personal insurance and their calculation. Against the background of new framework conditions, a lot of space is given to product development. Above all, the focus is to be on the relationship between product features and risk or capital requirements, and thus an economic perspective.

The core contents comprise:

[1] Life insurance products: classic life insurance (endowment vs. death); unit-linked and index-linked insurance; modern variants of classic life insurance (e.g. combinations with unit-linked and index-linked products)

[2] health insurance products: Adverse selection problem and deductibles (signalling); product variants of health insurance

[3] Accident insurance products and pricing

[4] Product development process (sales, actuarial office, back-office) Case studies

[5] Product calculation based on individual characteristics.

Optional contents may include:

[6] Valuation of options …

The LV provides an understanding of product design and the basics of premium calculation in property insurance.

The core contents include:

[1] Property insurance products, in particular fire, storm, burglary, tap water, transport, motor vehicle insurance

[2] Contract construction: understanding of bonus-malus systems; effect of deductibles; limits; motivation of self-insurance/self-protection

[3] Premium calculation; demand premium, costs, risk surcharge, multi-year premium calculation

[4] Calculation for product bundling, cross-selling, overall customer, participation of sales in product success

[5] Treatment of major losses, accumulation losses; contractual aspects

[6] Modern actuarial concepts: e.g. credibility approach, clustering, multivariate analyses, neural networks

[7] Risk-adequate pricing as an economic control instrument.

Innovation is key to sustained corporate success. This course discusses the management and control of the implementation of changes, also dealing with aspects of communication and conflict management. Theoretical concepts are illustrated by examples from practice and case studies.

The core contents of this course include:

[1] Typical settings that lead to change: e.g. technical innovations, scarcity of time and money, rise in systemic complexity, globalisation

[2] Coaching and development of employees

[3] Development of corporate structures; process-oriented controlling; filling of key positions; management by objectives

[4] Communication during stages of change

[5] Conflict management; addressing resistance

[6] Organisational adaptations post mergers and acquisitions.

Optional contents can include:

[7] Managing changes in the corporate culture

[8] Selection and commitment of external consultants

[9] Case studies: change management.

The LV discusses compliance with laws, regulatory requirements, codes of conduct, best practice standards and voluntarily followed guidelines in a company, with a focus on the banking respectively insurance sector. The course will also discuss the implementation of compliance management and illustrate it with practical examples, and will raise awareness of corporate governance in general, with special emphasis on the rules for good and sustainable corporate management and control in Austria.

The core contents include:

[1] Basics and scope: laws, guidelines, regulation, codes of conduct

[2] Practical implementation in the company; compliance management systems; implementation challenges

[3] Standard Compliance Code of the Austrian Banking Industry (WKO) and the Austrian Insurance Industry (WKO)

[4] Compliance Codes in international comparison

[5] Austrian Corporate Governance Codex

[6] OECD Principles of Corporate Governance; …

This course focuses on methods of effective leadership and team motivation. A general introduction is followed by considerations specific to team leadership in a professional setting.

The core contents of this course include:

[1] Leadership methods

[2] Motivational techniques

[3] Alignment of interest; incentive schemes

[4] Work-life balance.

Optional contents can include:

[5] Role plays, e.g. performance reviews; students shall receive feedback on their performance during simulations

[6] Further development of students' portfolios of competencies.

The course provides the basis for structuring and writing texts according to internationally established scientific standards. The seminar sets standards for writing project and seminar papers in subsequent courses. In addition, qualitative research techniques, such as interviews or questionnaires, are presented.

The core contents include:

[1] Source search

[2] requirements for scientific texts; references, rules of citation

[3] Scientific formulation of questions and structuring of scientific texts

[4] Qualitative techniques in scientific work: e.g. linking several sources, defining hypotheses, constructing and evaluating a questionnaire, designing, conducting and documenting qualified interviews, etc

[5] Qualitative research methods (focus groups, interviews and their evaluation or systematic analysis)

This course introduces quantitative methods for the production of research work in banking and insurance. These methods can, for example, be applied when subsequently completing the master thesis. Students will propose the topic and structure of their master thesis, the results have a major impact on the course grade. This shall encourage students to deal with the topic of their master thesis at an early stage, which in turn supports the efficient and timely actual production of the master thesis in the 4th semester.

The core contents of this course include:

[1] Collection, management and analysis of data

[2] Descriptive statistical data analysis

[3] Hypothesis testing

[4] Regression analysis

[5] Proposing the structure of the master thesis in form of a term paper.

Optional contents can include:

[6] Introduction to time series analysis.

The LV presents the instruments of profitability and risk controlling of a bank, which form an essential basis for monitoring and controlling business processes. The focus here is on the calculation of bank-specific ratios and their decomposition to the individual business areas. At the quantitative level, the focus is on risk-adjusted earnings management.

The core contents comprise:

[1] Functions and structure of the bank controlling system

[2] Results analysis, market interest method

[3] Overview of key figures in the banking sector with a focus on lending and custody business

[4] Contribution margin accounting in the bank

[5] Risk controlling (incl. overall bank VaR, economic capital)

[6] Performance measurement in the bank; earnings/return controlling: RoRAC, RoRWA, RoI

[7] Procedures for risk and capital allocation; decomposition of key bank figures; ...

This course discusses products and business models in the business area of corporate banking. Particular attention is given to those aspects of the business line that distinguishes it from others such as private banking. The control of risk and profitability within this business area is discussed in detail.

