Key Learning Outcomes for Risk

Management and Insurance Programs

2023
Introduction
Based on the mandate of the Education and Training Evaluation Commission (ETEC), issued
by Royal Decree No. 108, dated 14/2/1440 H, ETEC is mandated to “building systems for
evaluation and accreditation - including institutional and programmatic - in education and
training, including rules, standards, frameworks and indicators and its terms, procedures,
approval, and application.” And based on the authority’s keenness to build and develop high-
quality national academic programs, the authority has worked on preparing specialized
academic standards for Risk Management and Insurance programs.
The standards contribute to setting the minimum curriculum requirements of Risk
Management and Insurance undergraduate programs to assure their academic quality, and to
assure their ability to produce highly qualified professionals in the field of Risk Management
and Insurance with the knowledge and skills required by the market and the national needs,
in line with best practices and academic requirements for this field.

Methodology
This document describes the minimum knowledge units (KUs) and learning outcomes (LOs)
in the field of Risk Management and Insurance, which graduates are expected to obtain upon
completion of the program. The KU-specific learning outcomes specify the minimum of what
students should know or be able to do after successfully completing the KU. It is important for
educational institutions to take into account the depth and expansion; and to include LOs
related to communication skills and values in the curricula. Educational institutions can offer
the desired elective KUs that are relevant to their programs and students can choose from
them to complete their graduation requirements. It is important to note that a KU is not
necessarily a credit course. A KU may be covered by one or more credit courses and a credit
course may cover one or more KUs partially or completely. The KUs are derived from
analyzing of 13 QS high ranked international programs (see Appendix A).
This document was developed by the ETEC in cooperation and coordination with different
entities in the field of Risk Management and Insurance, such as Ministry of Finance, SAMA
(Saudi Central Bank), Health Security Council, social Insurance Authority, Management of
Insurance Institutions and Insurance Markets and Insurance Companies.

Scope and Uses

This document covers the bachelor’s degree programs in the field of Risk Management and
Insurance. The document can be used and applied to Risk Management and Insurance
programs offered by higher educational public and private institutions in Saudi Arabia.

Terms
Knowledge Units (KU): Thematic groupings that encompass multiple related topics, where the
topics cover the required curricular content for each KU. Each KU contains a set of learning
outcomes.
Essential Knowledge Units (EKU): KU’s that introduce students to basic none-business
knowledge and skills essential to understanding and performing business functions.

General Knowledge Units (GKU): KU’s that introduce students to main functions in business. All
students majoring in any field of business should complete these GKU’s.

Specialized Knowledge Units (SKU): KU’s that introduce students to intermediate and advanced
topics in a major.

Learning Outcomes: Phrases describing what a learner should know, understand, and be able
to do at the end of the program. They represent the bottom line of the learning process.

Key Learning Outcomes

Key Learning Outcomes (KLO) should describe the essential knowledge, skills and attitudes
that graduates of the Risk Management and Insurance undergraduate program (Bachelor’s in
Risk Management and Insurance) will be able to demonstrate once completed the program.
They are aspiration statements for a typical or average Risk Management and Insurance
student, and they are not testable.
On successful completion of a bachelor’s degree in Risk Management and Insurance, students should
be able to:

1. KLO1: Demonstrate knowledge and understanding of modern Risk theory, Insurance,

Reinsurance and Actuarial science: concepts, practices, models, and Insurance institutions.
2. KLO2: Formulate, analyze, and solve Insurance problems using various techniques for managing
risks.
3. KLO3: Identify Reinsurance operations and Insurance company's Investments.
4. KLO4: Recognize and evaluate various insurance products for a certain risk.
5. KLO5: Solve problems related to risk and insurance, and demonstrate critical thinking skills.
6. KLO6: Develop interpersonal and communication skills to effectively communicate risk and
insurance solutions through both verbal and written means.

Curriculum General Criteria

Based on benchmarking study of leading universities and analyzing all knowledge units (KUs)
and skills using different Risk Management and Insurance programs, it is found that these
KUs are grouped in the following categories:
1. Essential knowledge and skills: which includes English, Computing and Quantitative &
Statistics
2. General knowledge units (core business).
3. Specialized knowledge units (Risk Management and Insurance major).
4. Others: which varies depending on the university.
Each group consists of different subgroups that is essential in any typical Risk Management
and Insurance program. To show the importance of each of the subgroups, a range of
allocated credit hours in a typical Risk Management and Insurance program is shown in the
next section.

Knowledge Units
The following table provides an overall view of the curriculum distribution of essential
knowledge, general knowledge, and specialized knowledge in Risk Management and
Insurance major. The table also provide general recommendation on the acceptable range of
Credit Hours for each knowledge unit whether essential, general, specialized, or other
knowledge areas.
Essential Skills and other knowledge units are excluded from standardized tests.

Essential Knowledge Units (EKU)

Calculated based on a minimum of 14 credits for English language, Computing, and
Quantitative and Statistics. This part of the knowledge units should not be used in
standardized tests.

Minimum
Group EKU Description
Credit hours
This essential knowledge unit covers English
composition in writing and speaking, with
1. English fundamentals of oral and written communications. It 3 -12
also includes English language comprehension in
reading and listening skills.
Covers computer applications and use to support
problem solving, communication, and information
Essential Subjects

exchange. Uses computer software with emphasis

on personal and office applications such as Microsoft
2. Computing Office suite (Word, Excel, PowerPoint, etc.), and the 3-6
use of Internet applications such as Cloud services.
It may cover foundations of databases, and the use
of high-level programming languages (such as
Python and C).
It covers calculus (Differential calculus
(Differentiation), Integral calculus (Integration),
Multivariable calculus (Function theory)). In addition,
3. Quantitative it covers finite mathematics (such as matrix algebra,
linear programming, probability, counting methods, 8 - 14
& Statistics
and game theory). Also, it covers probability,
business Statistics, Hypothesis testing for means
and variances, regression, and forecasting Models).

