Website Headers ERM

Magister Scientiae (Msc)

120 ects


Internationally Recognised

Online application submission

Programme Structure
Academic Personnel

Τhe programme is offered jointly by the Open University of Cyprus and the Hellenic Open University. 


Risk Management is increasingly being recognized as the key for achieving and driving sustainable organizational performance, regardless if the organization is in the public sector or the private sector and industrial domains. This Master programme is designed to provide graduates with formal education on contemporary Risk Management and its natural extensions to Crisis and Emergency Management.




LEVEL: Masters

DEGREE AWARDED: Magister Scientiae (Msc)


The programme is evaluated and accredited by

ΔΙΠΑΕ μικρό




The Programme is likely to attract industry-sponsored individuals or groups, i.e. from organisations that are in the process of developing or strengthening their own risk management functions, and individuals who wish to modernize or to enhance qualifications in the area. It is also an ideal postgraduate Programme for candidates from all over the world since it focuses on all aspects of risk management in a generic format.



Employment opportunities include the following:

  • Risk Officers and Chief Risk officers in any type of organization that implements, or is in the process of implementing an Integral Risk Management function. 
  • Managers or Directors in any type of organization where they will be required to handle crises and emergencies, and to develop formal risk, crisis, or emergency management processes.

The Open University of Cyprus (OUC), through its participation in the European project "Liaison Offices with the Labour Market", offers to students of all its programmes of study, the optional and free of charge Thematic Unit (i.e. Module) entitled "Industry Placement". This module provides students opportunities for a placement to gain professional experience in their particular field of study, and the hosting institution can be any public or private organisation operating in the Republic of Cyprus.

Each student has the right to participate in this offering once or twice during his / her studies, provided that s/he meets the required conditions.

Request more information by contacting the OUC Liaison Office here.




  • Applicants must hold an undergraduate degree from a valid/recognized higher education institution.
  • All candidates must have a very good knowledge of the English language in order to be able to attend successfully the programme. Further information can be found here.



The tuition fees for each Module (Thematic Unit) amount to €500, while for the Master Thesis amount to €2000.

The tuition fees for the completion of the Master programme in "Enterprise Risk Management " amount to €6,000.

As far as discounts and scholarships are concerned, the OUC related policy is in effect.



Applications can be submitted exclusively online:

Αιτήσεις Αγγ χωρίς ημερομηνίσ

 Application dates for the fall semester of the academic year 2023-2024: August 8 - August 23, 2023.


Enterprise Risk Management - Previous Structure 



To receive the joint Master's degree in "Enterprise Risk Management", students must successfully complete the academic requirements of eight (8) semester-long  modules and successfully complete a Master's thesis. 


Programme Study Layout            
Enterprise Risk Management (ERM)
Modules Semester Required
/ Elective      
Pre-requisite Modules  Co- requisite Modules Workload
Hours ECTS
ERM511 Principles of Economics for Risk Management 1 Required   ERM512 250 – 300 10
ERM512 Advanced Quantitative Methods for Risk Management 1 Required     250 – 300 10
ERM513 Risk  and Risk Management 1 Required   ERM512 250 – 300 10
ERM521 Management Principles & Human Resources in an environment of Risk 2 Required     250 – 300 10
ERM522 Predictive Analytics in Risk Management 2 Required ERM512   250 – 300 10
ERM523 Risk Management Standards and Techniques 2 Required ERM513   250 – 300 10
ERM611 Crisis Management 3 Required ERM513   250 – 300 10
ERM612 Business Continuity Planning 3 Required   ERM611 250 – 300 10
ERM701A Master Thesis Ι 3 Required ERM512   250 – 300 10
ERM701Β   Master Thesis ΙΙ 4 Required ERM511, ERM512, ERM513, ERM521, ERM522, ERM523,
ERM611, ERM612
ERM701Α 750 – 900 30
Total     3000-3600 120



Academic Coordinator: Christina Diakaki, Associate Professor,

Athanasios Michiotis, Associate Professor, 

Adjunct Faculty (Tutors)

Ανοικτό Πανεπιστήμιο Κύπρου - Open University of Cyprus has 4 registered members
Αναστάσης Πέτρου (Anastasis Petrou)
ERM601: Crisis Management and Business Continuity Planning, ERM611: Crisis Management, ERM612: Business Continuity Planning
Module Coordinator

Αγγελική Μενεγάκη (Angeliki Menegaki)
ERM511: Principles of Economics for Risk Management
Module Coordinator

Αντώνιος Ταργουτζίδης (Antonios Targoutzidis)
ERM503: Risk Management and Risk Management Standards, ERM513: Risk and Risk Management
Module Coordinator

Παντελής Υψηλάντης (Pandelis Ipsilandis)
ERM502: Advanced Quantitative Methods for Managers, ERM512: Advanced Quantitative Methods for Risk Management
Module Coordinator


For additional information, please contact Ms. Yianna Charalampous (

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