Enterprise Risk Management & Pools. Scott Moss, MPA, CPCU, ARM-E, ALCM CIS P/C Trust Director
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1 Enterprise Risk Management & Pools Scott Moss, MPA, CPCU, ARM-E, ALCM CIS P/C Trust Director
2 Scott Moss, CIS Property/Casualty Trust Director
3 CIS (Citycounty Insurance Services) Parents: Members: Staff: League of Oregon Cities and Oregon Association of Counties 350 Oregon cities and counties and related entities 67 Annual Revenue: Coverages: $200 million Liability, Auto, Property, Workers Compensation, Employee Benefits
4 Outline ERM Frameworks Why CIS is Involved in ERM CIS ERM Efforts Risk Register and Ranking Risk Map CIS ERM Next Steps ERM for Members DART Challenges Source: COSO 2004 Outcome Improvements
5 ERM Frameworks
6 ERM Frameworks UK, Australia standards of ERM COSO ISO 31000
7 ERM Process 1. Establish the internal and external context 2. Risk assessment 3. Risk treatment 4. Monitor results 5. Communicate and consult with internal and external stakeholders
8 Why is CIS Involved? Why CIS is Involved
9 Why Is CIS Involved in ERM? Be an example for members Good management Framework for decisions Explicitly address uncertainty Desire to continually improve Destined to be the future of risk management
10 CIS ERM Journey 1. Requested $10,000 from Board in May 2012 to develop a member-focused ERM program 2. Bickmore prepared feasibility study on implementing ERM for members in a pool environment 3. August 2012 Board meeting: Presented Bickmore s work and discussed ERM for members
11 CIS Journey (cont d) 4. Management retreat focused on internal and external cultures and SWOT analysis 5. December 2012: Changed focus of ERM from members to pool. Board passed ERM risk management policy 6. Board authorized an ERM/Capital Modeling Project
12 CIS Journey (cont d) 7. February 2013: Introduced members to ERM principles at CIS Annual Conference 8. March August 2013: Issued RFP for Capital Modeling and selected PricewaterhouseCoopers (PwC) 9: Prepared Risk Register & Ranking
13 ERM Capital Model PwC Calculated Capital Surplus Dollar Ranges: Operational risk: Business risks: Insurance risks: Governance, operations, public image, compliance, technology, human resource Business modeling, political, competitive environment Underwriting, reserving, and reinsurance market Financial & economic risks
14 Risk Register & Ranking
15 Risk Register & Ranking Governance Operational Public Image Compliance Technology Hazard Human Resource Financial Business Model Political Competition Underwriting Reserving/Claims Reinsurance
16 CIS Risk Map 6 CIS Risk Map Likelihood/Frequency Competition Reinsurance Economic Finance Reserving Underwriting Political Public Image 1 Bus. Model Governance 0 Impact/Severity
17 CIS ERM 1. Assign Risk Owners 2. Develop Mitigation Plans for each risk 3. Establish Early Warning Indicators, Benchmarks, and Dashboards for each risk 4. Using ERM Decision Model in major decision
18 ERM Decision Making Products & services New staff Projects Coverages
19 ERM for Members
20 Decision Assist Risk Tools (DARTs) Member-focused ERM services and tools: ERM Framework ERM Consulting Executive Risk Management Team Sample Risk Registers Sample Risk Mitigation Plans Sample Monitoring
21 Member Training CIS Annual Conference Other local government conferences Partnering with Oregon PRIMA to bring National PRIMA ERM Training to Oregon in November
22 Challenges Definition of ERM not consistent Does ERM fit in public sector? Board understanding value Members not having the resources or desire to practice ERM
23 Challenges (cont d) Cutting edge for pools in US Not required by auditors or regulators Results are unclear
24 Outcome Improvements 1. Enhance skills to make decisions with opportunities and threats 2. Formal risk owners and risk mitigation plans 3. Better monitoring of risks with early warning flags, benchmarks, and dashboards
25 Question for Pool Managers Is anyone implementing Own Risk and Solvency Assessment (ORSA)? The Pool s Risk Profile The Pool s Solvency Position ORSA Validation and ERM Assessment
26 Questions? The first step to receiving an answer is being brave enough to ask a question. Unknown
27 Contact Info Scott Moss CIS P/C Trust Director
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