Ways of Improving Risk Management Function in Insurance Companies

The 7th International Scientific Conference “Business and Management 2012” 2012
Darja Kaļiņina, Irina Voronova

The concept of this work is improvement of risk management function according to Solvency II directive framework. The authors have created an insurance company’s risk catalogue for identification, classification and assessment of possible risks that is a reasonable solution for risk management function improvement. The authors also have offered the loss database implementation algorithm which helps to realize and improve operational risk management. However the authors have created the operational risk ranking method which helps to discover possible solutions to minimize the probability of operational risk event and in case of operational risk to reduce the possible company’s loss.

Keywords
risk management, risk ranking method, Solvency II Directive, risk catalogue, risk management function
DOI
10.3846/bm.2012.013
Hyperlink
http://leidykla.vgtu.lt/conferences/BM_2012/finance_engineering/013.html

Kaļiņina, D., Voronova, I. Ways of Improving Risk Management Function in Insurance Companies. In: The 7th International Scientific Conference “Business and Management 2012”, Lithuania, Viļņus, 10-11 May, 2012. Vilnus: Vilnius Gediminas Technical University Press “Technika”, 2012, pp.92-100. ISBN 978-609-457-116-9. Available from: doi:10.3846/bm.2012.013

Publication language
English (en)