Risk Management and Insurance Program Knowledge Units

Percentages are calculated based on a minimum of credits for the Risk Management and
Insurance program.
GKU for Core Business
 Relative
Group GKU Description
Wt. (%)
This unit covers the essential financial and managerial
accounting knowledge, enabling students to understand the
process of accounting recording, and to prepare the financial
1. Accounting 6-9
statements. It also explains cost concepts and costing
Fundamentals (13%)
systems. In addition, it introduces the basic managerial
accounting techniques for decision-making, financial
planning, and variances analysis.
Covers various elements of communication necessary for
business sector in a global environment. It develops
interpersonal, verbal and non-verbal, and listening skills. It
2. Business
also covers efficient communication techniques used to 3
Communication
convey clear guidance to teams or groups in order to (4%)
& Ethics
accomplish stated goals and objectives. Furthermore, it
deals with enhancing powerful presentations and
persuasive business writing skills.
An introduction to financial management and finance
functions. It discusses the role of the financial manager and
describes the basic functions and concepts in finance.
3. Business 3
Practice of financial management of raising necessary
Finance (4%)
financial resources to making operating and investment
decisions to fund the firm’s ongoing operations and future
growth opportunities.
Covers the legal environment of business, understanding
and strategically using the legal environment to minimize
risk and enhance productivity. It provides overview of Saudi
Arabia statutory and judicial efforts to regulate business
activity in several areas: business entities, corporations,
4. Business Legal 3
agency and employment law, tort law, products liability, and
Core Business

Environment (4%)
the protection of intellectual property. Strategic responses to
competitive pressures may also require managers to make
difficult ethical decisions. It also covers introduction to
ethical theory and decision-making models, focusing on the
application of ethics to business decision-making.
Covers the foundations of microeconomics and
macroeconomics. Microeconomics examines the economic
5. Economic 6-9
interactions of individuals, business firms, and government.
Foundation (13%)
Macroeconomics discusses the overall performance of the
national and global economy.
Covers the fundamental concepts of IS (including hardware,
software, and information acquisition) and the support that
IS provides for transactional, decisional, and collaborative
business processes. It includes the collection, processing,
storage, distribution, and value of information and the ability
to make recommendations regarding IS that support and
6. MIS Foundation enable individuals in their daily lives as well as the 3
& Technologies management, customers, and suppliers of the enterprise. It (9%)
also covers several technologies and their applications in
programming languages (such as python and web
technologies), databases (queries and reports, data
acquisition, cleaning, etc.), technology trends (such as
Artificial Intelligence, machine learning, big data, Internet of
Things, etc.).
Covers the theoretical, conceptual framework, essential
concepts, theories, and practices of major topics in
operations management field and its main topics such as
productivity, operations strategies, product design, linear
7. Operations programming models, demand forecasting, as well as 3
Management dealing with cases of studies related to operations (4%)
management functions. Formulating plans and strategies as
well as applying the essential operations knowledge and
skills in different situations in order to improve managerial
skills and the organization's performance.
 Covers the theoretical, conceptual framework, essential
concepts, theories, and practices of major topics in
8. Principles of management field and functions such as planning, 3
Management organization, leading, controlling, ethics in management, (4%)
decision-making, social responsibilities as well as dealing
with cases of studies related to management functions.
Covers the principles of marketing, explaining the essential
issues in marketing that recommended for business and
nonbusiness people. It also covers the practices and
challenges of the marketplace and explain what and how
9. Principles of 3
designing of marketing mix. It also includes topics regarding
Marketing (4%)
marketing process and environment, information systems
and buyer behavior, segmentation, targeting, and
positioning strategies, and strategies related to marketing
mix variables.
Covers the theoretical, conceptual framework, essential
concepts, theories, and practices of the major topics in
strategic management field and its main areas and
processes such as vision, mission, strategic planning,
10. Strategic strategy formulation, strategy implementation, strategy 3
Management evaluation, international business environment, as well as (4%)
dealing with cases of studies related to environmental
scanning. Formulating plans and strategies as well as
applying the essential strategic management knowledge
and skills in different situations.

SKU for Risk Management and Insurance Major

Relative
Group SKU Description
Wt. (%)
This unit offers a framework for an integrated approach to
risk and insurance. The main topics covered in this unit
include risk and its treatment, insurance and risk,
introduction to risk management, types of insurers,
1. Risk insurance company operations, and fundamental legal
3-9
Management & principles of insurance, analysis of insurance contracts.
Insurance Other topics included in this course are: Health Care and (8%)
Individual Health Insurance, and Automobile Insurance.
Risk Management and Insurance Major