The core contents of this course include:

[1] Overview of corporate banking; product range

[2] Corporate finance

[3] Corporate lending: qualitative assessment of the borrower, its business plan, management and corporate governance structure; corporate valuation; collaterals; corporate structures and their relevance upon insolvency; credit monitoring; typical covenants

[4] Distribution strategies specific to corporate banking.

Optional contents can include:

[5] Products specific to corporate banking: cash management, structured finance, corporate/institutional asset management.

This course gives an overview of investment banking (IB) and explains the distinction between IB and classical corporate finance. Particular attention is given to M&A, corporate/acquisition finance and international capital markets.

The core contents of this course include:

[1] Overview of investment banking

[2] M&A: motivation, mergers, friendly takeovers, hostile takeovers, poison pills, takeover codes, corporate control (link to "Corporate Governance" module), typical M&A process, acquisition finance

[3] Financing through international capital markets: equity capital markets (IPO/SPO), debt capital markets (loan vs. bond, financial ratings), underwriting vs. book building, convertibles, hybrids, capital market investors.

Optional contents can include:

[4] Financial markets; principal investing, market making, client/principal trading.

This course may be taught in English.

This course investigates the key features of project finance, and some attention is put on the distinction between retail and corporate banking. Another focus is set on risk, structuring and profitability control in project finance.

The core contents of this course include:

[1] Overview of project finance; distinction between retail and corporate banking

[2] Product range in project finance

[3] Cash flow analysis in project finance; risk monitoring; performance figures and covenants

[4] Structuring of project finance solutions; capex and interest facilities

[5] Structural and legal aspects; collaterals; SPVs; insolvency procedures

[6] Risk and capital budgeting in project finance; balance sheet management through and covered bonds.

Optional contents can include:

[7] Case studies 'project finance': real estate, infrastructure, oil/gas/energy production

[8] Real estate economics.

During times of social and technological change, it becomes vital to understand and drive a bank's distribution strategy to ensure business success. This course deals with product sales by banks from both an operational and strategic point of view. Both the functional role and legal/regulatory aspects of the sales process are discussed.

The core contents of this course include:

[1] Sales strategies; organisation of distribution; multi-channel distribution

[2] Planning the sales process

[3] Strategic vs. operational sales controlling; reporting and benchmarking; performance measures, actual vs. target analysis, measures of control

[4] Managing employee motivation (MBO, incentive schemes, etc.)

[5] Legal framework for sales management in banking (consumer protection, taxation, guidelines such as MiFid II); role of regulation

[6] Case Study: sales strategy ...

Occupational and private provision is becoming increasingly important in Austria, which results in additional market potential for insurance companies in the area of personal insurance. This course will go into this important branch in more detail. In addition to the general conditions, business models of concrete products will be discussed.

The core contents should include

[1] General conditions for life/health/accident/provision products in Austria; legal and fiscal conditions

[2] General conditions for occupational health insurance and pension products in Austria; legal and tax framework

[3] Products and business models: sales and risk strategy; product classes: safeguarding the future, direct benefit commitments, company group insurance, pension funds, employee provision funds, group health insurance

[4] Special features in the sale of company health insurance and pension products; key account management; …

On the one hand the theoretical component of business models and corporate strategy in the property and asset insurance sector is explained. On the other hand, the theory is illustrated by practical examples which are reflected and discussed by the students.

The core contents should comprise:

[1] General conditions for property and wealth insurance products in Austria

[2] Business models: risk and distribution strategy

[3] Differences in sales to private/commercial customers

[4] Adaptation/redesign of business models in response to changed conditions

[5] Case studies on innovative business models of composite insurers, single-line or specialty insurers, direct insurers.

Optional contents may include:

[6] Claims and benefit management in property and asset insurance

[7] Detection of insurance fraud and countermeasures; yield-related aspects ...

In this course the scope of activities of actuaries is examined. This is done by discussing actuarial topics which are related to the pricing of and reserving for insurance products, or risk and capital management. A particular focus is set on current topics and trends. A discussion of the challenges and opportunities in an insurance company's asset and liability management is also given.

The core contents of this course include:

[1] Overview of the role and scope of activity of actuaries (pricing, reserving, marketing)

[2] Actuarial techniques in product development (incl. profit testing)

[3] Modern reserving methods (e.g. chain ladder method)

[4] Valuation of options and warranties embedded in insurance contracts

[5] Technical cash flows as basis for insurer ALM

[6] Selection of the investment portfolio; regulatory requirements

[7] ALM concepts for insurance companies (e.g. sources of volatility, life vs. non-life, sensitivities, hedging)…

The course helps students to understand controlling as a strategic control instrument in the insurance company. The focus is on demonstrating methods used in practice and their concrete application. The course also creates a deep understanding of cause-effect relationships in insurance companies. The scope of the course should range from the definition of a company's objectives and strategy to the measurement of the achievement of objectives. An important aspect is the economic perspective in terms of value orientation.

The core contents should include

[1] Functions and structure of the insurance controlling system

[2] Key figure-based strategic corporate management in insurance companies

[3] Product calculation and product controlling

[4] Procedures for capital allocation; decomposition of corporate key figures

Optional contents may include:

[5] Key figures for capital investments ...

