Document Type : Original Research Paper
Authors
1 Department of Economics, Faculty of Law, Political and Economic Sciences, Islamic Azad University, Tehran-South Branch, Tehran, Iran
2 Department of Economics, Risk Management Consultant of Insurance Research Institute and Vice President of Market Development of Tejarat New Insurance Company, Tehran, Iran
Abstract
The main purpose of this article is to present a corporate risk management model for insurance institutions in line with the establishment of a corporate governance system with regulatory considerations. In this regard, we first introduce the theoretical foundations of the international standards and frameworks of enterprise risk management and then present a theoretical model for the establishment of enterprise risk management based on the evaluation system of financial wealth and risks under ownership in insurance companies. In the following, while explaining the consequences of the lack of a codified model of risk management in Iranian insurance companies, we introduce one of the main causes of the decline in the financial strength ratio of insurance companies, the lack of this framework. In the end, we present a proposed structure as well as the role and position of this structure in the management of insurance companies with regulatory considerations. In this proposed model, while expressing an interactive method based on mutual cooperation between the risk management unit and different units of the insurance company, we propose a reporting system based on a kind of risk self-declaration.
Keywords
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