Master of Science in Enterprise Risk Management Online
Enterprise risk leadership for a changing world
Enterprise risk management is a cross-functional discipline that integrates strategy, regulation, data, technology, and human decision-making to help organizations anticipate uncertainty and remain resilient. The Master of Science in Enterprise Risk Management prepares professionals to lead risk-informed decisions across complex, regulated, and technology-enabled environments.
All students begin with a shared core foundation that develops enterprise-wide risk expertise. Through applied coursework, students learn to design and evaluate risk frameworks using industry standards such as COSO ERM, ISO 31000, and NIST; apply quantitative methods and analytics to assess uncertainty; strengthen risk culture and ethical decision-making; manage complex risk initiatives; and communicate risk clearly to executives, boards, and regulators.
The program culminates in an applied capstone practicum, where students complete a real-world enterprise or technology risk engagement and deliver a board-level risk assessment or governance framework.
Earn your degree 100% online, part-time, and at your own pace —the MS in Enterprise Risk Management program allows students worldwide to balance their personal and professional commitments.
Classes for this new program will begin in the winter of 2027. Find out more today!
Choose your specialization
General Enterprise Leadership Track
The General Enterprise Leadership track is designed for students pursuing broad ERM leadership roles across corporate, public, and regulated sectors. Coursework emphasizes regulatory compliance and consumer protection, decision-making under uncertainty, operational risk and resilience, business continuity and crisis management, enterprise change leadership, and data analytics for risk management. Graduates are prepared to lead organization-wide risk programs, oversee resilience and continuity planning, and guide stakeholders through regulatory, operational, and strategic disruption.
AI & Technology Risk Specialization
The AI & Technology Risk Leadership specialization focuses on emerging risks driven by advanced technologies and digital transformation. Students develop specialized expertise in generative AI and machine learning risk, responsible AI governance, cybersecurity and cloud risk, digital assets, and intelligent automation. Coursework emphasizes governance frameworks, regulatory expectations, ethical deployment, and data-driven risk monitoring — preparing graduates to guide responsible innovation and manage technology risk at the enterprise level.
About the MS in Enterprise Risk Management
Program Goals
The Master of Science in Risk Management offers a comprehensive, multidisciplinary curriculum designed for professionals across industries who are responsible for identifying, assessing, and managing organizational risk. While students will gain technical and analytical skills to design and implement risk frameworks, the program places equal emphasis on leadership, strategic communication, and decision-making skills that enable graduates to anticipate emerging risks, influence executive stakeholders, and drive resilient transformation. Learning through case studies, and industry-aligned projects, graduates will be prepared to assume roles such as Risk Director, Chief Risk Officer, Chief Technology Risk Officer, AI Governance Lead, and other senior manager or advisory positions focused on risk strategy, compliance, and innovation.
Students who successfully complete the program will be able to:
- Design and implement integrated enterprise risk frameworks aligned with COSO ERM, ISO 31000, and NIST standards to manage strategic, operational, and technology-related risks.
- Evaluate and manage operational risk using data-driven methods to identify process vulnerabilities, control weaknesses, and third-party dependencies.
- Assess and mitigate technology and cybersecurity risks across cloud, data, and infrastructure environments in accordance with FFIEC, NIST CSF, and DORA requirements.
- Apply principles of AI governance and responsible AI to manage model bias, explainability, and ethical compliance in alignment with OCC, SEC, EU AI Act, and FTC expectations.
- Integrate safety, soundness, and consumer protection compliance into enterprise-wide risk programs consistent with U.S. regulatory standards (OCC, FRB, FDIC, CFPB).
- Develop risk appetite and tolerance frameworks to communicate risk priorities to boards, regulators, and senior leadership.
- Leverage automation, AI, and advanced analytics to enhance risk monitoring, issue management, and reporting efficiency.
- Demonstrate effective risk communication and executive presence, producing board-ready risk reports and presentations.
Curriculum
Students are required to complete 12 courses to earn the degree, including a capstone course. The capstone practicum in Enterprise and AI-Technology Risk is a culminating, team-based consulting engagement with real-world problems for which students deliver a final risk assessment or governance framework addressing AI, cloud, or resilience challenges.
The project includes a written report, board-level presentation, and implementation roadmap evaluated by faculty and industry reviewers.
The curriculum provides students with opportunities to apply core principles of enterprise, regulatory, operational, and technology risk management through data-driven analysis, ethical decision-making, and strategic leadership. Courses emphasize applied frameworks, quantitative reasoning, executive communication, and real-world case studies, enabling students to assess complex risk scenarios and translate risk insights into informed decisions across industries.
Admission Information
A variety of factors are considered when your application is reviewed. Background and experience vary from student to student. For a complete list of requirements, see the Admission page for SPS graduate programs.
Tuition and Financial Aid
Tuition for the Master's in Enterprise Risk Management program at Northwestern is comparable to similar US programs. Financial aid opportunities exist for students at Northwestern. Complete details can be found on the Enterprise Risk Management Tuition and Financial Aid page.
Careers in Enterprise Risk Management
Enterprise risk management has become a strategic priority as organizations navigate regulatory complexity, technological change, and global uncertainty. Risk professionals are increasingly relied upon to support executive decision-making, strengthen resilience, and manage enterprise-wide risk across finance, operations, technology, and governance.
Employers across industries are seeking professionals with expertise in risk frameworks, data-driven analysis, regulatory insight, and leadership. Graduates of enterprise risk management programs are well positioned for in-demand roles that offer strong growth potential, broad applicability, and pathways to senior leadership.
For details visit the Enterprise Risk Management Career Options page.
Find out more about the Online MS in Enterprise Risk Management
Classes begin in winter 2027