It is especially in times of changing market environments and new communication channels that active sales management is key to business success in insurance. This course deals with the major components of operational and strategic sales management in insurance. Functions of sales management are discussed in detail, as well as relevant legal/regulatory aspects.

The core contents of this course include:

[1] Sales policy and organisation; multi-channel mix

[2] Planning of sales processes

[3] Strategic vs. operational sales controlling; reporting and benchmarking; indicators; actual and target analysis; control instruments

[4] Incentive schemes in sales (e.g. target agreements, pay structure; commissions)

[5] Legal framework (e.g. customer protection, tax considerations, IMD II, VersVG)

[6] Application of the learning contents during a case study ...

This course raises ethical, social and environmental issues, and underlines their fundamental role for responsible and sustainable business conduct. A general introduction is followed by considerations specific to the bank and insurance sector.

The core contents of this course include:

[1] Ethics in finance/insurance/economics

[2] Example of an ethics code within the financial sector: CFA

[3] Corporate social responsibility (CSR): fundamentals, link to corporate culture, asymmetric information and communication, competitiveness, financial markets, distribution of profits, creating shared value (CSV)

[4] Socially and environmentally sustainable investing; green investments; positive investments; impact investments.

Optional contents can include:

[5] Practical examples of incorporating CSR

[6] Product design in Islamic finance and Takaful insurance.

This course may be taught in English.

This seminar accompanies the production of the master thesis. Students present the advanced but not necessarily completed results of their master theses, and defend their work during group discussions.

The core contents of this course include:

[1] Presentation of research results

[2] Presentation and discussion of each student's master thesis (advanced, but not necessarily completed)

[3] Critical discussion of others' master theses (topics within scope of specialisation).

The topic of the master thesis shall be chosen from the student's respective field of specialisation, bank management or management of insurance companies, respectively. Students shall work on the chosen topic independently and produce written work output that is in line with established scientific standards. The chosen topic shall be relevant in practice and connected research questions shall be answered by applying appropriate qualitative and quantitative research techniques.

Within the framework of the course, students work on case studies from the field of banking. The selection of case studies to be worked on is based on the current challenges of the banking industry and is especially dedicated to solution-oriented strategy development.

The contents of the case studies may include:

[1] Banking operations (especially internal banking processes)

[2] Sales and marketing

[3] Further and new development of business models

[4] Product innovations

[5] Regulatory issues

[6] Changing market conditions

[7] Human resources management

[8] Corporate strategy

The course includes a practical excursion to innovative companies and institutions of the financial and especially banking industry in Austria or abroad. During the excursion the participants will gain insights into new business models of so-called FinTech companies and their working methods.

Within the framework of the course, students work on case studies from the insurance industry. The selection of the case studies to be worked on is based on the current challenges of the insurance industry and is particularly dedicated to solution-oriented strategy development.

Contents of the case studies may include

[1] Insurance business (especially internal business processes)

[2] Sales and marketing

[3] Further and new development of business models

[4] Product innovations

[5] Regulatory issues

[6] Changing market conditions

[7] Human resources management

[8] Corporate strategy

The course includes a practical excursion to innovative companies and institutions of the financial and in particular insurance industry in Austria or abroad. During the excursion the participants will gain insights into new business models of so-called InsurTech companies and their working methods.

During this course students acquire a solid understanding of balance sheets and income and cash flow statements that are prepared in line with international accounting standards such as IFRS/US GAAP. Special attention is given to the connection between the various parts of a company's financial accounts. The second part of the course focuses on the reporting for banks and insurance companies. The core contents of this course include: [1] Financial reporting principles; international accounting standards; [2] Structure of financial reports; [3] Key financial reporting items; [4] Connection between B/S, P/L and CF statements; [5] Structure of bank/insurer reports; [6] IFRS standards with particular relevance in the banking/insurance sector (IFRS 4, 7, 9 and IAS 32, 39, as of 10/2013). [7] Case study: analysing financial reports. This course may be taught in English.

This course discusses current laws and regulations regarding the protection of consumers and lenders in the financial sector. A particular focus will be set on the impact of such regulation on the conduct of business in banks and insurance companies. The core contents of this course include: [1] Overview of the legal consumer/lender protection framework in the financial sector; [2] Relevant EU directives: e.g. consumer credit directive, directive on distance marketing of consumer financial services; [3] Relevant national laws: e.g. Bankwesengesetz BWG, Verbraucherkreditgesetz VKrG, Versicherungsaufsichtsgesetz VAG, Versicherungsvertragsgesetz VVG, Konsumentenschutzgesetz KSchG, Fern-Finanzdienstleistungs-Gesetz FernFinG, Maklergesetz; [4] Information requirements towards consumers; Ombudsman service; damage/loss compensation; [5] Overview of insolvency law. Optional contents can include: [6] International comparison of bank deposit protection schemes; …

In this course, students are equipped with an understanding of the regulation of the financial industry. An overview of various regulatory frameworks is given, and current developments and trends are discussed. The core contents of this course include: [1] Aims of financial regulation; theory of regulation; [2] International regulatory systems: comparisons, national and supranational systems; [3] Financial market regulation within the EU; [4] Practical aspects of bank regulation within the EU (currently Basel II/III); [5] Practical aspects of insurance regulation within the EU (currently Solvency II); [6] Financial market supervision: aims, tasks, fields of application, institutions (e.g. FMA), ways of sanctioning misconduct. Optional contents can include: [8] Current developments in financial market regulation.

