Competition, compliance & cost continue to challenge the c-suite of Australian insurers
|
|
- Peregrine Rodgers
- 6 years ago
- Views:
Transcription
1 Competition, compliance & cost continue to challenge the c-suite of Australian insurers
2 The Australian insurance market is reasonably well capitalised and profitable, but it remains highly dynamic. C-suites must understand how multiple changes within and outside the market will affect their organisations and adapt accordingly. We discuss our views of the key changes below. Digital has begun to disrupt traditional operating models. ASIC s conduct focus and APRA s governance focus continue to grow. Cyber risk management is red hot. Expense control is a key focus in virtually every analyst s report. Many Australian insurers have responded to varying degrees, from revisiting their operating models to rethinking their approach to risk transfer including use of self-insurance or utilising new capacity in the market. An influx of new participants is bringing new ideas and capacity to the market, putting pressure on existing business models and financial results. New entrants such as Pacific Life Re and Berkshire Hathaway will increase reinsurance capacity. The acquisition of MLC will give Nippon Life exposure to the Australian insurance market. Zurich has also materially increased its Australian insurance portfolio with the partial acquisition of Macquarie Life. Global regulatory developments are ongoing and will continue to impact Australia, requiring insurers to continue to invest in governance, capital optimisation and investor communications. Banks are currently implementing Basel 4 with a focus on capital, profitability, governance, disclosure, data management and risk modelling, potentially affecting bank-owned insurers. Australian insurers must keep an eye on global developments to stay ahead of the market. Current priority areas for Australian insurers Stress and scenario testing Across the world, regulators are giving increasing importance to stress and scenario testing. This is apparent in ORSA and ICAAP requirements, EIOPA s 2016 industry stress test and APRA s life and general insurance industry stress test. Stress and scenario testing is one of the most versatile tools an insurer can deploy with tangible linkages to strategy, capital, risk management and recovery planning. As a result, many Chief Risk Officers in Australia have been given responsibility to strengthen their firm s approach to stress and scenario testing, focusing on modelling transparency, governance, board understanding and mitigating actions. Insurers need to remember that, although capital sufficiency is at the heart of stress and scenario testing, this in isolation is not enough. Firms need to move beyond a black box quantification exercise and gain real-life insights on management actions and resilience to multi-period stresses. Quality data and systems Many insurers are aware they need better systems, producing better quality data to perform real-time analysis and better understand their business. Executives are concerned about: legacy systems, inadequate integration from past acquisitions, not keeping pace with changes in technology and non-alignment between disparate systems. Most executives understand that addressing these issues will require considerable investment, together with management and Board buy-in. When executing system changes, insurers need to seek consensus across the business around processes and priorities. Competition, compliance & cost continue to challenge the c-suite of Australian insurers 2
3 Operating model enhancements Globally, and in Australia, insurers operating models are coming under scrutiny. Such changes highlight competing perspectives, such as legal entity versus management view, centralisation versus decentralisation and influence. Offshoring to low cost regions is also a recurring topic. Digitalisation is also driving organisational change. Insurers are setting up innovation hubs and appointing digital and future executives. Apart from the obvious impact on product design, such as the use of telematics, digitalisation will continue to impact the way insurers run their operations and deliver customer experience. Internal capital models These powerful management tools have yet to become prominent in the industry, but their importance is growing. In particular leading insurers are realising competitive advantages from internal capital models for example when pricing risks to better optimise return. Australian and European insurers use markedly different internal capital models. In the UK, PRA recently accredited a number of insurers internal models, which not only raises the bar on capital management but also pushes for greater discipline, use and oversight of these models. In Australia, insurers are only starting to scratch the surface. Only the largest insurers run comprehensive, stochastic internal models for management purposes. Even these firms need to regularly reconcile model-generated capital numbers to regulatory numbers. The local market has yet to become disciplined in internal model application and governance. Regulatory compliance We expect compliance teams to face evolving demands from regulators, boards and senior management as regulatory emphasis on customer protection and organisational culture continue to grow. ASIC has been actively examining the appropriateness of life insurance commission levels. The perceived value and fairness of consumer credit insurance has also put the spotlight on premiums and sales practices. Investigations into these issues and conduct in banks are now also crossing over into the life insurance space. Capital optimisation With the influx of capital and competitive pressures, insurers must carefully consider how to deploy their capital to optimise and achieve returns that meet shareholder expectations. Larger insurers are also considering nontraditional methods to fund their capital base, including using the debt and reinsurance markets. Sound technical models, together with a good knowledge of the regulatory and market environment, will be critical as insurers examine new capital optimisation strategies. As insurers focus on results, prioritising risk activities to focus on what matters most will be critical. The challenge will be balancing this with the rising regulatory expectation and increased competition in the market place. Striking the right risk-reward balance on risk management will increasingly become an area for competitive advantage. Competition, compliance & cost continue to challenge the c-suite of Australian insurers 3
