Professional Documents
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GROUP ASSIGNMENT
1 XIMB-PGPBFS (2010-11)
Insurance company risk managers and financial professionals focusing on the insurance sector would learn the process by which insurance companies are identifying, measuring, monitoring and controlling their financial risks. This course will be supplemented by domestic and international case studies and recent articles on topical themes in the insurance sector.
Ref: http://www.nyif.com/courses/risk_1010.html
2 XIMB-PGPBFS (2010-11)
Risk Management is the Identification, Analysis and Economic Control of those RISKS which can Threaten the Assets (Property, Human) or the Earning Capacity of an Enterprise
ENTERPRISE
OPERATIONS
FINANCIAL
STRATEGIC
KNOWLEDGE
PROCESS
CAPITAL STRUCTURE
STAKE HOLDERS
PHYSICAL ASSETS
REPORTING
GOVERNANCE
PEOPLE
MARKET STRUCTURE
LEGAL
MARKET
3 XIMB-PGPBFS (2010-11)
Handling Risk:
Risk Levels Low & Medium ormal Monitoring at the operational level
High
Close control of all potential contributing factors by the Risk Management Team
Very High
Risks of this level should be actively tracked for decisions by the Risk Management Committee.
4 XIMB-PGPBFS (2010-11)
Focus Areas for Insurance Management: Identification of Internal & External Pure Risks o Existing Risk Control Measures Review o Risk inspection o Risk Audit Scrutiny of Existing Insurance Covers o Coverage o Rates & Deductibles (Compulsory self insurance) Defining Standard SOP for Claims Control o Guidelines on documentation Key Areas of Consideration: Choice of Insurer o Industry Rating o Claims Settlement ability o Sustainability of the company o Service levels & infrastructure Choice of Intermediary o Representation of the insurance market o Knowledge of insurance amongst all industry segments o Service levels & infrastructure
5 XIMB-PGPBFS (2010-11)
Emerging Challenges: De regulation of Indian Insurance market Global markets impact on Local market Options for self insurance Market driven pricing
Risk Management and Insurance Planning:
Every organization is exposed to various risks. While many of them are pure risks like Fire, explosion, chemical release etc., some of them are speculative. Pure risks are Handled as operational and safety issues by professionals and finance personnel Have to address the risks arising out of failure of above operational and safety Measures. Together they need to ensure that the organization is able to withstand any Risks or failure of systems and can continue its operations without much struggle. The Risk Management and Insurance Planning is required for any organization to review their risk management strategies and to opt for risk transfer measures like availing Insurance cover etc. Many a times the coordination between the technical or operational Departments and finance department is difficult and an unbiased study on technical risk Management measures adopted and insurance practices followed will help the Management of the organization to manage the risk effectively and profitably.
THANK YOU
7 XIMB-PGPBFS (2010-11)