Universities and colleges love introducing new courses, whether it is "Financial mathematics", "Bioinformatics", "Philosophy of Physics" or "Current trends in nanotechnology"?
Should un-tenured faculty get involved in these enterprises?
Over the years I have seen many such ventures and been involved in some at a range of institutions. Often these proposals are driven by a departments desire to boost student numbers, particularly by attracting students from other majors and programs. Thus, many of the offerings are cross-disciplinary and so involve more than one department.
Often attempts are made to recruit un-tenured faculty or research staff to help teach or start these courses, with a vague promise that if it goes well there may be a permanent job associated with it.
There is a simple question that can be asked to determine whether or not you should get involved:
Is there any department or major which will make it compulsory for their students to take the course?
To make this explicit. For a course in financial mathematics: will it be compulsory for mathematics or finance/economics/business majors?
If the answer is yes. Then the course may be viable.
Usually the answer is no.
This may mean the course will struggle to attract significant student numbers. It will not be a big money (or goodwill) generator for your department. The course may then gradually die out. Furthermore, who will be to blame? Not, the senior faculty member who enthusiastically proposed the course. Rather, probably the junior faculty who spent all the time developing it and teaching it to small classes.