China Life Insurance Company Operation Risk Management

China’s insurance market has witnessed a rapid development period. With the increasing coverage and penetration, the insurance industry has become the backbone in the social security system. Although many indexes show a good trend, such as the growing size of insurance company, the normalization of management and the strengthening of supervision, the violation operation and problems still exist, in which the operational risk management is a major weakness. Operational risk has become one of the major risks for insurance companies. Effective operational risk management is to further improve the risk management of insurance companies, and to improve the state of business. Therefore, it is essential to do more research on the operational risk control system and to establish a rational system for the sustained and healthy development of the entire insurance industry.This paper is based on the life insurance services of the China Life Insurance Company. In this paper, the author states the basic concept of operational risk management and other related theories, analyses the status quo of the life insurance operational risk management in the China Life, and summarizes the major problems. According to the theory of comprehensive risk management, and the current situation of China Life, the author puts forward specific countermeasures and suggestion in establishing a comprehensive risk management information system and management system, promoting the interior control of operational risk management, strengthening the cultivation of professionals of risk management and etc.Since the operational risk management issue is a general problem, this research is not only significant and practical for the China Life, but also referential for other insurance companies and even the entire insurance industry.