Risk Management
Insurance Institute of India: Associate Examination
Covers risk and probability theory, the scope and objectives of risk management, building an effective risk management programme, the risk management decision-making process, risk engineering, alternative risk transfer mechanisms, enterprise risk management, business continuity and disaster recovery, loss exposures for major classes and practical risk management checklists.
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IC-86 exam at a glance
| Level | Optional paper for Licentiate, Associateship or Fellowship |
|---|---|
| Credit points | 40 |
| Exam | 2 hours, online, multiple choice |
| Pass mark | 60% (75% for distinction) |
Across 11 chapters, every question reviewed and exam-aligned.
Tap a chapter to see what it covers.
1Risk and Theory of Probability41 questions41
Risk concepts: risk and uncertainty, risk possibilities, classification, attitudes to risk and costs of risk.
2Risk Management - Scope and Objectives41 questions41
Risk management: definitions, basic components, contributions and benefits, and how it differs from strategic management.
3Building-up an Effective Risk Management Programme41 questions41
Building a risk management programme: objectives, the risk manager's role, organisation and risk management policy.
4Important Steps in Risk Management Decision Making Process - Part 141 questions41
Risk management process part 1: identifying and assessing loss exposures, prioritising risks and risk mapping.
5Important Steps in Risk Management Decision Making Process - Part 241 questions41
Risk management process part 2: risk control, risk financing, insurance, and choosing and monitoring techniques.
6Introduction to Risk Engineering41 questions41
Risk engineering: its evolution and role, skills needed, industrial risk assessment, loss estimates and risk quality.
7Alternative Risk Transfer Mechanisms41 questions41
Alternative risk transfer: finite risk reinsurance, capital market solutions and alternative risk financing products.
8Enterprise Risk Management41 questions41
Enterprise risk management: definitions, drivers, limits, value creation, objectives, process and implementation.
9Business Continuity Management and Disaster Recovery41 questions41
Business continuity: emergencies, disasters and catastrophes, threats, the continuity planning process, phases and standards.
10Loss Exposures for Major Classes41 questions41
Loss exposures for major classes: property, net income, liability and personnel exposures.
11Risk Management Checklists41 questions41
Sample risk management checklists for security, property protection, liability, product liability, safety and emergencies.
Draws from all 451 questions across every chapter, so no two attempts are the same.
IC-86: frequently asked questions
What does IC-86 cover?
IC-86 covers risk management: risk concepts and probability, building a risk programme, risk identification, control and financing, risk engineering, alternative risk transfer, ERM and business continuity.
Is IC-86 compulsory?
No. IC-86 is an optional paper worth 40 credit points. You can count it towards Licentiate, Associateship or Fellowship.
What is the pass mark for IC-86?
60%. A score of 75% or more is a pass with distinction.
How long is the IC-86 exam?
2 hours. It is an online exam with multiple choice questions.
When will I know my result?
You see your score right after the online exam. The formal result usually follows within about a month.
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