NATIONAL INSURANCE ACADEMY

PUNE

 

P666 – ENTERPRISE RISK MANAGEMENT (NON-LIFE)

(2024 - 25)

 

Background:

 

The insurance industry all over the world is undergoing severe turbulence mainly because risk landscape across countries has become highly dynamic, interdependent, and vulnerable to broader exposure and greater severity. This has led to the emergence of stringent regulations through Risk Based Capital (RBC), Solvency II, Asset Liability Management and IFRS, etc. In particular, IAIS standard on Enterprise Risk Management (ERM), RBC guidelines and Solvency II norms make it mandatory for insurers to have advanced ERM initiatives under Own Risk Solvency Assessment (ORSA). With rising CAT exposures coupled with economic, financial, political, and technological risks, managing these risks has become more challenging to the key stakeholders: insurers, reinsurers, risk managers, brokers, customers, regulators, etc.

 

More importantly, Leaders in the today’s corporate world must be able to identify and manage not only the core insurance business risks but also proactively manage external risks originating from economic, environmental, strategic, political, operational, and technological changes.

 

Objectives:

 

At the end of the programme participants will be able to understand and appreciate:

 

§  The Dynamics of Integrated ERM – including ISO 3100 & Updated COSO Framework

§  Own Risk Solvency Assessment (ORSA) and its implications on General insurance companies

§  Development of Advanced Capital Model and Allocation of Capital in accordance with the risk profile of company

§  Asset Liability Management (ALM)and its implications on Market and Liquidly Risks.

§  Risk Mitigation Strategies including Reinsurance and ART mechanism to manage all the major risks comprehensively.

 

Contents:

 

§  Integrated ERM Concept under the changing market scenario including Risk Based Solvency Capital

§  New updated COSO Principles and ERM Guidelines by IAIS

§  Own Risk Solvency Assessment (ORSA) and its implications on General insurance companies

§  ERM and Business Strategy; Integration of Risk Models with the insurer’s business strategy and plan.

§  Assessment of Insurance Business Risks in the context of RBC and ORSA guidelines

§  Development of Advanced Capital Model and Allocation of Capital in accordance with the risk profile of company

§  Asset Liability Management (ALM)and its implications on Market and Liquidly Risks

§  Investment Risks and Risk Mitigation Strategies

§  Management of Operational Risks including Cyber Risks; Assessments and Mitigation Strategies including Data Retrieval and Business Continuity Planning.

§  Social Media and Reputation Risk; Assessment and Implications on Insurance Business  

§  Rising Exposures of Emerging Risks including Catastrophic and Pandemic Risks; Assessment and Risk Mitigation Strategies, including Reinsurance and Alternative Risk Transfer Mechanism (ART) and Risk Pool.

 

Participants’ Profile:

 

Senior Executives / Officers (Scale III to VI from all Depts.) from General Insurance / Reinsurance Companies in National and International Markets.

 

Duration:       3 Days

 

Dates:            

 

     I.     19.06.2024 - 21.06.2024 

  II.     16.12.2024 - 18.12.2024