Program Brief

Risk management in insurance companies is an essential element of management and accountability, as it is a method and approach applied to all company departments to increase the effectiveness of corporate governance and compliance systems, which supports the achievement of strategic goals by identifying, analyzing, evaluating and prioritizing and monitoring risks to help ensure the sustainability of the company’s work and enable it to achieve its objectives. A main focus of this program is to identify risk management, its stages, and various tools for risk management as well as to review the legal framework for risk management in the Saudi insurance sector and to learn how to prepare an emergency plan for management of business continuity and crises.

Program Goals

At the end of the training program, the participant should be able to:

  • Recognize the comprehensive risk management strategy in order to understand the types of risks related to the work of insurance companies
  • Understand the basic elements of risks in the field of insurance for the purpose of complying with the guidelines of the Saudi Central Bank – SAMA
  • Identify the mechanism for identifying and analyzing risks to develop the appropriate method to deal with these risks
  • Absorbing the risks related to the capital, solvency and operational risks of insurance companies in order to mitigate their effects
  • Identify the elements of the emergency plan to ensure business continuity and crisis management as part of risk management in insurance companies
Program Agenda
Module 1: Definition
  • 1 Definition of Risk Management

    • 2 Risk Management Process

      • 3 Methods of Risk Management

        • Risk Avoidance Method

          • Risk Assumption/Retention Method

            • Risk Transfer Method

              • Risk Finance Method

              • 4 Case Study

                Module2: The Comprehensive Risk Management Strategy
                • 1 Understand the risks associated with the activity of insurance companies

                  • 2 Designing a risk management strategy in accordance with the rules of corporate governance

                    • 3 The relationship between audit, compliance and risk management

                      Module 3: The Regulatory Framework for Risk Management in the Insurance Sector in the Kingdom of Saudi Arabia
                      • 1 Risk Management Regulation: Purpose, Definitions

                        • 2 Scope and Exemptions, Compliance Measures, Non-Compliance

                          • 3 Risk Management Strategy

                            • 4 Responsibilities of the Board of Directors towards the risks to which the company is exposed

                              • 5 Responsibilities of senior employees towards the risks to which the company is exposed

                                • 6 Policies and Control Systems: Contingency Plan, Documentation and Review, Reporting

                                  Module 5: The Mechanism for Identifying Risks
                                  • 1 Methods for determining risks

                                    • 2 Gathering information about risks

                                      • 3 Kinds of information we need

                                        • 4 Internal and external sources of information

                                          • 5 Measurement of risks (frequency– severity)

                                            • 6 Risk Evaluation: Risk Mitigation, Risk Monitoring, Effective Monitoring

                                              Module 4: The Risks related to the Capital, Solvency and Operations
                                              • 1 Product development risks

                                                • 2 Underwriting

                                                  • 3 Pricing risk

                                                    • 4 Claims Settlement Risks

                                                      • 5 Financial solvency risks

                                                        • 6 Credit risk

                                                          • 7 IT Risks

                                                            • 8 Reinsurance risk

                                                              • 9 Risks of non-compliance

                                                                • 10 Risks associated with changing laws and regulations

                                                                  • 11 Risks of exposure to insurance fraud

                                                                    • 12 Money laundering and counter-terrorism risks

                                                                      • 13 Corporate Governance Risks

                                                                        Module 6: Analyze the Concepts of Risk Appetite and its Uses in the Insurance Sector in the Kingdom of Saudi Arabia
                                                                        • 1 Risk appetite Definition

                                                                          • 2 Principles for an Effective Risk Appetite

                                                                            • 3 Risk appetite framework

                                                                              Module 7: The Elements of the Emergency Plan for Business Continuity and Crisis Management
                                                                              • 1 Elements of an emergency plan:

                                                                                • Initial indications of risks

                                                                                  • Assess the potential impact of each risk

                                                                                    • Mechanism for dealing with each risk

                                                                                      • Define roles and responsibilities

                                                                                        • Reporting Mechanism

                                                                                        Program Requirements
                                                                                        • Pass the professional exam for Insurance Foundations

                                                                                        -

                                                                                        Program Path

                                                                                        Names of the training programs that are integrated (enriched) with the training program:

                                                                                        Names of the training programs that after the training program:

                                                                                        Program Method
                                                                                        • Lecture
                                                                                        • Brainstroming
                                                                                        • Practical Implementation
                                                                                        • Dialogue Teams
                                                                                        Evaluation Method
                                                                                        • Pre Exam
                                                                                        • Post Exam
                                                                                        Training Type
                                                                                        • Online Training

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