Way forward… There will inevitably be many failures in the bancassurance relationships in this market. Such failures would potentially cause a lot of troubles and volatility in terms of Banca productivities for different insurers. While insurers do have a problem in productivity, the bigger problem would be for bankers to…
-
Bancassurance: Making the growth sustainable- Part 3
-
Bancassurance: Making the Growth Sustainable- Part 2
Current challenges 1) Although the bancassurance concept is extremely appealing to insurers, banks failed to do the proper due diligence before selecting the bancassurance business partner. Bancassurance arrangements could be fitted into the definition of M&A transactions where cultures of two companies meet at the bank’s teller counter. It can…
-
Bancassurance: Making the Growth Sustainable- Part 1
This article talks about the potential of the bancassurance business in Vietnam as it has become a scorching topic for the last few years and continues to dominate the headlines of insurance industry news at the moment. We all have seen numerous bancassurance agreements between banks and insurance, especially the…
-
Why the fraud training is often not able to yield the intended results
I am sure all of us remember that we have undergone various types of training during our careers so far. Some of those training are naturally very memorable whereas others are not. The content of ones that were not memorable disappeared from our minds eventually as they could not stick…
-
Future of Fraud Risk Management
Fraud risk management has always been an essential part of the overall risk management process of companies regardless of the type of business or industry they do business in, though the amount of efforts to manage this risk differ depending on the type of businesses and industry sectors. However, in…
-
Current challenges of forensic accounting profession
Forensic accounting profession is a specialized area for accountants. Forensic accountants are considered as the elite group of accountants who have further developed their accounting, auditing, legal, investigations, dispute resolution skills and of course technology knowledge to work in a digitally driven business environment. Forensic accountants are financial detectives who…
-
Managing Operational Risk of Insurance Companies – Part 4
Operational Incident & Loss Data, and Capital Calculation Internal loss data: Types of operational risk incident An operational risk incident is a result of an operational risk event i.e., failed or inadequate internal processes, people and systems or an external event. The following are some key types of operational risk…
-
Managing Operational Risk of Insurance Companies – Part 3
Key Risk Indicators Key indicator definitions Risk, Control and Performance Indicators are common but distinct metrics used in the industry. All can play a valuable role in the measurement of the risk profile – as long as it is understood that each measures a different aspect of the business process…
-
Joint study between Hubei University of Economics China and the Institute of Risk Management into the maturity of Risk Management Education in China
The Institute of Risk Management (IRM) is delighted to announce the release of a research report undertaken in partnership with Hubei University of Economics in Wuhan, China. The risk management center at the university, led by Distinguished Professor Ming-Che (Martin) Sung, has undertaken a study of risk management education across…
-
Managing Operational Risk of Insurance Companies – Part 2
Operational Risk framework To help manage operational risk, insurance companies are increasingly looking to build or modify their existing operational risk management framework. A commonly seen model includes seven components, which are Governance: vision, guiding principles, risk strategy, risk appetite, organization structure, risk glossary Risk assessment and management processes Capital:…