Volume 9 • Issue 1 • PP: 26-32 • 2023
Influence of Risk Management on Financial Performance of “Uzbekinvest” Insurance Company
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Risk if not well managed could lead to collapse for most organizations especially those whose core business deals with day-to-day handling of risk. Risk management should, therefore, be at the core of an organization’s operations by integrating risk management practices into processes, systems, and culture of the entire organization. This involves identifying and analyzing risks, developing, and implementing risk handling techniques and monitoring the progress of these to avoid and/or reduce the impact of risk on the financial performance of the company. Furthermore, insurance company under concern should follow current international leading practice by adopting Enterprise Risk Management (ERM) which incorporates other insurance risk quantification models. This will ensure that the companies remain afloat during such times of strict regulatory regimes such as solvency 11 and Basel.
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