F540: Enterprise Risk Management (ERM) in the Insurance Industry

This course is not available for registration at this time. Please see the Key Dates on the Program Courses page for further information.

This FCIP course presents the concepts and tools needed to understand enterprise risk management (ERM) in the property and casualty insurance industry. Effective risk management is critical to the success of any business and must be aligned with a company’s strategic, operational and financial objectives. You will explore the value-creation approach to enterprise risk management, as well as examining the interaction between ERM, insurance industry regulation and internal controls.

Learning Objectives

Upon successfully completing this course, you will be able to do the following:

1. Outline the key requirements of effective ERM, distinguishing it from other approaches to risk management.
2. Identify and assess the principal sources of risk in an insurance organization’s operations.
3. Compare and evaluate the different tools for risk management available to an insurance organization.
4. Discuss how corporate governance principles and regulatory requirements influence enterprise risk management efforts.
5. Assess the potential impact of ERM on firm value.

Course Topics

Enterprise Risk Management (ERM) in the Insurance Industry is divided into 11 one-week modules:

• Overview of Enterprise Risk Management
• Basic Risk Concepts
• Risk Identification: The Risks Faced by Insurers
• Risk Analysis
• Risk Management Techniques
• Valuation of Assets and Liabilities
• Solvency Regulation
• Risk Modelling, Aggregation and Integration
• Monitoring, Management and Governance
• The Value of Risk Management
• Wrap-Up and Integration


Final grades are based on participation in online discussions and assignments.

Recommended Prior Study

Exploring the implications of ERM requires an understanding of financial management concepts and techniques. It is strongly recommended that you successfully complete F530 Financial Management for Insurance Leaders  before taking this course.

Who Should Register?

Like all our FCIP courses, Enterprise Risk Management in the Insurance Industry is designed for current and future leaders in Canada’s property and casualty insurance industry. Whether you’re a broker, an underwriter or a claims professional; a supervisor, manager or director – if you hold a CIP designation and are interested in a leadership role in a p&c organization, our insurance education courses can help you develop the skills to support your career goals.

COVID-19 : Textbook Update

1. Should I expect shipping delays?
The Institute is doing everything possible to keep our people, and the members we serve, safe. That means following the guidance of national and local public health authorities. Our teams are busy preparing textbook shipments but given the delays with shipping services, please expect longer than normal delivery times for your course materials.

2. How will I know when my textbook has been shipped?
You will receive an email with tracking information once your order has been shipped.

3. Can I change the shipping address in my order to my home address?
For all textbook orders we will ship to the address indicated in the order. We cannot redirect mail or modify the shipping address after your order is submitted.