Besides, some additional mathematics topics in General

insurance and Life insurance such as risk measurement and
calculation of risk premium and gross premium.
The aim of the unit is to give a broad understanding of the
nature of general insurance(non-life), including the benefits
of general insurance, and its legal principles. Moreover, this
unit comprises an analysis of the property and liability
insurance contracts, including commercial property,
2. Property and commercial general liability, crime, inland marine, boiler and
3-9
liability machinery, and commercial auto policies. The unit focuses
(7%)
Insurance on both the terms of the contract as well as their usage. As
well, the unit concentrates on the covered risks and
excluded risks in the different types of general Insurance
(i.e. Car insurance, Fire insurance, marine insurance,
business interruption, general accidents, liabilities, infidelity,
glass, boiler and machinery and credit insurance ---etc.)
The objective of this unit is to provide a deep understanding
of Protection and Savings Insurance, and Medical Insurance
policies. As well, contractual provisions for both Protection
and Savings Insurance and health insurance and how
3. Protection and
persons buy both Protection and Savings Insurance policies 3-6
Savings
and medical insurance policies. The main topics included in (5%)
Insurance
this unit are Individual insurance policies (i.e. annuities, term
insurance, whole life insurance, and Endowment insurance),
group life insurance, industrial life insurance, social
insurance, Protection and Savings Insurance - health
 insurance basics, medical expense insurance, special types
of medical expense policies, group health insurance, and
social health insurance. Moreover, this unit gives an
overview of calculating the risk premium, gross premium,
and reserve for different policies using mortality tables.
This unit is based on a general background in various topics
for all types of insurance (Protection and Savings Insurance,
property, and liability). As well, it is based on the application
of mathematics, statistics, and finance to different types of
insurance. Consequently, the main topics in life insurance
4. Mathematics of include modeling the lifetime, pricing (ratemaking), 3-9
insurance calculation of risk premium and gross premium for different (7%)
life insurance policies, and technical reserve. In non-life
insurance, the main topics include: pricing and reserve using
statistical techniques (Probability distributions, decision
theory, Bayesian statistics, loss distributions, risk models,
Individual models, and Collective models).
The main purpose of this unit is to use actuarial statistics
techniques to assess probability models and data. as well,
this course covers survival models and their estimation,
besides applications in insurance. Specific topics include the
5. Actuarial concept of survival models and estimation of lifetime 3-6
Statistics distributions, estimation in the Markov Model, Binomial and (5%)
Poisson models, the future lifetime random variables
(discrete and continuous), exposure to risk, the force of
mortality, Life Tables:) Select Tables, Ultimate Tables),
Graduation and Statistical Tests, Methods of Graduation.
The main purpose of the unit is to provide the concept of
reinsurance and the various types of treaties of reinsurance.
The main topics include a definition of reinsurance and its
concept, types of treaties of reinsurance (proportional and
nonproportional), their conditions and exceptions, difference 3-6
6. Reinsurance between reinsurance and co-insurance, functions of
reinsurance and its benefits, legal aspects of reinsurance, (5%)
and reinsurance in the Saudi insurance market. Moreover,
applied cases in general insurance and Protection and
Savings Insurance in particular basics of reinsurance
Pricing.

Specification table for Qiyas use.

Category Code Weight Unit Weight
1.1 Accounting Fundamentals (13%)
1.2 Business Communication & Ethics (4%)
1.3 Business Finance (4%)
1.4 Business Legal Environment (4%)
1.5 Economic Foundation (13%)
1. General Core Knowledge GKU 63%
1.6 MIS Foundation & Technologies (9%)
1.7 Operations Management (4%)
1.8 Principles of Management (4%)
1.9 Principles of Marketing (4%)
1.10 Strategic Management (4%)
2.1 Risk Management & Insurance (8%)
2.2 Property and liability Insurance (7%)
2. Major Knowledge 2.3 Protection and Savings Insurance (5%)
SKU 37%
(Marketing) 2.4 Mathematics of insurance (7%)
2.5 Actuarial Statistics (5%)
2.6 Reinsurance (5%)
Other Knowledge Units (OKU)
Other Knowledge Units (OKU) are additional knowledge units that cover university
requirements and (Marketing) major electives. These OKUs vary across universities and
departments. This part of the knowledge units should not be used in standardized tests.
Minimum
Group OKU Description
Cr
Other topics in finance can include topics that are
Optional Risk Management
and Insurance, and other

related to finance and that are current trend in financial

literacy like:
- Management of Insurance Institutions and Insurance
Markets
1. Other finance
- Transportation Insurances 9-18
topics (as electives)
units.

- Technical Insurance Company Operations

- Accounting in Insurance Institutions
- Applied Multivariate Methods
- Risk Analysis and Modelling Financial Modeling
- Cooperative Training.
2. Other required
Varies by university (such as courses of Arabic, Islamic,
knowledge and 12-21
GS, etc.)
skills
Appendix A: Benchmarking Analysis

The KUs are derived from the following sources:

