Practical Risk Management for Insurance Brokers - Searchlight Insurance Training

Practical Risk Management for Insurance Brokers

Insurance brokers can underestimate the risks they face. The FCA has spelt out its concerns that one consequence is a failure to maintain realistic resources which may expose the business to failure.

But many brokers do not just fail to manage their “hazard” risks, they also overlook “opportunity” risks. There is a business imperative for practical risk management to be integral in strategy and operational management.

This core workshop introduces risk management to non-risk managers and professionals: what it is and how to do it. It is practical and interactive, and you will be contacted before the course to discuss your individual requirements. You will receive comprehensive stand-alone workshop support notes combining key visuals with additional explanation, detail and examples to become a permanent reference document.

Immediate post workshop tutor follow-up support is also available.

Level: Introduction

Duration: 1 day(s) CII CPD Hours: 6


•Summarise the basic principles of risk management

•Explore and categorise the range of risks faced by insurance brokers.

•Assess the consequences of the different types of risk

•Analyse and quantify risks in terms of severity and probability

•Identify the fundamental processes and tools of risk management/mitigation/ funding

•Define the regulatory expectations of MIPRU, SYSC and Threshold Condition 4 and explore how they can be met.

•Differentiate between working capital and solvency capital.

•Conduct a health check of your own firm


•What is risk? Risk in it’s widest sense: hazard v opportunity. Where and how is a business vulnerable

•FCA expectations and the business imperatives

•Risk management principles: risk appetite; identification; assessment; mitigation; monitoring

•Risk impact and controllability: risk mitigation and capital buffers

•Operational risk in the spotlight

•“The risk register” and the risks that insurance brokers face. Managing the day-to-day and those which can threaten its existence