🛡️ Enterprise Risk Management and Advanced Risk Assessment in Insurance Course

Module 1: Enterprise Risk Management (ERM) Frameworks in Insurance

ü  Definition and Components of ERM in Insurance

ü  COSO and ISO 31000 Frameworks Overview

ü  Aligning ERM with Organizational Objectives and Strategy

ü  The Three Lines of Defense Model

ü  Practical Session: Assessing the maturity level of an existing insurance company ERM framework

Module 2: Risk Governance, Culture, and Appetite Setting

ü  Role of the Board and Risk Committee in Insurance Governance

ü  Defining and Quantifying Risk Appetite and Tolerance

ü  Communicating Risk Appetite across the Organization

ü  Assessing and Improving Risk Culture

ü  Practical Session: Drafting a formal Risk Appetite Statement for a P&C insurer

Module 3: Advanced Risk Identification and Risk Assessment

ü  Developing a Comprehensive Risk Taxonomy and Register

ü  Techniques for Internal and External Risk Assessment

ü  Risk and Control Self-Assessment (RCSA) Methodology

ü  Root Cause Analysis for Historical Loss Events

ü  Practical Session: Conducting an RCSA for the claims processing function

Module 4: Underwriting Risk and Pricing Models

ü  Measurement of Premium Adequacy and Loss Ratio

ü  Modelling Catastrophe Risk and Natural Perils

ü  Impact of Policy Terms and Conditions on Risk Exposure

ü  Pricing Risk using Stochastic Models

ü  Practical Session: Analyzing a line of business portfolio for concentration risk

Module 5: Reserve Risk, IBNR, and Actuarial Modelling

ü  Definition and importance of Reserve Risk

ü  Methods for calculating Incurred But Not Reported (IBNR)

ü  Actuarial Techniques for Loss Reserving (Chain Ladder, Bornhuetter-Ferguson)

ü  Impact of reserving decisions on financial stability

ü  Practical Session: Calculating IBNR using a simplified chain ladder method

Module 6: Quantitative Market Risk Modelling and Mitigation

ü  Sources of Market Risk (Interest Rate, Equity, Currency)

ü  Calculation and Interpretation of Value-at-Risk (VaR)

ü  Duration, Convexity, and Sensitivity Analysis

ü  Hedging strategies using derivatives

ü  Practical Session: Calculating 95% Historical VaR for a bond portfolio

Module 7: Credit Risk Management and Counterparty Exposure

ü  Assessing Credit Risk in the Investment Portfolio

ü  Counterparty Risk in Reinsurance and Derivatives

ü  Credit Risk Mitigation Techniques (Collateral, Netting)

ü  Default Probability and Loss Given Default (LGD)

ü  Practical Session: Evaluating the credit quality of a reinsurance panel

Module 8: Operational Risk and Cyber Risk in Insurance

ü  Identifying Operational Failures and Process Gaps

ü  Loss Data Collection and Operational Risk Modelling

ü  Managing Technology Risk and System Failures

ü  Advanced Cyber Risk Assessment and Mitigation Strategies

ü  Practical Session: Developing controls to mitigate systemic data entry errors

Module 9: Strategic Risk and Emerging Risk Identification

ü  Defining Risks from Business Model and Competitive Landscape

ü  Techniques for Scanning the Horizon for Emerging Risks (e.g., climate change)

ü  Linking Strategic Risks to Key Business Units

ü  Managing Reputational Risk and Conduct Risk

ü  Practical Session: Identifying and prioritizing 3 major emerging risks for the life insurance sector

Module 10: Regulatory Compliance and Solvency II Principles

ü  Overview of Solvency II Pillars (I, II, III)

ü  Implementing Internal Models vs. Standard Formula

ü  Compliance with Regulatory Reporting Requirements

ü  Key Regulatory Trends in the Insurance Industry

ü  Practical Session: Analyzing a gap between current practice and Solvency II Pillar II requirements

Module 11: Capital Modelling and Solvency Capital Requirement (SCR)

ü  Purpose and Structure of Economic Capital Models

ü  Calculation of Solvency Capital Requirement (SCR)

ü  Diversification Benefits and Correlation Modelling

ü  Validation and Audit of Internal Capital Models

ü  Practical Session: Interpreting the results of a capital model run for business planning

Module 12: Risk Mitigation and Reinsurance Strategy

ü  Retention vs. Transfer Decisions

ü  Types of Reinsurance Structures (Quota Share, XoL, Cat Bond)

ü  Optimizing Reinsurance Placement for Capital Relief and Volatility Reduction

ü  Alternative Risk Transfer Mechanisms

ü  Practical Session: Designing a reinsurance program to protect against a 1-in-100-year catastrophe event

Module 13: Risk-Adjusted Performance Measurement (RAPM)

ü  Concept of Economic Value Added (EVA) and RAROC

ü  Using RAPM for Business Line Profitability Assessment

ü  Aligning Compensation and Incentives with Risk-Taking

ü  Capital Allocation based on Risk Contribution

ü  Practical Session: Calculating the RAROC for two competing investment proposals

Module 14: Key Risk Indicators (KRIs) and Risk Reporting

ü  Selection and Definition of Effective KRIs

ü  Setting KRI Thresholds (Trigger, Warning, Action)

