National Insurance Academy, Pune|Insurance Technical (Life)
P723 | Special Programme on Enterprise Risk Management (ERM) (Life)
Academic Year 2026-2027
Duration
3Days
Scheduled Dates
22 Jun 2026 - 24 Jun 2026
07 Sep 2026 - 09 Sep 2026
01 Feb 2027 - 03 Feb 2027
Background
Every business organization faces several risks ranging from the routine ones to the existential. Insurance business is unique in the sense that as the underwriter of risks, its risk profile is considerably different from other business organizations.
Within the insurance industry, there is a substantial difference in the risks faced by Life Insurers and General Insurers. This is due to the nature of their business where life insurers tend to take a relatively long-term view. The global financial crisis of 2007-2008 changed the way the Insurance Industry is regulated.
The key issues threatening the existing insurance model today are global warming and the increase in catastrophic risks due to it. The ever-increasing reliance on technology has its own elements of risks.
The pandemic may continue to have a major impact on the way insurance industry perceives and responds to risks. Thus, every insurer today is expected to have a robust ERM Framework that takes care of the regulatory compliance as well as being adequate for the rapidly emerging risks. The Technology Risk Management (TRM) framework is expected to take care of technology-related risks
The Indian insurance market is also transiting towards more complex and challenging market conditions due to the factors above. The Indian insurance regulator is in the process of mandating global best practices to ensure a robust insurance Industry.
A major change would be moving to Risk Based Capital (RBC) from current static solvency norms. As a part of ERM framework, business plan, Risk registers, Own Risk and Solvency Assessment (ORSA), Stress test shall be a part of the business processes for all Life Insurers.
IFRS-17 envisaged to be implemented in India soon will have its own impact on all Insurers. Thus, it is very imperative for the Life Insurance Industry to start preparing for a robust ERM/TRM framework for the continued success of the business as well as for being fully compliant with the regulations.
Learning Objectives
To have an overview of the ERM framework and its significance
Concept of ERM and the global standards
Risk Based Capital Solvency - It's implications on ERM and Insurance Business
Define Risk Appetite for the company and Integrate Business Strategy into ERM
Identification of Key Risks and quantifying them in Life Insurance Business
Assessment of Operational Risks including Cyber Risk and Reputation Risks
Risk Mitigation Strategies and Risk Transfer methods
Operational Issues in Implementation of ERM
Key Contents
Introduction to ERM and the current standards for its implementation
Evolving a Business Strategy from the Mission, Vision, Strategic objectives
Assessment of Insurance Business Risk
Identification of risks and risk register
Risk Management Policy
Risk tolerance statement
Assessment of Market Risk (Investment Risks) including Credit Risk & ALM
Capital Management
RSA
Continuity Analysis and Stress Testing
TRM Framework
Management of Operational Risks including Cyber Risks and Reputation Risks
Risk Governance
Risk Control Measures and Risk Mitigation Tools
Risk Responsiveness and Feedback Loop
perational Issues in ERM Implementation including Embedding risk culture/ESG/Climate Risk
Risk Based Solvency and its implications on Insurance Business
Business Continuity Plan.
Current ERM Framework in India in Life Insurance Companies.
SEBI/IRDA Regulations.
Who Should Attend
ERM Nodal Officers from DO/ZO & to be nominated by ZO HRD/CO-HRD/CO ERM department
Trainees nominated for this programme in the last two years should not be renominated.
