According to PRIAO-IRC, in this meeting, initially a report of the activities undertaken by the Risk Management Working Group was presented. Then, the guidelines related to the establishment and activity of the Risk Lab was reviewed and examined.

Further, the members of the Risk Management Working Group discussed about the draft guideline of the Risk Lab, the objectives of the establishment of the Risk Lab, the organizational structure of the working group, the conditions for supporting projects, project examination procedures and assumption, and IRC’s commitments toward these projects.

In the arguments developed in the meeting, the following issues were also included: determining the objectives of the Risk Lab based on the needs of the insurance industry and society, defining research projects according to the requirements of the industry and takaful implementation, accessing to a powerful server fully integrated with the SANHAB system, appropriate tool-making, partnering with Iran Insurers Syndicate for better branding the Risk Lab in the industry, considering the human capital risks, sale networks, uncertainties of the insurance industry and takaful, and presenting lab results to the authorities and policymakers for further deliberation.

The members of the Risk Management Working Group also highlighted the significance of the accomplishment of the information banks for more precise risk identification, focusing on the emerging risks and risks associated with takaful, and following the formal procedures to establish the Risk Lab.

It must be noted that the Risk Management Working Group has been established in 2023 at IRC in order to help resolve the issues related to the risk management in the insurance industry.