Operational Risk in Insurance Companies: Strategies for Effective Risk Management Training Course

Introduction

Operational risk is one of the most complex and evolving challenges facing insurance companies today. From process failures and technology disruptions to human errors and external threats, operational risks can significantly impact profitability, compliance, and reputation. With the increasing reliance on digital platforms, regulatory scrutiny, and customer expectations, insurers must implement robust operational risk management frameworks to ensure resilience and sustainable growth.

This comprehensive training course equips participants with the knowledge and tools to identify, assess, and mitigate operational risks in insurance organizations. It covers governance frameworks, risk assessment methodologies, regulatory requirements, business continuity planning, and emerging risks such as cyber threats. Through practical insights, case studies, and global best practices, professionals will learn how to integrate operational risk management into core insurance processes and align it with overall enterprise risk management strategies.

Duration: 10 Days

Target Audience

  • Insurance executives and senior managers
  • Risk and compliance officers
  • Internal auditors and governance specialists
  • Operations and process improvement managers
  • Underwriters and claims managers
  • Business continuity and IT risk professionals

Course Objectives

  1. Understand the fundamentals of operational risk in insurance
  2. Identify and classify different types of operational risks
  3. Apply frameworks and methodologies for operational risk management
  4. Strengthen governance and accountability in risk oversight
  5. Align operational risk management with enterprise risk management
  6. Develop business continuity and disaster recovery strategies
  7. Integrate technology and data analytics in operational risk monitoring
  8. Comply with regulatory and supervisory requirements
  9. Learn from global case studies and best practices
  10. Build sustainable operational risk management roadmaps

Course Modules

  1. Introduction to Operational Risk in Insurance
  • Definition and scope of operational risk
  • Key drivers of operational risks in insurance
  • Distinction between operational and other risk types
  • Impact of operational risk on business performance
  • Importance of operational risk management frameworks
  1. Types of Operational Risks in Insurance Companies
  • Process and system failures
  • Human resource and people risks
  • Technology and cyber risks
  • Third-party and outsourcing risks
  • Legal, compliance, and reputational risks
  1. Governance and Accountability in Operational Risk
  • Role of boards and senior executives
  • Establishing risk committees and oversight structures
  • Accountability frameworks for risk ownership
  • Embedding risk culture across the organization
  • Ethical dimensions of operational risk management
  1. Risk Identification and Assessment Techniques
  • Risk mapping and registers
  • Key risk indicators (KRIs)
  • Scenario analysis and workshops
  • Root cause analysis for operational losses
  • Tools for proactive risk identification
  1. Risk Measurement and Quantification
  • Qualitative vs quantitative methods
  • Loss distribution approach
  • Value-at-risk in operational risk
  • Using data to measure risk exposure
  • Challenges in risk quantification
  1. Regulatory and Supervisory Requirements
  • Overview of regulatory frameworks for operational risk
  • Basel principles and insurance sector application
  • Role of supervisory authorities in oversight
  • Reporting and disclosure obligations
  • Consequences of non-compliance
  1. Operational Risk and Enterprise Risk Management (ERM)
  • Linking operational risk to ERM frameworks
  • Aligning risk appetite with operational realities
  • Risk-adjusted performance management
  • Integrating operational risk into decision-making
  • Benefits of holistic risk management
  1. Internal Controls and Risk Mitigation Strategies
  • Designing effective internal control systems
  • Preventive vs detective controls
  • Control self-assessment processes
  • Role of audits in operational risk mitigation
  • Best practices for strengthening controls
  1. Business Continuity and Disaster Recovery
  • Importance of continuity planning in insurance
  • Identifying critical business processes
  • Disaster recovery planning and testing
  • Crisis management strategies
  • Building organizational resilience
  1. Technology, Cybersecurity, and Operational Risk
  • Cyber threats impacting insurers
  • Data protection and privacy risks
  • Role of cybersecurity frameworks
  • Leveraging technology for risk monitoring
  • Digital transformation and new operational risks
  1. Third-Party and Outsourcing Risks
  • Risks in outsourcing and vendor management
  • Regulatory expectations for third-party risk
  • Monitoring and managing vendor performance
  • Building resilience in outsourcing arrangements
  • Case examples of third-party risk failures
  1. Fraud Risk and Prevention
  • Common types of fraud in insurance operations
  • Designing fraud prevention frameworks
  • Role of technology in fraud detection
  • Building an anti-fraud culture
  • Collaboration with regulators and law enforcement
  1. Risk Reporting and Communication
  • Effective risk reporting frameworks
  • Dashboards and risk metrics for management
  • Communication with regulators and stakeholders
  • Transparency and accountability in reporting
  • Role of technology in reporting processes
  1. Case Studies and Best Practices in Operational Risk
  • Lessons from operational risk failures in insurance
  • Global best practices in operational risk management
  • Benchmarking against industry leaders
  • Practical tools for implementation
  • Insights from recent crises

CERTIFICATION

  • Upon successful completion of this training, participants will be issued with Macskills Training and Development Institute Certificate

TRAINING VENUE

  • Training will be held at Macskills Training Centre. We also tailor make the training upon request at different locations across the world.

AIRPORT PICK UP AND ACCOMMODATION

  • Airport Pick Up is provided by the institute. Accommodation is arranged upon request

TERMS OF PAYMENT

Payment should be made to Macskills Development Institute bank account before the start of the training and receipts sent to info@macskillsdevelopment.com

For More Details call: +254-114-087-180

 

Operational Risk In Insurance Companies: Strategies For Effective Risk Management Training Course in Nigeria
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