Risk management is the process of identifying, assessing and controlling threats to an organization's capital and earnings. These threats, or risks, could stem from a wide variety of sources, including financial uncertainty, legal liabilities, strategic management errors, accidents and natural disasters
Risks which are not capable of avoidance, prevention, reduction to a large extent or assumption may be transferred from one party to the other party. The basic objective of insurance is to transfer the risk of a person to the insurance company which has easily spread it over a large number of persons insuring similar risks. As such, for handling risks which involve large financial losses or which are dangerous, insurance is a means of shifting such risks in consideration of a nominal cost called premium.
This presentation is the one stop point to learn about Basel Norms in the Banking
This is the most comprehensive presentation on Risk Management in Banks and Basel Norms. It presents in details the evolution of Basel Norms right form Pre Basel area till implementation of Basel III in 2019 along with factors and reason for shifting of Basel I to II and finally to III.
Links to Video's in the presentation
Risk Management in Banks
https://www.youtube.com/watch?v=fZ5_V4RW5pE
Tier 1 Capital
http://www.investopedia.com/terms/t/tier1capital.asp
Tier 2 Capital
http://www.investopedia.com/terms/t/tier2capital.asp
Basel I
http://www.investopedia.com/terms/b/basel_i.asp
Capital Adequacy Ratio
http://www.investopedia.com/terms/c/capitaladequacyratio.asp
Basel II
http://www.investopedia.com/video/play/what-basel-ii/?header_alt=c
Basel III
http://www.investopedia.com/terms/b/basell-iii.asp
RBI Governor - Raghuram G Rajan on the importance if Basel III regulations
https://youtu.be/EN27ZRe_28A
Risk management is the process of identifying, assessing and controlling threats to an organization's capital and earnings. These threats, or risks, could stem from a wide variety of sources, including financial uncertainty, legal liabilities, strategic management errors, accidents and natural disasters
Risks which are not capable of avoidance, prevention, reduction to a large extent or assumption may be transferred from one party to the other party. The basic objective of insurance is to transfer the risk of a person to the insurance company which has easily spread it over a large number of persons insuring similar risks. As such, for handling risks which involve large financial losses or which are dangerous, insurance is a means of shifting such risks in consideration of a nominal cost called premium.
This presentation is the one stop point to learn about Basel Norms in the Banking
This is the most comprehensive presentation on Risk Management in Banks and Basel Norms. It presents in details the evolution of Basel Norms right form Pre Basel area till implementation of Basel III in 2019 along with factors and reason for shifting of Basel I to II and finally to III.
Links to Video's in the presentation
Risk Management in Banks
https://www.youtube.com/watch?v=fZ5_V4RW5pE
Tier 1 Capital
http://www.investopedia.com/terms/t/tier1capital.asp
Tier 2 Capital
http://www.investopedia.com/terms/t/tier2capital.asp
Basel I
http://www.investopedia.com/terms/b/basel_i.asp
Capital Adequacy Ratio
http://www.investopedia.com/terms/c/capitaladequacyratio.asp
Basel II
http://www.investopedia.com/video/play/what-basel-ii/?header_alt=c
Basel III
http://www.investopedia.com/terms/b/basell-iii.asp
RBI Governor - Raghuram G Rajan on the importance if Basel III regulations
https://youtu.be/EN27ZRe_28A
A PROJECT REPORT ON RISK ANALYSIS AND RISK MANAGEMENT IN INVESTING IN INSUR...Abhishek Raj
The project has been undertaken to know about different types of risk that can covered by insurance policies and how to analyse and mange those risks as there are various types of risk that a person can suffers in his life term.
The project talks about what are the various things that customer should consider before buying an insurance policy and various steps that need to consider before buying it.
The study investigates the impact of risk management on performance of insurance companies. The research was done in Nairobi, in particular AIG insurance company where most of the respondent’s work. AIG have made investments in personnel, processes and technology to help control business risk. Historically, these risk investments have focused primarily on financial controls and regulatory compliance. The objectives of this study were aimed at knowing the impact of risk management on performance of insurance companies. Random sampling was used to select fifty one respondents. The research instruments majorly used included a set of questionnaires; for the respondents. The data collected has been presented using descriptive techniques and especially frequency distribution tables, pie charts and bar graphs. The findings of the study reveal that on operational risk management the underlying causes of operational risk losses are not always initially observable. It can be difficult to uncover the exact chain of events that led to the occurrence of the loss. In addition, one cause might be linked to more than one event or one event may have multiple causes (eg cascading control failures), resulting in different types of losses that could be covered by different insurance policies. On governance risk management through training and related activities aimed at building aimed at building awareness of the importance of ERM, roles and responsibilities and value to be derived from ERM. These results point to appropriate focus on risk governance since relevant, on time information risk and responsibilities. Reduced enterprise IT support / budgets and increased ease of technology deployments has led to multiple “shadow IT” organizations within enterprises. Shadow groups tend to not follow established control procedures. On strategic risk management, boards are seeing rapid increases both in the speed with which risk events take place and the contagion with which they spread across different categories of risk. They are especially concerned about the escalating impact of ‘catastrophic’ risks, which can threaten an organisation’s very existence and even undermine entire industries.