In this course, students are introduced to the various financial markets and discuss the role of financial intermediaries. Also they are equipped with a deeper understanding of information processing in financial markets, risk vs. return concepts and the time value of money. Widely used financial instruments are explained in detail and with a focus on practical aspects. The core contents of this course include: [1] Financial markets and financial intermediaries (with a focus on banks and insurance entities); [2] Liquidity and market efficiency; financial arbitrage; [3] Risk and return; the term structure of interest rates; central banks; [4] Corporate finance; fixed income and equity instruments; [5] FX markets; [6] Derivatives: forwards, futures, swaps, options. Optional contents can include: [7] Market cycles; financial/economic crises; [8] Trading of financial instruments; clearing and settlement systems.

This course discusses the main aspects of the theory of money and monetary policy. The focus is again set on the European economic area. Theoretical concepts are illustrated through the discussion of past and current examples. The core contents of this course include: [1] Money: monetary system, money multipliers, demand and supply considerations; [2] Inflation; the optimal inflation rate; [3] Instruments and intended effects of monetary policy; [4] Role of central banks; CB balance sheets (ECB/FED); [5] European Central Bank: available instruments; [6] Monetary policy in the context of market cycles; Taylor rule; [7] Empirical effects of monetary policy measures. Optional contents can include: [8] Shortages of liquidity; monetary policy during economic downturns; [9] Issues around time consistency and the independence of central banks. This course may be taught in English.

This course develops the individual methodical and personal skills of the participants. The students develop their respective portfolio of competencies and discuss communication techniques and their application in practice. The core contents of this course include: [1] Personal skills; development of students' portfolios of competencies; [2] Theory of communication techniques; practical application; [3] Communication training (small groups), simulation of situations from the bank and insurance sector (e.g. sales meetings, product presentations). Optional contents can include: [4] Alternative/creative presentation techniques.

This course presents tools of modern and efficient project management. The core competences discussed and developed include teamwork skills, communication skills and decision making in a team setting. A group project offers an opportunity to train all the abovementioned competences. The core contents of this course include: [1] Role of project management; profile and duties of the project leader; [2] Project preparation: project environment analysis, target definitions, dealing with project risk, composition of team, definition of roles, project budgeting; [3] Information and documentation management; [4] Structuring the project; definition of milestones, project stages and deadlines; [5] Quality, resource and deadline management; [6] Project close-out; final report, management of open issues, disbanding the project team; [7] Project-oriented management; [8] Knowledge management. Optional contents can include: [9] Conflict management …

This course introduces quantitative methods which will also serve as foundation in more advanced courses of this study programme. Stochastic techniques are developed, and advantages and limitations of selected stochastic methods (e.g. modelling by the normal distribution, value-at-risk) as applied in practice are discussed. A focus is set on the application of stochastic methods in finance/insurance. The core contents of this course include: [1] Random variables, risk; probability distributions; moments of probability distributions; [2] Properties of the mean/variance; [3] Normal distribution: central limit theorem, properties, (0,1)-standardisation of random variables; [4] Risk measures: volatility, value-at-risk, expected shortfall; [5] Skewed and heavy-tailed distributions; [6] Aggregation of risk: individual risk model (e.g. a non-life insurance application), moments of the portfolio risk; [7] Random vectors; stochastic dependence; correlation; …

This course teaches the concepts of structuring and writing texts while following established international scientific standards. This seminar sets quality requirements to be obeyed when completing term papers and the Master thesis later in this programme. Qualitative research methods are introduced, such as interview techniques and the design of questionnaires. The core contents of this course include: [1] Sourcing of information; [2] Established standards for research work; referencing, rules of citation; [3] Structuring of research questions; [4] Structuring of scientific reports; [5] Qualitative research methods: comparative analysis of sources, definition of hypotheses, design of questionnaires and presentation of results; design and documentation of interviews; [6] Application of above learning contents during production of a term paper.

In this course students are equipped with a structural understanding of financial reports. The focus is set on the relative analysis of corporate performance and value, based on publicly availble accounting information and comparables. A distinction is made between the financial sector and other industries. The core contents of the course include: [1] Analysis of financial reports; qualitative business analysis; [2] Comparability of financial reports; [3] EBITDA; [4] Key indicators for non-financial companies; [5] Key indicators for financial companies; [6] Case study: comparative business analysis. Optional contents include: [7] Valuation by multiples; [8] DCF valuation. This course may be taught in English.

This course discusses the compliance with laws, regulatory requirements, codes of conduct, best practice standards and voluntarily followed standards in the financial sector. In addition to theoretical aspects, the implementations of compliance management systems is discussed and illustrated by examples from practice. The core contents of this course include: [1] Basics and scope: relevant laws, guidelines, regulatory systems, codes of conduct; [2] Practical implementation in financial institutions; compliance management systems, challenges with their implementation; [3] Standard compliance code for Austria's credit sector (WKO); [4] Standard compliance code for Austria's insurance sector (WKO). Optional contents can include: [5] Case studies: compliance management ; [6] International comparison of compliance codes.

This course focuses on methods of effective leadership and team motivation. A general introduction is followed by considerations specific to team leadership in a professional setting. The core contents of this course include: [1] Leadership methods; [2] Motivational techniques; [3] Alignment of interest; incentive schemes; [4] Work-life balance. Optional contents can include: [5] Role plays, e.g. performance reviews; students shall receive feedback on their performance during simulations; [6] Further development of students' portfolios of competencies.