QS ranking
# University Program Link World
Ranking
University of
https://guide.wisc.edu/undergraduate/business/risk-
1 Wisconsin -Madison B.B. A in RMI 83
insurance/business-risk-management-insurance-bba/
(U7)
University of Illinois at https://illinoisstate.edu/catalog/undergraduate/finance-
2 Urbana- Bs in RMI insurance-law/risk-management-insurance-course- 85
Champaign(U6) requirements/plan/
Saint Joseph's https://academiccatalog.sju.edu/business/finance/risk-
3 Bs in RMI 236
University(U9) management-insurance-major/#requirementstext
https://catalog.ucdenver.edu/cu-
denver/undergraduate/schools-colleges-
University of Colorado
4 BS in -RMI departments/business-school/business- 317
(U2)
administration/risk-management-insurance-
bs/#degreerequirementstext
Florida State
5 BS in -RMI https://business.fsu.edu/undergraduate/majors/rmi 456
University (U1)
Georgia State https://robinson.gsu.edu/program/risk-management-
6 B.B. A in RMI 801
University (U3) and-insurance-bba/
The University of https://webapps2.uc.edu/ecurriculum/DegreePrograms/
7 B.B. A in RMI 701-750
Cincinnati(U12) Home/MajorMap/6343
https://www.temple.edu/academics/degree-
Temple
8 B.B. A in RMI programs/risk-management-and-insurance-major-bu- 751-800
University(U10)
rmi-bba
https://www.hartford.edu/barney/academics/economics-
University of Hartford
9 Bs in RMI finance-and-insurance/bs-in-risk-management-and- 801-1000
(U4)
insurance.aspx
BA (Hons)
Glasgow Caledonian https://www.gcu.ac.uk/study/courses/undergraduate-
10 Risk 1000-1200
University(U11) risk-management-glasgow2#what-will-you-study
Management
St. John's University https://www.stjohns.edu/academics/programs/risk-
11 Bs in RMI 1468
(U5) management-and-insurance-bachelor-science
Central Washington
12 Bs in RMI https://www.cwu.edu/engineering/rism-curriculum 2081
University (U8)
https://www.gannon.edu/academic-
Gannon
13 BS in -RMI offerings/engineering-and-business/undergraduate/risk- 2641
University(U13)
management-and-insurance/
Table 1
KUs Count U1 U2 U3 U4 U5 U6 U7 U8 U9 U10 U11 U12 U13
Category
English Composition
& Fundamentals of
8 √ √ √ √ √ √ √ √
Speech
Communication
Quantitative skill:
Calculus, finite math,
EQS 11 √ √ √ √ √ √ √ √ √ √ √
and differential
equations
Business Statistics,
Probability,
13 √ √ √ √ √ √ √ √ √ √ √ √ √
Regression, and
Forecasting Models
Financial &
Managerial
13 √ √ √ √ √ √ √ √ √ √ √ √ √
Accounting
Fundamentals
Microeconomics &
Macroeconomics 13 √ √ √ √ √ √ √ √ √ √ √ √ √
Fundamentals
Principles of
13 √ √ √ √ √ √ √ √ √ √ √ √ √
Managerial Finance
Management and
Organizational 11 √ √ √ √ √ √ √ √ √ √ √
Behavior
Business
9 √ √ √ √ √ √ √ √ √
Communication
Strategic
7 √ √ √ √ √ √ √
Management
Principles
10 √ √ √ √ √ √ √ √ √ √
of Marketing
BCK
Introduction of
Management 3 √ √ √
Information Systems
Operations
Management, supply
5 √ √ √ √ √
chain management,
and decision Science
Business Computing 6 √ √ √ √ √ √
Business law and the
Legal Environment of 8 √ √ √ √ √ √ √ √
Business
Business Analytics 6 √ √ √ √ √ √
Socially Responsible,
Sustainable and
3 √ √ √
Ethical Business
Practice
Leadership 2 √ √
International Business 3 √ √ √
Real Estate 1 √
Risk Management &
13 √ √ √ √ √ √ √ √ √ √ √ √ √
Insurance
Property and liability
12 √ √ √ √ √ √ √ √ √ √ √ √
Insurance
Protection and
MRI_KUs 8 √ √ √ √ √ √ √ √
Savings Insurance
Management of
Insurance Institutions
2 √ √
and Insurance
Markets
 Mathematics of
0
insurance
Actuarial Statistics 2 √ √
Reinsurance 1 √
Transportation
0
Insurances
Insurance Company
5 √ √ √ √ √
Operations
Accounting in
0
Insurance Institutions
Applied Multivariate
0
Methods
Risk Analysis and
Modelling Financial 2 √ √
Modeling

Training: Internship 7 √ √ √ √ √ √ √
Appendix B: Learning Outcomes and Topics for Knowledge Units

General Knowledge Unit (GKU1): Accounting Fundamentals

This unit covers the essential financial and managerial accounting knowledge for
business students. It should enable them to understand the process of accounting
Description recording, and to prepare the financial statements. It also introduces them to cost
concepts and costing systems. This unit also equips students with the basic
managerial accounting techniques for decision-making, financial planning, and
variances analysis.
The following topics must be included in this KU:
1. Accounting assumptions, principles, and International Financial Reporting
Standards.
2. Accounting equation and double entry system.
3. Adjustments and trial balance.
Topics 4. Financial statements for service and merchandise organizations.
5. Cost concepts, structure, and behavior.
6. Costing systems (Job Order and Process Costing).
7. Basic cost-volume-profit analysis.
8. Incremental costs.
9. Basics of financial planning (Master Budget) and variances analysis (Flexible
Budget).
By completing this KU, students should be able to:
1. Record economic transactions and events according to accounting
assumptions, principles, and International Financial Reporting Standards.
2. Prepare financial statements for merchandise, service, and manufacturing
organizations.
3. Record and calculate costs using job order and process costing systems.
4. Calculate break-even points, target profit points, margin of safety, in a simple
context.
5. Analyze the relevant costs in different contexts, such as accepting a special-
order price, a make-or-buy decision, sell or process further, and replacing
assets.
Learning 6. Prepare a financial plan and a flexible budget report, and analyze activity and
management variances for manufacturing organizations.
Outcome
The table below shows maps the Key learning Outcomes (KLOs) to the KU Learning
Outcomes (LOs)

LOs KLOs
KLO 1 KLO 2 KLO 3 KLO 4 KLO 5 KLO 6
LO.1 x x
LO.2 x x x
LO.3 x x x
LO.4 x x x x
LO.5 x x x x
LO.6 x x x x x

14
General Knowledge Unit (GKU2): Business Communications
This unit focuses on various elements of communication necessary for business
sector in a global environment. It develops interpersonal, verbal and non-verbal, and
most importantly listening skills, which are imperative for a safe and successful
Description business environment. It teaches efficient communication techniques used to convey
clear guidance to teams or groups in order to accomplish stated goals and objectives.
Furthermore, an integral part of this content also, it deals with enhancing powerful
presentations and persuasive business writing skills.
The following topics must be included in this KU:
1. Communicating and leading at work
2. Being aware of self and others: enhancing communication and leadership.
3. Using verbal and nonverbal messages.
4. Listening and responding.
5. Adapting to differences.
6. Relating to others at work.
Topics 7. Interviewing principles and skills.
8. Interviewing types.
9. Collaborating in teams.
10. Enhancing team meetings.
11. Developing your professional presentations.
12. Delivering professional presentations.
13. Achieving your presentation goals: informing, and persuading.
14. Writing for business
By completing this KU, students should be able to:
15. Identify different types of communications and analyze their desirable and
undesirable consequences.
16. Apply appropriate communication techniques to deal with groups/teams to
accomplish stated goals.
17. Apply persuasive writing principles in business communication (presentations,
reports, etc.)
18. Apply time management principles when conducting a variety of business tasks.
19. Engage in professional development activities and participate in developing
Learning team’s performance.

