Partnerships to ensure Risk Management in practice Erasmus Project

Project Title

Partnerships to ensure Risk Management in practice

Project Key Action

This project related with these key action: Cooperation for innovation and the exchange of good practices

Project Action Type

This project related with this action type : Strategic Partnerships for higher education

Project Call Year

This project’s Call Year is 2015

Project Topics

This project is related with these Project Topics: Enterprise, industry and SMEs (incl. entrepreneurship); Economic and financial affairs (incl. funding issues)

Project Summary

The project was based on the need to address the issues in context of risks, the situations and projects that are rapidly changing in today’s environment and conditions. The evolution of risks is directly related to the changes of technology, environment and people’s behavior which may include also other factors.
The most relevant horizontal or sectoral priority according to the objectives of the project were three:
1.Improving the quality and relevance of higher education
2.Developing basic and transversal skills using innovative methods
3.Enhancing digital integration in learning, teaching, training, and youth work at various levels
During the project activities the complexity nature of the project has been ensured because every participant, namely students and teachers took part in various project activities. They improved their knowledge and practical skills in different aspects, e.g. international communication, project management, academic knowledge. In the course of the project the experience has been gained, the exchange of the best practice, as well as the collaboration with industry has been enhanced. The emphasis was on the improvement of digital skills that were created during the building process of the Risk Managemnt simulation system in which participated students with IT background, as well students that previously did not have such practical experience.
In order to produce the planned outcomes special attention was paid to the choice of partners. There were 5 partners from three countries (Latvia, Lithuania and the Netherlands). By involving international experience of academic partners (BASBF, VIKO, and HOGESCHOOL ROTTERDAM) and, especially professionals from the industry (Balta/PZU, LAA) the project reached its planned outcomes.
Key activities of the project were related to the development of methodology of Risk Management (RM) course, Risk Management simulation game software and the establishment of guidelines for teachers and students:
1.Software of Risk Management Simulation System; The Software includes interactive simulation game that ensures the ability to simulate different business cases (e.g. the development of a new product, the development of a new sales channel, etc.). Students individually and/or in the groups are able to make risk analysis of the business cases, offered by industry or the university. During the game students should identify main risks, assess them and to select appropriate risk management strategies.
2.Methodology of Risk Management teaching/learning; Methodology of Risk Management teaching / learning provides sufficient amount of information about the risk management in both, theoretical and practical aspects. A separate section explains the use of simulation games during the Risk Management studies.
3.Guidelines for teachers / students; The main reason of this intellectual output was to develop guidelines and instructions how to use the new software: from registration in the system till the management of different scenarios and by modifying existing ones. Guideline has instructions for each software option.
In the course of the project main activities were implemented by achieving the outputs established at the beginning of the project. Activities included: local workshops of partners, transnational project meetings (5), learning/teaching/training activities (3) and in the final stage – multiplier event (Conference).
The Project outputs as well the project process itself helped to increase the awareness and expertise of Risk Management among the project partners. The developed RM study materials of common effective approaches also have a strong impact on the exchange of good practices because partner countries with different regional, demographical, economical, and social backgrounds of Europe had the opportunity to discover diverse, yet effective approaches.
A high level of participation from business and public bodies ensured the expected impact, e.g. publications of the project activities during the project, as well information about the project results in companies’ webpages, social media, even in industry overviews. Moreover, the participants participating in the project were more than expected at the beginning of the project. As a result of the project it was the opportunity to meet such strong partners as AS Latvenergo (the biggest company in Latvia), state limited Liability Company “Latvian Environment, Geology and Meteorology Centre”, Risk Managers Club (Riga, Latvia) which contributed a lot. Therefore, the project might be a valuable contribution to develop further networks in the long-run.
It should be noted that the materials developed during the project have a potential to be used in a wide range of studies (Management, Strategic Management, Project Management, Risk Management and Insurance, etc.), besides, it has a high potential for the outcome to be applied for industry needs.

EU Grant (Eur)

Funding of the project from EU: 195003 Eur

Project Coordinator

BANKU AUGSTSKOLA & Country: LV

Project Partners

• Latvijas Apdrosinataju asociacija
• BALTA
• STICHTING HOGESCHOOL ROTTERDAM
• VILNIAUS KOLEGIJA