As a part of its on-going efforts to enhance the knowledge on various risk and compliance aspects of domestic as well as global market, Dun & Bradstreet (D&B), the world's leading provider of business information, knowledge and insight in association with Reliance Life Insurance, organized the Life Insurance Risk Management Conclave in Mumbai today.
Given today's globally integrated and dynamic business environment, with changing business and compliance requirements, identifying, monitoring and managing risk is becoming more and more important for businesses, and more so, for firms in the financial services space, which tend to have multiple linkages with other parts of the economy and the world.
With this as the backdrop, the 'Risk Management Roundtable' focused on topics like Regulator's focus areas on risks for Life Insurance companies; Operational, Market & Insurance Risk; Legal & Compliance Risk.
Addressing the regulator's focus areas on risks for Life Insurance Companies,Mr. Radhakrishnan Nair
Whole time Member (F&I), Insurance Regulatory & Development Authoritysaid, "The scope of present enterprise risk management not only goes to the insurance entity but also goes beyond the entity into the group level also. Enterprise risk process is a generic term used for identifying, assessing, monitoring, measuring controlling and mitigating risks."
While briefing on enterprise risk management, Mr. S. N. Jayasimhan, Joint Director, F&A NL, Insurance Regulatory & Development Authority said, "Enterprise Risk Management by insurance companies not only requires collaboration amongst the insurance players, it mandates a minimum acceptable framework and processes designed by all the stake holders Viz. Players, Insurance Companies and the Regulator. The framework should provide for governance and compliance of the minimum laid down standards. The same should be subjected to an audit mechanism by an agency like ICAI independent of the above mentioned stake holders."
Elaborating on the topic, 'Business v/s Risk', Mr. S. V. Sunder Krishnan, Executive Vice President and Chief Risk Officer, Reliance Life Insurance Co. Ltd. said,"Legal and Compliance risks have become very important in insurance today, especially Life insurance. Unlike other services, insurance is unique and requires proper understanding on the part of the customer on the terms and conditions governing the insurance contract. Complex products like Unit linked life insurance policies which pass on the risk on investment to Policyholder are hardly understood by the end user. The distributor plays a key role in making the customers understand the products. A proper appreciation of the risks involved around the purchase of product by the customer would ensure that litigation and compliance risks are kept under control to a great extent in insurance."
Expressing her views on the conclave Ms. Preeta Misra, Director - Learning solutions, Dun & Bradstreet India said,"The life insurance risk management roundtable being hosted with Reliance Life Insurance is a part of a unique initiative with Reliance Capital focusing on risk management in various financial services industry sectors. The objective of these roundtables is to share best practices amongst various industry players. Apart from these discussions we have been conducting capacity building initiatives and training on risk."
Also present at the roundtable were Mr. Roopkumar Nagumantry, Head Risk Management and Fraud Monitoring, SBI Life Insurance Co. Ltd. , Mr. Ganesh Iyer, Head Underwriting, Claims, Process Assurance & Risk Management & Business Information Security Officer, Kotak Mahindra Old Mutual Life Insurance Ltd., Mr. Debmalya Maitra, Head - Audit Risk & Compliance, AEGON Religare Life Insurance Co. Ltd., Ms. Keerti Gupta, Head Risk, Birla Sun Life Insurance Co. Ltd., Dr. Rajesh Dalmia, Senior Partner Advisory, Ernst & Young India, Mr. Deepak Kinger, Executive Vice President Compliance, Legal, Secretarial, Internal Audit, ICICI Prudential Life Insurance Co. Ltd., Mr. S. Swami Nathan, Sr. Vice President Legal, Risk, Compliance and Company Secretary, Tata AIA Life Insurance Co. Ltd., Mr. C. L. Baradhwaj, Senior Vice President (Compliance), Chief Risk Officer and Company Secretary, Bharti AXA Life Insurance Co. Ltd and Mr. Sameer Karekatte, Head - Legal & Compliance, Reliance Life Insurance Co. Ltd.