Outcome The table below shows maps the Key learning Outcomes (KLOs) to the KU Learning
Outcomes (LOs)

KLOs
Los
KLO 1 KLO 2 KLO 3 KLO 4 KLO 5 KLO 6
LO.1 x
LO.2 x x x
LO.3 x x x x
LO.4 x x x
LO.5 x x x

General Knowledge Unit (GKU3): Business Finance (Principles of

Finance)
An introduction to financial management and finance functions. It discusses the
role of the financial manager and describes the basic functions and concepts in
Description finance. Practice of financial management of raising necessary financial
resources to making operating and investment decisions to fund the firm’s
ongoing operations and future growth opportunities.
Topics The following topics must be included in this KU:
1. Role of managerial finance

15
 2. Financial market and financial institutions
3. Financial statements and financial ratio analysis
4. Time value of money
5. Interest rates
6. Bond and stock valuation
7. Risk and return.
8. Cost of capital
9. Capital budgeting Techniques
By completing this KU, students should be able to:
1. Identify the main concepts and theories related to financial management
including budgeting, forecasting, financial analysis, and decision making
which would support the goals and objectives of an organization.
2. Define roles and functions of financial institutions and financial markets and
their importance in stabilizing the financial system.
3. Analyze and interpret financial statements and financial ratios to examine
the performance of an organization and make appropriate financial
planning.
4. Apply Time Value of Money (TVM) techniques to assess personal/and
corporate financial decisions.
5. Value financial securities using different risk/return frameworks (ex. CAPM,
Learning DCF, etc.) in practical situations.
6. Evaluate proposed investment decisions by estimating the WACC and
Outcome relevant cash flows and applying capital budgeting decision techniques.

The table below shows maps the Key learning Outcomes (KLOs) to the KU
Learning Outcomes (LOs)

KLOs
LOs
KLO 1 KLO 2 KLO 3 KLO 4 KLO 5 KLO 6
LO.1 x x x
LO.2 x
LO.3 x x
LO.4 x x x
LO.5 x x x
LO.6 x x x

General Knowledge Unit (GKU4): Business Legal Environment

This unit provides students with an understanding of the legal environment of
business, which plays a significant role in facilitating and constraining business
activities. To be competitive, managers must understand and strategically use the
legal environment to minimize risk and enhance productivity. This unit provides you
Description with an overview of Saudi Arabia statutory and judicial efforts to regulate business
activity in several areas: business entities, corporations, agency and employment law,
tort law, products liability, and the protection of intellectual property. Strategic
responses to competitive pressures may also require managers to make difficult
ethical decisions. After an introduction to ethical theory and decision-making models,
the unit will focus on the application of ethics to business decision-making.
The following topics must be included in this KU:
1. Fundamentals of the legal language.
2. The nature and components of the legal environment of business in the Kingdom
of Saudi Arabia.
Topics 3. Contracts and agency.
4. Employment laws.
5. Securities laws.
6. E-commerce laws.
7. Laws and regulations of the business environment.

16
 8. Laws and regulations of the international business environment.
9. Rights of creditors, debtors, and bankruptcy.
10. The role of ethics in decision-making.
By completing this KU, students should be able to:
1. Demonstrate an understanding of the legal environment of business in Saudi
Arabia.
2. Apply basic legal knowledge to business transactions including regulations of
production, marketing, selling, and e-commerce in the Saudi markets and the
responsibility of the producer towards the consumers.
3. Explain the laws and regulations of employment and the employer-employee
relationship.
4. Apply the legal principles in solving problems related to contracts, responsibility,
agency, employment, personal, real estate, intellectual property, e-commerce, the
environment, rights of creditors and debtors, marketing, and bankruptcy.
Learning 5. Explain the legal issues affecting international business.
6. Recognize the importance of ethics in business.
Outcome
The table below shows maps the Key learning Outcomes (KLOs) to the KU Learning
Outcomes (LOs)

KLOs
Los KLO 1 KLO 2 KLO 3 KLO 4 KLO 5 KLO 6
LO.1 x
LO.2 x x
LO.3 x x
LO.4 x x
LO.5 x
LO.6 x x

General Knowledge Unit (GKU5): Economics Foundation

The unit covers the foundations of microeconomics and macroeconomics.
Description Microeconomics examines the economic interactions of individuals, business
firms, and government. Macroeconomics discusses the overall performance of the
national and global economy.
The following topics must be included in this KU:
1. The economic problem.
2. How markets work, demand, supply, and elasticities.
3. Consumer choice.
4. Production theory and the cost structure of firms.
5. Market structure.
6. Economic efficiency, success and failures of markets, and the role of
Topics government.
7. Gross domestic product (GDP), unemployment, and Inflation.
8. Economic growth.
9. Finance, saving, and investment.
10. The exchange rate and balance of payment.
11. Aggregate demand, aggregate supply, expenditures multipliers, and business
cycles.
12. Fiscal policy and monetary policy.

17
 By completing this KU, students should be able to:
1. Demonstrate an understanding of how markets work and apply the supply and
demand model to predict the response of market participants to external
events.
2. Explain the maximization of consumer’s utility under budget constraints, and
the concepts of opportunity cost, trade-offs, and the gains from trade.
3. Apply the profit maximization problem of firms to analyze the relationship
between inputs, production, and costs.
4. Define the relations among Gross Domestic Product (GDP), inflation and
unemployment.
5. Explain the roles of money and monetary policies in the economy.
Learning 6. Define and derive aggregate demand and aggregate supply, as well as the
macroeconomic equilibrium.
Outcome
The table below shows maps the Key learning Outcomes (KLOs) to the KU
Learning Outcomes (LOs)

KLOs
Los KLO 1 KLO 2 KLO 3 KLO 4 KLO 5 KLO 6
LO.1 x x x
LO.2 x
LO.3 x x x
LO.4 x
LO.5 x x
LO.6 x x

General Knowledge Unit (GKU6): Management Information Systems Foundation

MIS Foundations refer to the fundamental concepts of IS (including hardware, software,
and information acquisition) and the support that IS provides for transactional,

