Q1. Briefly explain the six risk management processes.
Answer : Risk Management Process Overview – The following diagram illustrates the six steps of the risk management process: identify, analyze and prioritize, plan and schedule, track and report, control, and learn. It is important to understand that the process of managing each risk goes through all of these steps at least once and often cycles through numerous times. Also, each risk has its own timeline, so multiple risks might be in each step at any point in time.
Risk Management Process Steps
The following is a brief introduction to the six steps of the risk management process.
- Identify – Risk identification allows individuals to identify risks so that the operations staff becomes aware of potential problems. Not only should risk identification be undertaken as early as possible, but it also should be repeated frequently.
- Analyze and prioritize – Risk analysis transforms the estimates or data about specific risks that developed during risk identification into a consistent form that can be used to make decisions around prioritization. Risk prioritization enables operations to commit resources to manage the most important risks.
- Plan and schedule – Risk planning takes the information obtained from risk analysis and uses it to formulate strategies, plans, change requests, and actions. Risk scheduling ensures that these plans are approved and then incorporated into the standard day-to-day processes and infrastructure.
- Track and report – Risk tracking monitors the status of specific risks and the progress in their respective action plans. Risk tracking also includes monitoring the probability, impact, exposure, and other measures of risk for changes that could alter priority or risk plans and ultimately the availability of the service. Risk reporting ensures that the operations staff, service manager, and other stakeholders are aware of the status of top risks and the plans to manage them.
- Control – Risk control is the process of executing risk action plans and their associated status reporting. Risk control also includes initiating change control requests when changes in risk status or risk plans could affect the availability of the service or service level agreement (SLA).
- Learn – Risk learning formalizes the lessons learned and uses tools to capture, categorize, and index that knowledge in a reusable form that can be shared with others.
Q2. Write the significant changes in the global scenario of insurance
Answer: The global insurance industry is one of the largest sectors of finance. It ranges from consumer to corporate and industrial insurance, and even reinsurance, or insurance of insurance.
Q3. Describe the recommendations of the Malhotra committee
Answer: Recommendations of Malhotra committee
The major reforms in Indian industry started when the
Q4. Explain the IRDA ‘Preparation of Financial Accounts and Investment’ guidelines.
Answer : THE Insurance Regulatory and Development Authority (IRDA)
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Q5. Write down the purpose, functions and advantages of life insurance.
Answer: Purpose – A life insurance policy is taken out to provide a sum of money when the policy holder dies. Life insurance policies are designed to achieve several aims.
Q6. List and explain the various rural insurance policies.
Answer: INTRODUCTION
Under the provisions of sections 32—B and 32—C of the Insurance Act, 1938, insurance companies are obliged to provide such percentages of business as may be specified by the IRDA,
