Assessing risk without a consistent standard to measure it against is really just guessing with extra steps. Insurance companies, more than most institutions, cannot afford that: their entire business depends on identifying, measuring, and pricing risk accurately, using guidelines that hold up across different categories of exposure.

This course from the Arab British Fellowship Training Academy sets out the guidelines and standards insurance companies and similar institutions use to assess risk in a structured way. Participants move through risk identification, measurement, and assessment, and the strategies used to manage what is found — from transferring and preventing risk to minimising its impact — building a practical, standards-based approach they can apply directly in their own organisation.

Who Should Attend?

• Risk assessment and risk management staff in insurance companies.
• Internal auditors and quality/compliance officers in financial institutions.
• Managers responsible for setting institutional risk policies.
• Anyone seeking a standards-based approach to risk assessment.

Course Objectives

By the end of the course, participants will be able to:

• Identify the stages insurance companies follow to identify and assess risk.
• Make the most effective use of insurance mechanisms in managing exposure.
• Analyse risk based on its likely consequences.
• Explain how insurance companies demonstrate competence in correcting and monitoring risk.

Module 1: The Standard Risk Management Framework

• Overview of standard risk management approaches, such as AS/NZS 4360:2004.
• Contact, consultation, and creating a risk management framework.
• The overall risk management process, from start to monitoring.

Module 2: Identifying, Analysing, and Assessing Risk

• Risk identification methods.
• Risk analysis techniques.
• Risk assessment and categorisation.

Module 3: Precautions and Institutional Policy

• Reasons for assessing risk and taking necessary precautions.
• The relationship between risk and institutional policies and procedures.
• The right timing for taking precautions.

Module 4: Certification, Monitoring, and Audit

• Methods for certifying risk assessments and related precautions.
• Monitoring and auditing risk management activity.
• Dealing with risks arising from corruption or malpractice.

Module 5: Risk Assessment in the Field

• Risk assessment categories in practice.
• Conducting field work for risk assessment.
• Applying the framework to real institutional cases.