This course introduces process-oriented thinking during business routines, and focuses on process classes specific to the bank and insurance industry. Quality management and optimisation of processes are a key topic. The core contents of this course include: [1] Definition and role of business processes; [2] Process-oriented thinking; modelling of processes; process landscape; [3] Documentation of business processes; importance of knowledge management within a corporation; [4] Typical business processes in banking; [5] Typical business processes in insurance; [6] Internal quality management in banking/insurance; competitive advantage through QM. Optional contents can include: [7] Quality management systems and certifications; certification requirements; [8] Requirements of the DIN EN ISO 9000 certification; [9] Six Sigma system.

This course offers a detailed discussion of results of classical portfolio theory and their extensions. Risk and performance measures are discussed, as well as investment and long-term saving decision-making. The core contents of this course include: [1] Decision making under uncertainty; utility theory; [2] Markowitz portfolio theory; [3] CAPM and its extensions; [4] Risk-adjusted performance measures; [5] Passive vs. active portfolio management: index tracking, constant mix, CPPI; [6] Life cycle investment theory. Optional contents can include: [6] Stochastic dependence and portfolio optimisation; correlation vs. dependence; copulas. This course may be taught in English.

This course offers an introduction to leadership within corporations, and business models. Methods to evaluate existing business models are discussed, as well as structured approaches to business innovation. Case studies illustrate methods of finding innovative soltion and the design of business plans. The core contents of this course include: [1] Methods of strategic management: definition of visions, missions and goals, SWOT analysis etc. [2] Analysis of demand/supply, business environment and trends; [3] Entrepreneurship as a process: idea generation, evaluation, implementation; [4] Creative generation and evaluation of ideas; methods of structuring and evaluating ideas in the business context; [5] Innovation management in corporations; [6] Design and evaluation of business plans; [7] Diversified businesses: evaluation of pros/cons and synergies; Optional contents can contain: [8] Opportunities of and limits to corporate growth; …

This courses introduced methods of performance and risk control within a bank. These are fundamental to monitoring and controlling respective business processes. A focus is set on he computation of key figures, and their decomposition with regards to single business units. The core contents of this course include: [1] Functions and structure of a bank's accounting system; [2] Measuring performance, market-rate method; [3] Key indicators for banks (focus: credit and deposit business); [4] Break-even analysis in banks; [5] Risk control (incl. the bank's VaR, economic capital); [6] Performance measures for banks; profit/return control: RoRAC, RoRWA, RoI; [7] Methods of risk/capital allocation; breakdown of a bank's performance measures. Optional contents can include: [8] Bank accounting systems: solutions, architecture; [9] Measuring performance in AM, trading and advisory.

This courses focuses on risk management in banks. Some emphasis is put on Credit as a bank's core business area. Regulatory and economic requirements on a bank's risk management system are discussed, and particular attention is given to the regulatory systems in Austria/Europe (e.g. Basel II/III). After an introductory part, students complete a case study including the building of a bank's risk model. This modelling exercise shall deepen their understanding of the effects of the various risk types. The core contents of this course include: [1] Sources of risk in banking; [2] Reporting and regulatory requirements; [3] Measuring risk: RWA, expected loss, unexpected loss, VaR, ES, model risk, etc.; [4] Economic and regulatory capital (incl. Basel II/III), standard vs. internal model, cost of risk, cost of capital; [5] Managing the credit portfolio (quality requirements, limit system, standard approach/IRBA, capital allocation); [6] Management of interest rate risk; …

This course discusses various aspects of the treasury and liquidity management in banks. Particular attention is given to risk assessment, regulatory requirements and available financial instruments. The core contents of the course include: [1] Liquidity management for banks; [2] Bank deposits; [3] Risks from term transformation; sun spots and bank runs; liquidity measures: liquidity coverage ratio (LCR), net stable funding ratio (NSFR); [4] Regulatory liquidity requirements; [5] Money market/investment market instruments: securitization, repos, CP, ABS, CDO, ECB instruments, notes/bonds, convertibles, hybrids. Optional contents can include: [6] Issuance of bank bonds (treasury); information requirements; [7] Bank liquidity and financial crises: a critical discussion; [8] Settlement of financial market trades and liquidity.

Comprehensive market and customer analysis is key to the customer-oriented management of abank. This course introduces methods of market and customer analysis and discusses their application (a) when entering new markets or expanding one's customer base, and (b) as a competitive advantage within one's customer relationship management. The core contents of this course include: [1] Theory of bank product consumption: classification and segmentation of customer groups, identification of customer needs, analysis of customers' risk appetite; [2] Qualitative and quantitative-statistical methods for market and customer analysis; [3] Analysis of new customer groups and markets; support of sales strategies such as market entrance or expansion of customer base; [4] Analysis of current customer base: clustering of clients, CRM to facilitate cross selling, estimation of purchase probabilities; key account management…

In this course the scope of activities of actuaries is examined. This is done by discussing actuarial topics which are related to the pricing of and reserving for insurance products, or risk and capital management. A particular focus is set on current topics and trends. A discussion of the challenges and opportunities in an insurance company's asset and liability management is also given. The core contents of this course include: [1] Overview of the role and scope of activity of actuaries (pricing, reserving, marketing); [2] Actuarial techniques in product development (incl. profit testing); [3] Modern reserving methods (e.g. chain ladder method); [4] Valuation of options and warranties embedded in insurance contracts; [5] Technical cash flows as basis for insurer ALM; [6] Selection of the investment portfolio; regulatory requirements; [7] ALM concepts for insurance companies (e.g. sources of volatility, life vs. non-life, sensitivities, hedging)...

