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.
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.
and assess the principal sources of risk in an insurance organization’s
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
Risk Management (ERM) in the Insurance Industry
is divided into 11 one-week modules:
• Overview of Enterprise Risk
• Basic Risk Concepts
• Risk Identification: The
Risks Faced by Insurers
• Risk Analysis
• Risk Management
• Valuation of Assets and Liabilities
• Risk Modelling, Aggregation and
• Monitoring, Management and Governance
• The Value
of Risk Management
• Wrap-Up and Integration
Final grades are
based on participation in online discussions and assignments.
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.
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.