ü  Designing Executive and Board-Level Risk Reports

ü  Principles of Data Visualization for Risk Communication

ü  Practical Session: Developing three specific, measurable KRIs for Operational Risk

Module 15: Stress Testing and Scenario Analysis

ü  Designing Severe but Plausible Stress Scenarios

ü  Running Reverse Stress Tests to Identify Failure Points

ü  Aggregating Stress Test Results across Risk Categories

ü  Reporting Stress Test Outcomes to Regulators and the Board

ü  Practical Session: Defining the parameters for a market volatility stress test scenario

Module 16: Integrating Risk into Business Strategy and Planning

ü  Risk-Informed Decision-Making in Underwriting and Investment

ü  Linking Risk Capacity to Strategic Growth Goals

ü  Annual Review of the ERM Framework and Strategy

ü  Governance of New Product Risk

ü  Practical Session: Developing a risk management action plan for launching a new product line

Module 17: Business Continuity and Crisis Management

ü  Business Impact Analysis (BIA) and Recovery Time Objectives (RTOs)

ü  Developing and Testing Business Continuity Plans (BCPs)

ü  Crisis Communication Strategies and Stakeholder Management

ü  Lessons Learned from Industry Crises

ü  Practical Session: Drafting a BCP for the critical data center functions

Module 18: Final ERM Project and Advanced Certification Review

ü  Application of the full ERM framework to a chosen insurance case study

ü  Presentation of comprehensive risk assessment and capital recommendations

ü  Review of core concepts for risk management advanced certification

ü  Final Q&A and knowledge assessment

ü  Practical Session: Final presentation and defense of the comprehensive ERM project

About Our Trainers

Our trainers are seasoned professionals with significant executive experience in the insurance and financial services sectors, often holding roles such as Chief Risk Officer, Head of Actuarial Services, or Lead Compliance Officer. They possess the necessary credentials for a risk management advanced certification (e.g., FRM, PRM) and deliver the Risk Assessment and Management in Insurance Training Course using practical, current-day challenges, ensuring the curriculum is deeply relevant to the operational and strategic needs of modern insurers.

Quality Statement

Phoenix Center for Policy, Research and Training is committed to delivering training programs of the highest quality. Our curriculum is continually updated to incorporate the latest regulatory changes (like Solvency II developments) and evolving best practices in Risk Assessment and Management in Insurance. We maintain small class sizes to ensure personalized attention and facilitate an optimal learning environment focused on developing both the theoretical knowledge and practical skills required for a risk management advanced certification.

Tailor-Made Courses

We understand that every organization has unique challenges and opportunities as well as unique training needs. Phoenix Training Center offers tailor-made courses designed to address specific requirements and challenges faced by your team or organization. Whether you need a customized curriculum, a specific duration, or on-site delivery, we can adapt our expertise to provide a training solution that perfectly aligns with your objectives. We can customize this Course to focus on your industry, specific risk profile, or internal stakeholder dynamics. Contact us to discuss how we can create a bespoke training program that maximizes value and impact for your team. For further inquiries, please contact us on Tel: +254720272325 / +254737296202 or Email training@phoenixtrainingcenter.com

Admission Criteria

• Participants should be reasonably proficient in English
• Applicants must live up to Phoenix Center for Policy, Research and Training admission criteria

Terms and Conditions

ü  Discounts: Organizations sponsoring Four Participants will have the 5th attend Free

ü  What is catered for by the Course Fees: Fees cater for all requirements for the training – Learning materials, Lunches, Teas, Snacks and Certification. All participants will additionally cater for their travel and accommodation expenses, visa application, insurance, and other personal expenses.

ü  Certificate Awarded: Participants are awarded Certificates of Completion at the end of the training. The program content shown here is for guidance purposes only. Our continuous course improvement process may lead to changes in topics and course structure.

ü  Approval of Course: Our Programs are NITA Approved. Participating organizations can therefore claim reimbursement on fees paid in accordance with NITA Rules.

Booking for Training

Simply send an email to the Training Officer on training@phoenixtrainingcenter.com and we will send you a registration form. We advise you to book early to avoid missing a seat to this training. Or call us on +254720272325 / +254737296202

Payment Options

We provide 3 payment options, choose one for your convenience, and kindly make payments at least 5 days before the Training start date to reserve your seat:

ü  Groups of 5 People and Above – Cheque Payments to: Phoenix Center for Policy, Research and Training Limited should be paid in advance, 5 days to the training.

ü  Invoice: We can send a bill directly to you or your company.

ü  Deposit directly into Bank Account (Account details provided upon request)

Cancellation Policy

ü  Payment for all courses includes a registration fee, which is non-refundable, and equals 15% of the total sum of the course fee.

ü  Participants may cancel attendance 14 days or more prior to the training commencement date.

ü  No refunds will be made 14 days or less before the training commencement date. However, participants who are unable to attend may opt to attend a similar training course at a later date or send a substitute participant provided the participation criteria have been met.

Accommodation and Airport Transfer

For physical training attendees, we can assist with recommendations for accommodation near the training venue. Airport pick-up services can also be arranged upon request to ensure a smooth arrival. Please inform us of your travel details in advance if you require these services. For reservations contact the Training Officer on Email: training@phoenixtrainingcenter.com or on Tel: +254720272325 / +254737296202