During this course, students establish management accounting as strategic instrument for the management of insurance companies. Particular emphasis will be put on accounting/controlling methods as applied in practice. The core contents of this course include: [1] Functions and structure of management accounting systems in insurance; [2] Indicator-based management of insurance companies; [3] Product pricing and controlling; [4] Management by business units; modelling of business processes and cost allocation; [5] Capital budgeting; breakdown of key indicators. Optional contents can include: [6] Overview and architecture of management accounting systems; [7] Investment performance: key indicators.

This course deepens the understanding of risk management as a central driver of success of insurance companies. The connection between risk and return in the insurer's core business is established and the impact of regulation is discussed in detail. In a case study, students construct a model to compute the capital requirements of an insurance company, which will allow them to test the impact of various risk/return factors on financial results. The core contents of this course include: [1] Types of risk in insurance; [2] Financial reporting, supervisory and regulatory requirements; [3] Connection between portfolio risk and capital requirements; [4] Detailed discussion of regulatory regimes (e.g. Solvency II); [5] Design and implementation of a risk-based capital model (e.g. Solvency II); [6] Risk and capital budgeting in insurance companies. Optional contents can include: [8] Control of operational and other risks; [9] Risk management through reinsurance and risk securitisation.

Comprehensive market and customer analysis is key to the client-focused management of an insurance business. This course introduces methods of market and consumer analysis and discusses their application (a) when entering new markets or expanding one's customer base, and (b) as a competitive advantage within one's customer relationship management. The core contents of this course include: [1] Theory of consumption: classification and segmentation of customer groups, identification of customer needs, analysis of customers' risk appetite; [2] Qualitative and quantitative-statistical methods for market and customer analysis; [3] Analysis of new customer groups and markets; support of sales strategies such as market entrance, expansion of customer base, life cycle models; [4] Analysis of current customer base: clustering of clients, CRM to facilitate cross selling, estimation of purchase probabilities; key account management…

This course aims at deepening the teambuilding between the students and will preferably be held off-site to cover a range of team experiences. Students shall train to react to exceptional situations while optimizing team results. Students will produce a learning log which shall illustrate individual learning experiences throughout the team exercises. The core contents of this course include: [1] Development of team skills; [2] Decision making within a team in exceptional situations; [3] Reflection on team performance. Optional contents can include: [4] Further development of students' portfolios of competencies.

Building on the previous courses of this module, this course discusses the role of information and data management in banking/insurance. A focus is hereby set on administration, data protection and IT requirements. It is a particular feature of the banking/insurance sector that structured data management and analysis is fundamental to designing and pricing products, and selecting appropriate distribution channels. The core contents of this course include: [1] Overview of information and data management; [2] Administrative and strategic tasks in information management; [3] Methods of strategic information management; [4] Data protection; [5] Information management in banking/insurance; [6] Current developments in banking/insurance IT solutions; [7] Data analysis for product design and pricing. Optional contents can include: [8] SAP applied in banking/insurance; [9] Basics of data base design.

This course introduces quantitative methods for the production of research work in banking and insurance. These methods can, for example, be applied when subsequently completing the master thesis. Students will propose the topic and structure of their master thesis, the results have a major impact on the course grade. This shall encourage students to deal with the topic of their master thesis at an early stage, which in turn supports the efficient and timely actual production of the master thesis in the 4th semester. The core contents of this course include: [1] Collection, management and analysis of data; [2] Descriptive statistical data analysis; [3] Hypothesis testing; [4] Regression analysis; [5] Proposing the structure of the master thesis in form of a term paper. Optional contents can include: [6] Introduction to time series analysis.

Innovation is key to sustained corporate success. This course discusses the management and control of the implementation of changes, also dealing with aspects of communication and conflict management. Theoretical concepts are illustrated by examples from practice and case studies. The core contents of this course include: [1] Typical settings that lead to change: e.g. technical innovations, scarcity of time and money, rise in systemic complexity, globalisation; [2] Coaching and development of employees; [3] Development of corporate structures; process-oriented controlling; filling of key positions; management by objectives; [4] Communication during stages of change; [5] Conflict management; addressing resistance; [6] Organisational adaptations post mergers and acquisitions. Optional contents can include: [7] Managing changes in the corporate culture; [8] Selection and commitment of external consultants; [9] Case studies: change management.

This course builds on the learning contents of the other courses within this module. It combines the various aspects and results and illustrates how management decisions can be made at the bank's group level. The core contents of this course include: [1] Functions of banks, business models in banking, risk-adjusted and value-based bank management; [2] Combining liquidity, risk and capital management to bank management; [3] Strategic choice of product portfolio and distribution channels; diversification through non-banking products; [4] Competencies and responsibilities at different management levels; role of capital providers. Optional contents can include: [5] Information management: management vs. capital providers; [6] Monitoring of systemic changes (demand, supply, regulation, reporting, legal); [7] All above contents can be taught through a simulation game.