Protecting pastoralists against mortality losses due to severe forage scarcityILRI
Presented by Andrew Mude at the Workshop on The Future of Pastoralism in Africa: International Conference to Debate Research Findings and Policy Options, Addis Ababa, 21-23 March 2011.
Preparing for cyber insurance - FERMA - Insurance Europe - BIPARFERMA
The guide “Preparing for cyber insurance” outlines how organisations with an interest in accessing cyber insurance can best prepare for discussions with insurance intermediaries and insurers. It also provides tools to help organisations evaluate cyber insurance offers and how they may translate in practice.
Joseph Alaban from RIMANSI Organization for Asia and the Pacific, Inc speaks about Microfinance and Micro-insurance. (Jan 30, PACAP Community Development Forum: Microfinance Amidst the Global Financial Crisis)
As part of the global agenda of insuring for sustainable development, the Impact Insurance Facility (www.impactinsurance.org) and the PSI Initiative (www.unepfi.org/psi) are organizing a webinar series with the theme, “Making inclusive insurance work”. The fourth webinar had the topic "SMEs and value chains" and was held on 16 March 2017.
Speakers: Jeremy Gray (Cenfri) and Nick Smith (AXA). Moderator: Alice Merry (ILO's Impact Insurance Facility).
Insurance is a social device for spreading the chance of financial loss among
a large number of people. Insurance protects against pure risk.
Risk is the possibility of losing economic security.
Risk can be of two kinds: speculative or pure And only pure risks are insurable
Pure risk involves only two possible outcomes:
loss or no loss, with no possibility of gain or profit
Speculative Risk
involves three possible outcomes: loss, no loss or profit
The Law of Large Numbers:
The average of the results obtained from a large number of trials should
be close to the expected value.
Underwriting:
The process of selecting certain types of risks that have historically
produced a profit.
Peril:
A potential cause of loss. Accident, fire, and theft are common perils.
Hazard:
Anything that increases the seriousness of a loss or increases
the likelihood that a loss will occur.
Adverse Selection:
Is the tendency of person with a higher than average chance
of loss to seek insurance at the average state, which if not
Controlled by underwriting, result in higher than expected
Loss levels.
Insurance is not same as gambling. Gambling is creat a new
speculative risk and socially is unproductive but insurance
Deals with pure risk and socially is productive.
Insurance is not same as hedging. Insurance involves the
Transfer of pure risk and reduce objective risk but hedging
Involves just the transfer of speculative risk not risk
Reduduction.
Types of Insurance:
Private insurance, consist of health insurance, property and
liabilty insurance.
Government Insurance, cnosist of social insurance and other
Government insurance programs.
How does insurance work?
You pay a fee called a premium, and in exchange,
the insurance company agrees to pay you a certain
amount of money
-Basic Characteristics Of Insurance
Pooling of losses
Payment of fortuitous losses
Risk transfer
Indemnification
-Pooling of losses
Spreading of losses incurred by the few over the entire group.
• Key mechanism is “law of large number”.
• Future losses are predicted based on law of large number.
Note
• Pooling of loss is the spreading of losses incurred by the few over the
entire group so that in the process average loss is substituted for actual loss.
• The primary purpose of pooling is to reduce the variation in possible
Outcomes , which reduces risk.
-Payment of fortuitous losses
A fortuitous loss is one that is unforeseen and
unexpected and occurs as a result of chance.
Insurance policies do not cover intentional losses
-Risk Transfer
Risk transfer means that a pure risk is transferred from
the insured to the insurer,who typically is in a stronger
Financial position to pay the loss than the insured.
-Indemnification
Means that the insured is restored to his or her approximate
financial position prior to the occurrence of the loss.
- Insurable Risk
Insurer normally insure only pure risk.