Description
decisional, and collaborative business processes. It includes the collection, processing,
storage, distribution, and value of information and the ability to make recommendations
regarding IS that support and enable individuals in their daily lives as well as the
management, customers, and suppliers of the enterprise.
The following topics must be included in this KU:
1. Concepts and definitions of MIS
2. Information Systems Pillars: Software, Hardware, Networks
3. Business Application Areas: Spreadsheets Applications, Accounting Information
Systems, etc.
4. Technology infrastructure: Hardware and System Software
5. Internet Technologies
Topics 6. Business Systems Development Methodologies databases ERP
7. EBusiness, EGovernment, and ECommerce
8. IS Role in Business Strategy/Strategic Information Systems
9. Databases
10. Business Intelligence and Data Analysis
11. Enterprise & Business applications
12. Emerging and Trending Technologies (AI, ML, DL, Cloud Computing, Mobility, VR,
AR, Cyber Security, etc.)
By completing this KU, students should be able to:
Learning 1. Explain the role and functions of information systems in organizations.
2. Illustrate the different methodologies to develop, acquire, or outsource business
Outcome information systems.
3. Recognize the database's role in information system, including its role in electronic
business.

18
 4. Describe emerging and trending technologies, (such as Artificial Intelligence (AI),
Machine Learning (ML), Deep Learning (DL), Cloud Computing, Mobility, Virtual
Reality (VR), and Augmented Reality (AR)), and discuss how these technologies
may affect the business environment.
5. Demonstrate an understanding of roles and components of e-business, e-
commerce, and e-government in organization.
6. Describe the main concepts of business intelligence, including data processing,
collection, visualization, and show how it plays a significant role in business context,
especially in the decision-making process.

The table below shows maps the Key learning Outcomes (KLOs) to the KU Learning
Outcomes (LOs)
KLOs
LOs
KLO 1 KLO 2 KLO 3 KLO 4 KLO 5 KLO 6
LO.1 x
LO.2 x
LO.3 x x
LO.4 x x x
LO.5 x x
LO.6 x x x

General Knowledge Unit (GKU7): Operations Management

The unit examines the conceptual framework, essential concepts, theories, and
practices of major topics in operations management field. It coves main topics
such as productivity, operations strategies, product design, linear programming
Description models, demand forecasting, as well as dealing with cases of studies related to
operations management functions. It covers topic related to formulating plans and
strategies as well as applying the essential operations knowledge and skills in
different situations in order to improve managerial skills and the organization's
performance.
The following topics must be included in this KU:
1. Foundation of operations management.
2. Operation, productivity, operation strategy and performance.
Topics 3. Product design.
4. Linear programming models.
5. Forecasting demand.
6. Location decisions.
7. Fundamentals of Project management

19
 By completing this KU, students should be able to:
1. Interpret the importance of the operations function and its impact for business
performance in production and service organizations.
2. Differentiate between authentic, duplicate, and counterfeit merchandise.
3. Apply appropriate quantitative techniques to develop and evaluate operation
plans and operation performance.
4. Develop and evaluate operation strategies, policies, procedures and examine
their alignment with organization’s mission.
Learning 5. Apply project management techniques to accomplish business tasks.

Outcome The table below shows maps the Key learning Outcomes (KLOs) to the KU
Learning Outcomes (LOs)

KLOs
LOs
KLO 1 KLO 2 KLO 3 KLO 4 KLO 5 KLO 6
LO.1 x
LO.2 x
LO.3 x x x x
LO.4 x x x x
LO.5 x x x x

General Knowledge Unit (GKU8): Principles of Management

This unit examines the conceptual framework, essential concepts, theories, and
practices of major topics in management field and functions. Topics include
Description planning, organization, leading, controlling, ethics in management, decision-
making, social responsibilities as well as dealing with cases of studies related
to management functions.
The following topics must be included in this KU:
1. Basic concepts of management.
2. History and evolution of management principles.
3. Organization’s culture and environment.
Topics 4. Managerial Decision-making.
5. Management functions: organizing, leading, motivation, communicating,
and controlling.
6. Functions of the organization.
7. Human Resource Management
8. Organizational Planning and Controlling
By completing this KU, students should be able to:
1. Describe the management's functions, concepts, and theories.
2. Explain the importance of effective management and its impact on business
performance.
3. Recognize the role of management policies and procedures in businesses
including social responsibilities and ethical practices.
4. Apply management techniques and decision-making skills to solve
Learning managerial problems.

Outcome The table below shows maps the Key learning Outcomes (KLOs) to the KU
Learning Outcomes (LOs)

KLOs
LOs
KLO 1 KLO 2 KLO 3 KLO 4 KLO 5 KLO 6
LO.1 x x
LO.2 x x
LO.3 x
LO.4 x x x

20
General Knowledge Unit (GKU9): Principles of Marketing
Principles of marketing is a fundamental area in business, which focuses on
identifying the marketing concept and orientation. Explaining the essential issues
in marketing that recommended for business and non-businesspeople to know.
How the marketing functions operate in a dynamic and competitive environment.
Description It deals comprehensively with the practices and challenges of the marketplace and
explain what and how designing of marketing mix. More than that, it includes topics
regarding marketing process and environment, information systems and buyer
behavior, segmentation, targeting, and positioning strategies, and strategies
related to marketing mix variables.
The following topics must be included in the KU:
1. Marketing concept and marketing orientation.
2. Market segmentation and targeting.
3. Positioning and marketing Mix.
4. Product life cycle, development, and branding.
Topics 5. Promotion.
6. Distribution (Basic Channels and Supply Chain Issues).
7. Pricing.
8. International marketing (Modes of entry and Environmental Factors).
9. Marketing ethics and social responsibility
10. Marketing environment.
By completing this KU, students should be able to:
1. Explain the importance of marketing in value creation.
2. Analyze the marketing environment.
3. Define the components of the marketing mix and apply the components in
making marketing decisions.
4. Explain the buying process and the influencing factors related to individual
consumer and organizations.
5. Design basic market segments, targets, and product positioning according to
Learning marketing strategies.