This course discusses products and business models in the business area of corporate banking. Particular attention is given to those aspects of the business line that distinguishes it from others such as private banking. The control of risk and profitability within this business area is discussed in detail. The core contents of this course include: [1] Overview of corporate banking; product range; [2] Corporate finance; [3] Corporate lending: qualitative assessment of the borrower, its business plan, management and corporate governance structure; corporate valuation; collaterals; corporate structures and their relevance upon insolvency; credit monitoring; typical covenants; [4] Distribution strategies specific to corporate banking. Optional contents can include: [5] Products specific to corporate banking: cash management, structured finance, corporate/institutional asset management.

This course gives an overview of investment banking (IB) and explains the distinction between IB and classical corporate finance. Particular attention is given to M&A, corporate/acquisition finance and international capital markets. The core contents of this course include: [1] Overview of investment banking; [2] M&A: motivation, mergers, friendly takeovers, hostile takeovers, poison pills, takeover codes, corporate control (link to "Corporate Governance" module), typical M&A process, acquisition finance; [3] Financing through international capital markets: equity capital markets (IPO/SPO), debt capital markets (loan vs. bond, financial ratings), underwriting vs. book building, convertibles, hybrids, capital market investors. Optional contents can include: [4] Financial markets; principal investing, market making, client/principal trading. This course may be taught in English.

This course investigates the key features of project finance, and some attention is put on the distinction between retail and corporate banking. Another focus is set on risk, structuring and profitability control in project finance. The core contents of this course include: [1] Overview of project finance; distinction between retail and corporate banking; [2] Product range in project finance; [3] Cash flow analysis in project finance; risk monitoring; performance figures and covenants; [4] Structuring of project finance solutions; capex and interest facilities; [5] Structural and legal aspects; collaterals; SPVs; insolvency procedures; [6] Risk and capital budgeting in project finance; balance sheet management through Pfandbriefe and covered bonds. Optional contents can include: [7] Case studies 'project finance': real estate, infrastructure, oil/gas/energy production; [8] Real estate economics.

This course assesses business models in the retail banking business. Particular attention is given to recent changes in the market focusing on the demand (customer behaviour, demographic developments, urbanisation) and supply side (move to new distribution channels, increased competition, standardisation of processes and products). The core contents of this course include: [1] Client-focused selection of product range; [2] Alternative distribution channels: retail-focused multi-channel, direct and social media distribution, mobile distribution; [3] Integration of various distribution channels to reach hybrid customers ("customer experience"); [4] Business decisions regarding the product range; [5] Media technologies, mobile communication and social media based business models; [6] Extension of product range; role of non-traditional competitors; [7] Process optimisation in retail banking. Optional contents can include: [8] Innovative marketing.

This course discusses the products used in retail banking, ass well as their pricing. A focus is set on risk and profitability control within thee retail business of a bank. The core contents of this course include: [1] Overview of retail banking; range of product; features of the private and retail banking business; [2] Finance of private clients and small businesses; [3] Lending: assessment of the creditworthiness; collaterals; consequences of a payment default; loan monitoring; covenants; [4] Mortgage-backed lending; basics of real estate valuation; mortgages; management of interest rate risk; interest-free periods; [5] Pricing: loans, asset management services, retail banking services (current accounts, credit cards etc.); [6] Private banking: saving products, life insurance, cross-selling. Optional contents can include: [7] Basic concepts of private wealth management; [8] Stages of the product development process: initial stage to product control.

During times of social and technological change, it becomes vital to understand and drive a bank's distribution strategy to ensure business success. This course deals with product sales by banks from both an operational and strategic point of view. Both the functional role and legal/regulatory aspects of the sales process are discussed. The core contents of this course include: [1] Sales strategies; organisation of distribution; multi-channel distribution; [2] Planning the sales process; [3] Strategic vs. operational sales controlling; reporting and benchmarking; performance measures, actual vs. target analysis, measures of control; [4] Managing employee motivation (MBO, incentive schemes, etc.); [5] Legal framework for sales management in banking (consumer protection, taxation, guidelines such as MiFid II); role of regulation; [6] Case Study: sales strategy. Optional contents can include: [7] Examples of potential challenges in sales controlling; …

Company pensions schemes and private pension saving have continually gained importance in Austria, which implies new opportunities to life insurers. This course discusses the products and business models in company/private pensions. The core contents of this course include: [1] Austrian framework for life, health and general pension products; pensions system, legal and tax considerations; [2] Austrian framework for company pension schemes and private pensions; legal and tax considerations; [3] Products and business models: distribution, risk, product classifications, defined benefit products, defined contribution products, group (health/accident) insurance, pension funds; [4] Sale of group life and health products; key account management. Optional contents can include: [5] International comparison of pension systems and company pension schemes; [6] Management of mortality risk by direct insurers.