The present book is a great step in forward direction of Indian Insurance sector ; and I have no doubt that after studying this book in detail and getting through the examination successfully, the insurance agent will gain substantially in accomplishing the tasks that are assigned to him or her. I would keenly look forward to its huge success in the Indian insurance domain in the days to come.
November 2017 Reprint - Actively Manage Your Risk with a Captive Insurance Co...CBIZ, Inc.
Captive insurance companies are increasingly being considered as part of insurance and risk management practices. They hold benefits for companies across a range of industries, and may be of particular interest to the Commercial Real Estate sector.
Ms. Rima Antonios was the speaker with PMI Lebanon Chapter for November 2019 and delivered a lecture about the Hidden Insurance Policies in Projects.
PMI Lebanon Chapter Monthly Talk
Enterprise Excellence is Inclusive Excellence.pdfKaiNexus
Enterprise excellence and inclusive excellence are closely linked, and real-world challenges have shown that both are essential to the success of any organization. To achieve enterprise excellence, organizations must focus on improving their operations and processes while creating an inclusive environment that engages everyone. In this interactive session, the facilitator will highlight commonly established business practices and how they limit our ability to engage everyone every day. More importantly, though, participants will likely gain increased awareness of what we can do differently to maximize enterprise excellence through deliberate inclusion.
What is Enterprise Excellence?
Enterprise Excellence is a holistic approach that's aimed at achieving world-class performance across all aspects of the organization.
What might I learn?
A way to engage all in creating Inclusive Excellence. Lessons from the US military and their parallels to the story of Harry Potter. How belt systems and CI teams can destroy inclusive practices. How leadership language invites people to the party. There are three things leaders can do to engage everyone every day: maximizing psychological safety to create environments where folks learn, contribute, and challenge the status quo.
Who might benefit? Anyone and everyone leading folks from the shop floor to top floor.
Dr. William Harvey is a seasoned Operations Leader with extensive experience in chemical processing, manufacturing, and operations management. At Michelman, he currently oversees multiple sites, leading teams in strategic planning and coaching/practicing continuous improvement. William is set to start his eighth year of teaching at the University of Cincinnati where he teaches marketing, finance, and management. William holds various certifications in change management, quality, leadership, operational excellence, team building, and DiSC, among others.
Putting the SPARK into Virtual Training.pptxCynthia Clay
This 60-minute webinar, sponsored by Adobe, was delivered for the Training Mag Network. It explored the five elements of SPARK: Storytelling, Purpose, Action, Relationships, and Kudos. Knowing how to tell a well-structured story is key to building long-term memory. Stating a clear purpose that doesn't take away from the discovery learning process is critical. Ensuring that people move from theory to practical application is imperative. Creating strong social learning is the key to commitment and engagement. Validating and affirming participants' comments is the way to create a positive learning environment.
Discover the innovative and creative projects that highlight my journey throu...dylandmeas
Discover the innovative and creative projects that highlight my journey through Full Sail University. Below, you’ll find a collection of my work showcasing my skills and expertise in digital marketing, event planning, and media production.
Remote sensing and monitoring are changing the mining industry for the better. These are providing innovative solutions to long-standing challenges. Those related to exploration, extraction, and overall environmental management by mining technology companies Odisha. These technologies make use of satellite imaging, aerial photography and sensors to collect data that might be inaccessible or from hazardous locations. With the use of this technology, mining operations are becoming increasingly efficient. Let us gain more insight into the key aspects associated with remote sensing and monitoring when it comes to mining.
What are the main advantages of using HR recruiter services.pdfHumanResourceDimensi1
HR recruiter services offer top talents to companies according to their specific needs. They handle all recruitment tasks from job posting to onboarding and help companies concentrate on their business growth. With their expertise and years of experience, they streamline the hiring process and save time and resources for the company.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
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Attending a job Interview for B1 and B2 Englsih learnersErika906060
It is a sample of an interview for a business english class for pre-intermediate and intermediate english students with emphasis on the speking ability.
Attending a job Interview for B1 and B2 Englsih learners
Risk management in insurance sector
1. Risk management in insurance IARM
GROUP ASSIGNMENT
REPORT O
RISK MA AGEME T I
I SURA CE SECTOR
Raja Chaitanya Vikram. G
1
XIMB-PGPBFS (2010-11)
2. Risk management in insurance IARM
Financial Risk Management for Insurance Companies
Global demographic changes and calamities such as the Asian Tsunami, the
swine flu, Hurricanes Katrina and Rita, and the avian flu, have forced domestic
and international insurance companies to focus not only on what products they
offer but also how to improve their asset and liability management, along with
their financial risk management processes and systems.