Outcome The table below shows maps the Key learning Outcomes (KLOs) to the KU
Learning Outcomes (LOs)

KLOs
LOs KLO 1 KLO 2 KLO 3 KLO 4 KLO 5 KLO 6
LO.1 x x
LO.2 x x
LO.3 x x
LO.4 x x x
LO.5 x x x

General Knowledge Unit (GKU10): Strategic Management

The unit examines the theoretical, conceptual framework of strategic
management. It illustrates the processes of strategy formulation, and
Description implementation. The unit topics also include international business environment,
as well as dealing with environmental scanning. It also explains the techniques
and processes of performance management and strategy control.
The following topics must be included in this KU:
1. Strategy concepts and theories.
2. External environment analysis.
Topics 3. Stakeholder analysis.
4. Strategy analysis tools for external environment analysis, firm analysis,
stakeholders' analysis, SWOT (Strengths-Weaknesses-Opportunities-
Threats) analysis.

21
 5. Business portfolio selections.
6. Strategy implementation.
7. Strategy control.
8. Strategic performance management.
By completing this KU, students should be able to:
1. Explain strategic management functions, concepts, and processes.
2. Apply different strategy analysis tools to analyze businesses.
3. Develop a business strategy plan.
4. Apply strategic measurement techniques to measure the performance of an
organization.
5. Apply strategic evaluation techniques (Porter’s five forces model, PESTEL,
and benchmarking, etc.) and control techniques (KPIs, six-sigma, balanced
Learning scorecards, etc.) to enhance organizational performance.

Outcome The table below shows maps the Key learning Outcomes (KLOs) to the KU
Learning Outcomes (LOs)

KLOs
LOs KLO 1 KLO 2 KLO 3 KLO 4 KLO 5 KLO 6
LO.1 x x
LO.2 x x
LO.3 x x x
LO.4 x x
LO.5 x x

Specialized Knowledge Unit (SKU1): Risk Management & Insurance

The main purpose of this unit is to provide a general background for risk and its
types, insurance and its types, risk management, and analysis of insurance
contracts. Moreover, study of the Fundamental Legal principles of insurance and
Description more generally, to help students acquire an understanding of the Insurance
Company Technical Operations e.g. pricing, underwriting, claim adjusting, and
marketing of insurance. As well, the study of the main common types of insurance
in Saudi Arabia e.g. Automobile Insurance and Health Insurance.
The following topics must be included in this KU:
1. Risk and its treatment.
2. Insurance and Risk.
3. Introduction to Risk Management
Topics 4. Types of insurers
5. Analysis of Insurance Contracts
6. Fundamental Legal principles of Insurance
7. Insurance Company Technical Operations
8. Health Care and Individual Health Insurance
9. Automobile Insurance.

22
 By completing this KU, students should be able to:
1. Define the risk and terms related to it.
2. Distinguish the difference between the insurable risks and the non-insurable
risks.
3. Identify the optimal method(s) to manage any risk whether for an enterprise
or a family.
4. Describe the insurance contract for different types of Insurance.
5. Interpret legal principles of insurance contract.
6. Explain and analyze the main functions of insurance companies’ operations:
pricing, marketing, underwriting, and settlement of claims.
7. Discuss Health Insurance and Automobile Insurance.
Learning The table below shows maps the Key learning Outcomes (KLOs) to the KU
Outcome Learning Outcomes (LOs)

KLOs
LOs
KLO 1 KLO 2 KLO 3 KLO 4 KLO 5 KLO 6
LO.1 x x x
LO.2 x x x
LO.3 x x x
LO.4 x x x
LO.5 x x x x
LO.6 x x
LO.7 x x

Specialized Knowledge Unit (SKU2): Property and Liability Insurance

The aim of this unit is to provide the difference between Protection and Savings
Insurance and Property and Liability Insurance by studying the characteristics of
general insurance, characteristics of risks, and characteristics of Policies.
Description Moreover, analysis of the commercial property insurance and liability insurance
contracts, including commercial property, commercial general liability, fire, crime,
inland marine, aviation, boiler and machinery, and commercial auto policies.
Understand the different stages for issuing insurance contracts of different types
of properties insurance.
The following topics must be included in this KU:
1. Property and Liability risks.
Topics 2. Property and Liability Insurance.
3. Policies of Property and Liability Insurance
4. Legal principles of Property and Liability Insurance.
5. Insurance contracts.

23
 By completing this KU, students should be able to:
1. Explain and analyze the Characteristics of the risks and Policies of Property
and Liability Insurance, and Identify their benefits.
2. Identify and classify the different types of Property and Liability Insurance (fire
insurance, home insurance, marine insurance, car insurance, aviation
insurance and, liability insurance).
3. Illustrate the underwriting for any type of Property Insurance and Liability
Insurance.
4. Calculate premiums for any type of Property and Liability Insurance
5. Indicate the legal principles for every type of Property and Liability Insurance.
6. Discuss the different stages for issuing insurance contracts for every type of
Learning Property and Liability Insurance.

Outcome The table below shows maps the Key learning Outcomes (KLOs) to the KU
Learning Outcomes (LOs)

KLOs
LOs
KLO 1 KLO 2 KLO 3 KLO 4 KLO 5 KLO 6
LO.1 x x x
LO.2 x x x
LO.3 x x x x
LO.4 x x
LO.5 x x
LO.6 x x x x

Specialized Knowledge Unit (SKU3): Protection and Savings Insurance

The aim of this unit is to provide a deep understanding of the various
characteristics of Protection and Savings Insurance and distinguish between it and
Property and Liability Insurance. Knowing the types of protection and savings
insurance risks, besides understanding the differences between the different
policies of Protection and Savings Insurance and their uses. Moreover, study of
Description the different types of protection and savings insurance e.g. Individual protection
and savings insurances, Group protection and savings insurance, Industrial
protection and savings insurances, Protection and savings insurances with
participation in profits). Also, this unit studies the Saudi insurance market and
insurance products and Scientific concepts of pricing in protection and savings
insurance, besides how to prepare program of protection and savings insurance
for the individual and the family.
The following topics must be included in this KU:
1. Protection and savings insurance.
2. Policies of protection and savings insurance
Topics 3. Sum insured in the protection and savings insurance policies.
4. Issuing an individual protection and savings insurance policy
5. The Saudi insurance market.
6. Pricing of protection and savings insurance policies.

