Basic Course in Financial Risk Management
Approved by Board Member Olga Teterez on 12.11.2025, Tallinn
1. Program Title
Basic Course in Financial Risk Management.
2. Field, Program Group, and Basis for Development
Field: Business and Management
Program Group: Finance, Banking, and Insurance
Basis for development:
- Recommendations of the Estonian Ministry of Finance and the Ministry of Education and Research on financial literacy development
- Recommendations of the European Commission on financial literacy development
- Adult Education Act and relevant legal regulations
3. Goal and Learning Outcomes
Goal: To provide learners with a comprehensive understanding of how financial markets operate, the nature and management of financial risks, and to develop practical skills required for banking, investment, and financial analytics. By the end of the course, the learner will be able to assess and manage different financial risks, understand the mechanics of financial products, and apply risk-management principles at both company and investment-decision levels.
After completing the course, the learner:
- understands how financial and capital markets function and can analyze market dynamics
- explains and applies underwriting principles in risk assessment
- understands the nature, structure, and use of mortgage loans and securities
- explains the role and risks of derivatives in financial markets
- applies risk-management and entrepreneurial risk-management principles in different financial contexts
- analyzes company finance and capital structure and evaluates how investment decisions affect company value
- identifies and interprets principles of financial regulation and their market impact
- understands behavioral economics fundamentals and applies them in financial decision analysis
- explains the role of insurance in risk management and knows core insurance products
- applies management and financial-services knowledge to understand how financial institutions operate
4. Target Group and Entry Requirements
Target group:
- Beginners and mid-level specialists in finance, investment, and risk management
- Employees of financial institutions (banks, insurance companies, investment advisors)
- Entrepreneurs and managers who want to improve competence in finance and risk management
- Students and graduates in economics and finance who want to complement theory with practice
Entry requirements: Secondary education and Estonian language proficiency at B1 level.
Total course volume is 120 academic hours, including 80 classroom hours and 40 hours of independent study.
Classes are held at Harju maakond, Tallinn, Kesklinna linnaosa, Vabaduse väljak 2, 10146, and online via Zoom. Classrooms meet health and safety requirements. Coffee breaks and internet access are provided for all participants. The training center provides all necessary learning tools.
6. Training Process: Content, Methods, and Materials
| Learning structure | Content and materials | Methods |
|---|
| 16 classroom h + 8 independent h | Financial market fundamentals, insurance, and CAPM — market operation, insurance principles, CAPM usage in investment analysis | Lecture, group work, test |
| 12 classroom h + 6 independent h | Behavioral finance, forecasting, pricing, debt, and inflation — impact of behavioral factors, pricing mechanisms, impact of debt and inflation | Lecture, group work, test |
| 8 classroom h + 4 independent h | Stocks, bonds, and dividends — equity shares, capitalization, corporate governance basics, financial market history | Lecture, group work, test |
| 16 classroom h + 8 independent h | Economic downturns, bubbles, mortgage crisis, and regulation | Lecture, group work, test |
| 8 classroom h + 4 independent h | Options and bond markets — structure, functions, risks, investment opportunities, portfolio management | Lecture, group work, test |
| 12 classroom h + 6 independent h | Investment banks, underwriting, brokers, dealers, exchanges, and financial market innovation | Lecture, group work, test |
| 8 classroom h + 4 independent h | Non-profit organizations and corporations, career paths in finance | Lecture, group work, test |
7. Assessment and Completion Requirements
Training is considered completed if the learner:
- attended at least 80% of classes
- successfully completed all assessment tasks
Assessment format: Pass / Fail.
8. Issued Documents
| Condition | Document |
|---|
| Learning outcomes achieved, assessment passed | Certificate |
| Assessment not passed or not completed | Confirmation of participation and completed topics |
9. Instructor Qualifications
Andrei Gritskov — Hon. PhD (Econ.), Hon. PhD (Theol.), MBA
Audentes University — Bachelor of Business Administration (BBA), 2006. Tallinn University of Technology — Master of Business Administration (MBA), 2009. Honorary Doctor of Economics (2025). Honorary Doctor of Theology (2025).
Anzhela Melikhova — Doctor of Law
Author of over fifty research papers in civil law and teaching methodologies. Actively engaged in legal practice.
Diana Brodskaya — Chief Financial Officer
External audit of leading companies in Estonia and the EU, complex reporting areas, consolidation, and multidisciplinary cooperation. Holds a valid financial auditor license.
10. Sources
The program is inspired by learning materials from Yale University.