Insurance companies are in the business of taking risks. Worldwide these companies write policies that deal with specific risks, and in many cases, even underwrite exotic risks. As a direct corollary, therefore, insurance companies should be good at managing their own risks. However the truth is a little far from that! Most insurance companies are very good at assessing insurance risks but are not very good at setting up structures in their own home to manage their own operating and business risks As an emerging need from the credit crisis, IRDA issued a set of guidelines on corporate governance in 2010, which contained a reference to the setting up of a mandatory risk management committee (RMC)...... To read on, please download the entire Article from the following link. Risk Management in Insurance Industry Author Shriram Gokte Independent Risk Management Consultant shriram.gokte@yahoo.com