24
 By completing this KU, students should be able to:
1. Recognize the characteristics of the risks and policies of protection and
savings insurance, their development, the scientific concepts of their pricing,
and identify their benefits.
2. Classify the different types of protection and savings insurance (Individual
protection and savings insurances, Group protection and savings insurance,
Industrial protection and savings insurances, Protection and savings
insurances with participation in profits)
3. Illustrate the Sum insured in the protection and savings insurance policies.
4. Calculate premiums for any type of protection and savings insurance policies.
5. Indicate the practical stages of issuing a protection and savings insurance
Learning policy.

Outcome The table below shows maps the Key learning Outcomes (KLOs) to the KU
Learning Outcomes (LOs)

KLOs
LOs
KLO 1 KLO 2 KLO 3 KLO 4 KLO 5 KLO 6
LO.1 x x
LO.2 x x x
LO.3 x x x
LO.4 x x x
LO.5 x x

Specialized Knowledge Unit (SKU4): Mathematics of Insurance

The aim of this unit is to provide a deep understanding of the various aspects of
the mathematics of insurance and its applications in different fields of insurance
(Protection and Savings Insurance, Property and Liability Insurance). Knowing the
Description calculation of risk premiums and gross premiums and reserves for different
policies in the different fields of insurance (life, property, and liability). Moreover,
study of the different statistical techniques (Probability distributions, decision
theory, Bayesian statistics, loss distributions, risk models, Individual models, and
Collective models)
The following topics must be included in this KU:
1. Calculation of risk premium.
2. Calculation of gross premium.
Topics 3. Calculation of reserves.
4. Probability distributions (discrete -Continuous)
5. Bayesian statistics and loss distributions
6. Risk models (Individual models, and Collective models).

25
 By completing this KU, students should be able to:
1. Calculate and assess the risk premiums for the different Protection and
Savings Insurance policies, and the different property and liability insurance
policies.
2. Calculate and assess gross premium for the different Protection and Savings
insurance policies and the different property and liability insurance policies.
3. Calculate the reserves of the different Protection and Savings Insurance
policies.
4. Break down the Probability distributions (discrete -Continuous)
5. Identify the parameters of the different probability distributions (discrete -
Continuous)
Learning 6. Use Bayesian statistics, loss distributions and risk models (Individual models,
and Collective models) for various premium calculations.
Outcome
The table below shows maps the Key learning Outcomes (KLOs) to the KU
Learning Outcomes (LOs)

KLOs
LOs KLO 1 KLO 2 KLO 3 KLO 4 KLO 5 KLO 6
LO.1 x x x
LO.2 x x x
LO.3 x x
LO.4 x x x
LO.5 x x x
LO.6 x x x

Specialized Knowledge Unit (SKU5): Actuarial Statistics

Actuarial Statistics provides knowledge about the applied statistics in the different
Description lines of insurance and its importance for ratemaking of different types of insurance.
This course concentrates study of the force of mortality, Life Tables: Select and
Ultimate, Graduation and Statistical Tests, Methods of Graduation.
The following topics must be included in this KU:
1. Exposed to risk, and probability of death.
Topics 2. Study force of mortality.
3. Study the different methods of Graduation and Statistical Tests
4. Construction the different Life Tables: Select table, Ultimate table.
5. Study survival models

26
 By completing this KU, students should be able to:
1. Calculate the economic value of the insured in Protection and Savings
Insurance.
2. Define the moment mortality rate, annual mortality rate, and central mortality
rate in the life table.
3. Interpret the different methods of Graduation of the life table.
4. Appraise Statistical Tests and their applications and its interpretation.
5. Construct the Life table.
Learning
The table below shows maps the Key learning Outcomes (KLOs) to the KU
Outcome Learning Outcomes (LOs)

KLOs
LOs KLO 1 KLO 2 KLO 3 KLO 4 KLO 5 KLO 6
LO.1 x x x x
LO.2 x x
LO.3 x x x
LO.4 x x x
LO.5 x x x x x

Specialized Knowledge Unit (SKU6): Reinsurance

The aim of this unit is to provide the concept of reinsurance and the various types
of treaties of reinsurance. Knowing the different methods of reinsurance
(facultative, treaty, and, facultative treaty reinsurance). Besides, the different types
Description of treaties of reinsurance (proportional and nonproportional) and their conditions
and understanding the differences between of them. Moreover, knowledge of
differences between reinsurance and co-insurance, and functions of reinsurance
and its benefits.
The following topics must be included in this KU:
1. Concept of reinsurance and its definition
2. The different methods of reinsurance
Topics 3. Types of treaties of reinsurance
4. The different types of treaties (proportional and nonproportional).
5. Pooling of reinsurance.
6. Differences between reinsurance and co-insurance.
By completing this KU, students should be able to:
1. Define the types of reinsurance: facultative, treaty, and pooling reinsurance.
2. Illustrate the difference between the proportional and nonproportional treaties.
3. Choose the optimal treaty for original insurance company.
4. Distinguish the difference between reinsurance and co-insurance.

Learning
The table below shows maps the Key learning Outcomes (KLOs) to the KU
Learning Outcomes (LOs)

Outcome LOs KLOs

KLO 1 KLO 2 KLO 3 KLO 4 KLO 5 KLO 6
LO.1 x x x x
LO.2 x x x
LO.3 x x
LO.4 x x
LO.5 x x

27
28