Increasingly, insurance companies have become very active in utilizing a wide
range of OTC and exchange traded derivatives to hedge their market and credit
risks. The last few years have seen resurgence in the issuance of insurance-
linked instruments, such as property catastrophe bonds, securities funding life
insurance reserves, insurance risk swaps, and Industry Loss Warranties (ILWs).
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
Process of Risk Management:
Risk Identification
Risk Measurement
Risk Control
Risk Transfer
Risk Financing
Risk Retention
2
XIMB-PGPBFS (2010-11)
3. Risk management in insurance IARM
“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 INTELECTUAL
PROPERTY
PHYSICAL ASSETS REPORTING GOVERNANCE INFORMATION
MANAGEMENT
PEOPLE CREDIT AND LIQUIDITY MARKET STRUCTURE SYSTEMS
LEGAL MARKET
Risk Assessment in Bajaj Allianz Insurance
Insurance:
FI A CIAL IMPACT:
Threshold Limit to be decided based on Size of the corporate.
PROBABILITY OF OCCURRE CE:
Organization history & Industry Experience to be considered
3
XIMB-PGPBFS (2010-11)
4. Risk management in insurance IARM
Handling Risk:
Risk Levels
Low & ormal Monitoring at the operational level
Medium
High Close control of all potential contributing factors by the Risk
Management Team
Very Risks of this level should be actively tracked for decisions by
High the Risk Management Committee.
Enterprise Risk Management:
4
XIMB-PGPBFS (2010-11)
5. Risk management in insurance IARM
Risk management in Insurance:
• All Risks are not Insurable
• Essentials of Insurance
o Insurable Interest
o Utmost good faith
• Procedure for Insurance
o Identification of Risks
o Quantify the Insurable value
o Evaluate the choices
o Proposal
o Payment of premium
o Policy Documentation
• Claims
• Administration System
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)
6. Risk management in insurance IARM
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.
Risk management for micro insurance:
Micro insurance is a financial product that offers another form of protection Against the
possibility of a loss. Micro insurance also applies the idea of pooled risk, just on a bigger
scale. Instead of sharing the risk among a small group of Community members as mutual aid
groups do, micro insurance spreads the risk to a much larger number of people (i.e.,
policyholders) who are more diverse in where they live, what kind of work they do, and how
much money they earn. When a lot of people from many different places buy the same
insurance policy, the money they pay for their insurance policies goes into one fund that the
Insurance company uses to pay benefits to those policyholders who are hit with a crisis. In
this way, everyone pools their funds and shares the risk of a crisis happening to any one of
6
XIMB-PGPBFS (2010-11)
7. Risk management in insurance IARM
them. Micro insurance is a risk pooling Mechanism tailored to the needs of low-income
families in terms of costs, Duration, coverage and delivery. Purchasing micro insurance is an
action to take Before a crisis occurs in order to protect against loss and give peace of mind.In
contrast to the familiarity of a community-based mutual aid society, people who buy insurance must
place their trust in a commercial entity. It is the insurance company, not the policyholders, that
manages the funds, collects the premiums and pays out the claims. When an insured event happens,
one has to trust that the insurance company will respond. Thus, one must choose an insurance
company that is reputable, financially sound, and regulated in some way.
There are many different types of insurance for each of the risks most people face. Property insurance
will protect a home, business or other valuable assets against theft and damage due to fire or natural
disasters. In many countries, the government requires anyone who owns a motor vehicle—such as a
car or motorcycle—to purchase vehicle insurance. Health insurance can protect one against the high
cost of medical care. Some health policies will only pay for the catastrophic events that require
expensive hospital stays and treatment; others will pay for routine medical care, including regular
check-up visits to the doctor. Life insurance provides a payment to the family of the policyholder
upon his death, allowing the family to better manage the loss of his income. Many microfinance
institutions require that borrowers purchase a “credit-life” policy which will pay the borrower’s
outstanding loan balance should the borrower die before the end of the loan term. The confusion about
what insurance is, how it works and how it can help leads to widespread reluctance to purchase
insurance or renew existing policies. For many, insurance is a perplexing product. However, people
can begin to find the basic answers they need by learning to ask some key questions about insurance.
THANK YOU
7
XIMB-PGPBFS (2010-11)