This course provides an overview of life and health insurance products and relevant pricing concepts. Some attention is given to new product development as a reaction to changing demographics and business models. The economics of the L&H business, e.g. by linking product features to risk and capital requirements, will be a focus in this course. The core contents of this course include: [1] Life insurance products: classical life insurance (endowment vs. death insurance); Unit and index-linked products; modern structures (e.g. pairing with savings products); [2] Health insurance: adverse selection; signalling and deductibles; product variations; [3] Product development process (sales, actuarial, back-office); case studies; [4] Pricing of L&H products. Optional contents can include: [5] Valuation of embedded options and warranties in life insurance; [6] Comparative analysis of health insurance systems abroad (e.g. Switzerland, USA); …

This course combines the knowledge acquired in previous courses to develop a detailed understanding of cause-effect principles for the management of insurance companies. The scope of this course includes business planning, strategic management and performance monitoring in the context of insurance companies, where special emphasis is put on value-based management. The core contents of this course include: [1] Definition of objectives of insurance companies (e.g. shareholder value vs. stakeholder value maximisation); business models in insurance; [2] Strategic management; strategic planning, cause-effect analysis; [3] Profit- and value-based management of insurance companies; [4] Valuation of insurance companies (DCF, EVA); [5] Value-based management (key indicators, capital budgeting); [6] Management responsibilities; distribution of decision-making powers; role of the equity holders/owners. Optional contents can include: [7] Communication management vs. capital providers; …

This course discusses reinsurance as a key instrument to manage risk and capital in insurance companies. Specific examples of the application of reinsurance of direct insurers are given, and some attention is given to insuring natural catastrophes. This course can be seen as supplement to the risk and capital management course. Finally, insurance linked securities are presented as instruments allowing to trade insurance risk in the capital markets. The core contents of this course include: [1] Product classes in reinsurance; impact on the direct insurer's risk profile; [2] Reinsurance market; counter-party risk in reinsurance; [3] Natural catastrophes (NATCAT): overview, risk models, pricing basics; [4] Relationship direct insurer vs. reinsurer (incl.exchange of data); [5] Accounting of reinsurance contracts; effect on capital requirements (e.g. Solvency II); [6] Alternative risk transfer: securitisation of insurance risk (incl. structuring costs); …

This course discusses business models in P&C insurance. Theoretical considerations are illustrated by examples from practice, which allows students to reflect on learning contents in detail. The core contents of this course include: [1] Austrian framework for P&C insurance; [2] Business models: risk and sales strategy in P&C insurance; [3] Managing private and corporate clients; [4] Continual evaluation and adjustment of business models; [5] Case studies: business models of multi-line, single-line and special risk insurers. Optional contents can include: [6] Claims management in P&C insurance; [7] Fraud detection, countermeasures; impact of insurance fraud on insurance pricing; [8] Handling "big data" in insurance.

This course provides a detailed understanding of product design and pricing methods in P&C insurance. The core contents of this course include: [1] P&C product range; [2] Structuring insurance contracts: bonus-malus systems, deductibles, profit-sharing, pay-out limits; motivating self-insurance and self-protection; [3] Pricing of insurance contracts; fair premium, cost allocation, risk premium, pricing of multi-year contracts; [4] Pricing of combined products; cross-selling, analysis of client accounts; incentivising sales force/brokers; [5] Dealing with large claims and accumulation losses; legal documentation. Optional contents can include: [6] Modern actuarial techniques: credibility, clustering, multivariate analysis, neural networks; [7] Risk-adjusted insurance pricing as tool of risk control within an economy.

It is especially in times of changing market environments and new communication channels that active sales management is key to business success in insurance. This course deals with the major components of operational and strategic sales management in insurance. Functions of sales management are discussed in detail, as well as relevant legal/regulatory aspects. The core contents of this course include: [1] Sales policy and organisation; multi-channel mix; [2] Planning of sales processes; [3] Strategic vs. operational sales controlling; reporting and benchmarking; indicators; actual and target analysis; control instruments; [4] Incentive schemes in sales (e.g. target agreements, pay structure; commissions); [5] Legal framework (e.g. customer protection, tax considerations, IMD II, VersVG); [6] Application of the learning contents during a case study. Optional contents can include: [7] Potential challenges in sales management; [8] Use of modern sales channels (internet, social media).

The topic of the master thesis shall be chosen from the student's respective field of specialisation, bank management or management of insurance companies, respectively. Students shall work on the chosen topic independently and produce written work output that is in line with established scientific standards. The chosen topic shall be relevant in practice and connected research questions shall be answered by applying appropriate qualitative and quantitative research techniques.

This seminar accompanies the production of the master thesis. Students present the advanced but not necessarily completed results of their master theses, and defend their work during group discussions. The core contents of this course include: [1] Presentation of research results; [2] Presentation and discussion of each student's master thesis (advanced, but not necessarily completed); [3] Critical discussion of others' master theses (topics within scope of specialisation).

This course raises ethical, social and environmental issues, and underlines their fundamental role for responsible and sustainable business conduct. A general introduction is followed by considerations specific to the bank and insurance sector. The core contents of this course include: [1] Ethics in finance/insurance/economics; [2] Example of an ethics code within the financial sector: CFA; [3] Corporate social responsibility (CSR): fundamentals, link to corporate culture, asymmetric information and communication, competitiveness, financial markets, distribution of profits, creating shared value (CSV); [4] Socially and environmentally sustainable investing; green investments; positive investments; impact investments. Optional contents can include: [5] Practical examples of incorporating CSR; [6] Product design in Islamic finance and Takaful insurance. This course may be taught in English.

This course develops a general understanding of corporate governance. Special consideration is given to the standards of good and sustainable conduct of business as established in the Austrian market. The core contents of this course include: [1] Definition of terms; scope; [2] Austrian Corporate Governance Codex; [3] OECD principles of corporate governance; European corporate governance framework; [4] Corporate governance in the financial industry. Optional contents can include: [5] Comparison of the Austrian Corporate Governance Codex to other national codices, e.g. to the Swiss Code of Best Practices. This course may be taught in English.