Published Paper Details:

Risk management is a management tool, which can be used by any organization or department, regardless of size, for the purpose of minimizing the adverse financial effects of accidental loss. In its most basic application, risk management is an ongoing systematic effort to identify and control the risk of losses to which an organization is exposed and to finance those losses, which do occur, in a cost-effective manner. First and foremost, risk management is a management procedure that has an identified purpose and which employs recognized techniques and tools. A "Risk Assessment" will examine exposures to Property, Liability, Personnel and Net Income This paper introduces the topic of research and the basic definitions about Risk, difference between Risk and Uncertainty, types of risks and classification of risks some concepts about risks and risk management, History of risk Management in the world and history of life insurance Industry and ending with Risk management by various regulators like Reserve Bank of India (RBI) for banks, Securities Exchange Board of India (SEBI) for Companies covered under the Companies Act of 1965 and Insurance Regulatory Development of India (IRDAI) for insurance Companies both Life and General.