Compliance, Governance and Risk Management in Insurance
Gain practical skills, sharpen strategic insights, leverage AI, and supercharge career growth
- Comprehensive introduction to the principles and practices of life insurance from product design to claim settlement.
- Covers both theoretical foundations and practical procedures crucial for all life insurance operations.
- Prepares students for careers in the insurance industry by imparting deep knowledge of key concepts, regulations, and industry practice.
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Program
Highlights
Future-Ready Skills
Professional Growth
Accredited Certification
In-Depth Learning
Skill Enhancement
Career in Finance
Other Benefits
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Life Insurance Underwriting
Principles and Practice of Life Insurance
Compliance, Governance and Risk Management in Insurance
General Insurance Underwriting
Principles and Practice of General Insurance
Compliance, Governance and Risk Management in Insurance
Discover How We Efficiently Cover Every Detail?
Module 1: Introduction to Insurance Regulation and Compliance
- Importance of regulation in insurance
- Regulatory authorities (IRDAI in India, FCA/PRA in UK, NAIC in US)
- Key regulatory frameworks and guidelines
- Comparative regulatory approaches (India’s IRDAI vs Singapore’s MAS vs UAE’s IA)
- Principles-based vs. rules-based regulation
- Compliance lifecycle in an insurance company
Module 2: Corporate Governance in Insurance
- Definition and importance of corporate governance
- Governance structures in insurance companies
- Role of Board of Directors, Audit Committee, and Risk Committee
- Governance best practices and codes (OECD principles, GCG guidelines)
Module 3: Risk Management Fundamentals
- Risk vs. uncertainty in insurance
- Types of risks in insurance: underwriting, market, credit, operational, reputational
- Enterprise Risk Management (ERM) frameworks
- Role of Chief Risk Officer (CRO)
Module 4: Legal and Ethical Considerations
- Ethical principles in insurance operations
- Data privacy and protection laws (GDPR, Indian Data Protection Act)
- Anti-money laundering (AML) and combating financing of terrorism (CFT)
- Fraud risk management
- Conflicts of interest and whistleblowing mechanisms
Module 5: Compliance Risk and Internal Controls
- Definition and sources of compliance risk
- Designing an effective compliance program
- Internal audit and internal control mechanisms
- Compliance monitoring and reporting
- Key Risk Indicators (KRIs) and Key Performance Indicators (KPIs)
Module 6: Risk-Based Capital and Solvency Regulations
- Concept of solvency and capital adequacy
- Solvency II (Europe), RBC (US), IRDAI solvency norms (India)
- Indian vs. global solvency norms (Compare IRDAI’s Ind-AS with IFRS 17)
- Capital Modeling and stress testing
- Impact of solvency on pricing, reserving, and underwriting
Module 7: Emerging Risks and Strategic Risk Management
- Climate risk, cyber risk, geopolitical risk
- ESG (Environmental, Social, Governance) risks
- Role of technology (Insurtech, RegTech)
- Strategic risk planning and scenario analysis
- Future trends in insurance compliance and risk management
Practical Knowledge from Industry Professionals
Our faculty’s extensive industry experience is the cornerstone of our exceptional insurance training
Girish Aswani
Girish Aswani is a seasoned financial educator and corporate trainer with over 20 years of experience in Sales, Finance, and the Insurance (BFSI) sector, including 16 years in Training and Development.
Stuti Gupta
Stuti Gupta is an experienced academician with over 11 years of teaching and leadership in Actuarial Science at Amity University.