• Definition, Risk Process, Risk Organization, Key Risks –Interest, Market, Credit, Currency, Liquidity, Legal, Operational
• Risk Management V/s Risk Measurement – Managing Risk, Diversification, Investment Strategies and Introduction to Quantitative Risk Measurement and its Limitations
• Principals of Risk – Alpha, Beta, R squared, Standard Deviation, Risk Exposure Analysis, Risk Immunization, Risk and Summary Measures –Simulation Method, Duration Analysis, Linear and other Statistical Techniques for Internal Control

• Forwards, Futures, Options, Swaps and Arbitrage Techniques, Risk Return Trade off, Markowitz Risk Return Model, Arbitrage Theory, System Audit Significance in Risk Mitigation

b) Enterprise Risk Management:

• Risk Management V/s Enterprise Risk Management, Integrated Enterprise Risk Management, ERM Framework, ERM Process, ERM Matrix, SWOT Analysis, Sample Risk Register

• Importance and Scope of Risk Governance, Risk and Three Lines of Defense, Risk Management and Corporate Governance

b) Risk Assurance:

• Purpose and Sources of Risk Assurance, Nature of Risk Assurance, Reports and Challenges of Risk

c) Risk and Stakeholders Expectations:

• Identifying the Range of Stakeholders and Responding to Stakeholders Expectations

• Global Perspective, Regulatory Framework in India, IRDA – Reforms, Powers, Functions and Duties. Role and Importance of Actuary

b) Players of Insurance Business:

• Life and Non- Life Insurance, Reinsurance, Bancassurance, Alternative Risk Trance, Insurance Securitization, Pricing of Insurance products, Expected Claim Costs, Risk Classification

c) Claim Management:

• General Guidelines, Life Insurance, Maturity, Death, Fire, Marine, Motor Insurance and Calculation of Discounted Expected Claim Cost and Fair Premium.