4 Keep an eye out for icebergs on the horizon If HIH and the 2008/09 Global Financial Crisis have taught the industry anything, it is to watch out for icebergs dangers that are far larger than they appear on the surface. The Cyber Iceberg For insurers to move to a safer and more sustainable place in the digital world, they must apply a cyber-risk lens to everything they do. Insurers need a single, coherent and accessible view of enterprise-wide cyber risk. This is not a responsibility that can be delegated to one or two individuals. Insurers need to assign a wide range of responsibilities to the right individuals throughout the organisation and its broader ecosystem. I think everyone is learning rapidly on cyber. Given the speed of evolution and pace of change, no firm can really regard themselves as leading. I m also not sure I would recognise any country s market as being developed on this. Martin Bradley, EY Global Insurance Finance, Risk and Actuarial Leader Other potential icebergs Smart and artificial intelligence How will these emerging technologies alter insurance business models? Social demographics Will millennials demand different insurance products? Will insurers suffer from talent gaps? China s economic slowdown Will the ensuing global upheaval leave insurers better or worse off? Other sector disruption How will new entrants with customer centric and technology background disrupt the insurance model? Four priorities for Australian insurers The insurance industry is facing large global challenges. There is a need to create positive customer experiences with digital activity in light of the current macro-economic environment, growing levels of regulatory pressure, and lots of capital seeking a home in the sector. Insurers need to seek solutions to these issues that also confer value. Grant Peters, EY Oceania Insurance Sector Leader Competition, compliance & cost continue to challenge the c-suite of Australian insurers 4
5 EY Assurance Tax Transactions Advisory About EY EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities. EY refers to the global organisation, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organisation, please visit ey.com Ernst & Young, Australia. All Rights Reserved. APAC No. AUNZAU ED None This communication provides general information which is current at the time of production. The information contained in this communication does not constitute advice and should not be relied on as such. Professional advice should be sought prior to any action being taken in reliance on any of the information. Ernst & Young disclaims all responsibility and liability (including, without limitation, for any direct or indirect or consequential costs, loss or damage or loss of profits) arising from anything done or omitted to be done by any party in reliance, whether wholly or partially, on any of the information. Any party that relies on the information does so at its own risk. Liability limited by a scheme approved under Professional Standards Legislation. ey.com
Financial ratios: Lost in translation
Financial ratios: Lost in translation An accountants perspective 2 September 2017 Accounting baseline Legal rules Law principle based Case law, interpretation All advice is linked to the above Accounting
More informationAustralian major banks half year results 2018
May 2018 Australian major banks half year results 2018 Banks under the microscope. Underlying cash earnings: $15.2 billion Average return on equity: 13.0% Net interest margin: 2.03% Decrease of 1.7% (total
More informationAustralian major banks full year results 2017
November 2017 Banking results Australian major banks full year results 2017 Solid performance. But who will win the execution race? Overview ANZ, NAB and Westpac s full year reporting periods ended on
More informationDo you understand your duty of care and diligence when it comes to climate-related risks?
Do you understand your duty of care and diligence when it comes to climate-related risks? Key take aways There is growing accountability on company directors to exercise duty of care and diligence on climate-related
More informationRisk-based capital and governance in Asia-Pacific: emerging regulations
Risk-based capital and governance in Asia-Pacific: emerging regulations 1 Changing regulations in a changing market Across the Asia-Pacific region, countries are reviewing their approach to regulation
More information2014 EY US life insuranceannuity
2014 EY US life insuranceannuity outlook Market summary Evolving external forces and improved internal operating fundamentals confront the US life insurance-annuity market at the onset of 2014. Given the
More informationWill the Financial Stability Board be a game changer for climate risk disclosures?
Will the Financial Stability Board be a game changer for climate risk disclosures? Will the Financial Stability Board be a game changer for climate risk disclosures? Step by step guide to implementing
More informationEvolution of the Actuarial Profession. Martin Stevenson President, Institute of Actuaries of Australia
Evolution of the Actuarial Profession Martin Stevenson President, Institute of Actuaries of Australia Overview Global now, Australia later Global demand for actuaries Education Professional Governance
More informationAustralian Insurance CRO survey Empowering for transformation
Australian Insurance CRO survey 2017 18 Empowering for transformation Contents > 03 Executive summary 04 Highlights from 2017-18 CRO Insurance survey 07 2017-18 observations 13 Learnings from CPS220 reviews
More informationSpotlight: Tax operating models Technology disruption in sourcing decisions
December 2017 Spotlight: Tax models Technology disruption in sourcing decisions The Tax Function of the Future A Focus on Today series spotlights topics relevant to Tax with a focus on what Tax needs to
More informationClosing Report to the WM Audit Committee for the year ended 30 June 2013
Closing Report to the WM Audit Committee for the year ended 30 June 2013 MasterKey Investment Service (MKIS) MasterKey Investment Service Fundamentals (MKISF) Investor Directed Portfolio Services (IDPS)
More informationDoes the ORSA add value? Challenges and initial achievements. Lukas Ziewer Risk Management Perspectives, 18/11/2014
Does the ORSA add value? Challenges and initial achievements Lukas Ziewer Risk Management Perspectives, 18/11/2014 My three wishes for a prudential regime 1. Capital as a single currency for risk as a
More informationundiscovered opportunities insurance analytics Advanced analytics for insurance
undiscovered opportunities insurance analytics Advanced analytics for insurance unlock value profitable growth deep experience We work with insurers to find opportunities that deliver profitable growth
More informationTax Alert. Final Element of Investment Manager Regime resolves Australian tax uncertainties for foreign funds. Overview
August 2015 Tax Alert Overview Foreign funds may qualify where: they make direct investments not attributable to an Australian permanent establishment; or if investments are made on the fund s behalf through
More informationThe Digital Insurer. The Art of the Possible. 10/02/17 Avril Castagnetta, Senior Manager
The Digital Insurer The Art of the Possible 10/02/17 Avril Castagnetta, Senior Manager What if the insurance value chain Product Marketing and distribution Underwriting Policy admin Claim management Corporate
More informationAccounting update. A new approach to grantor accounting for public private partnerships
May 2015 Accounting update At a glance Exposure Draft released on service concession arrangements from a government grantor perspective Represents a major shift in current accounting from a risk and reward
More informationEYGS UK tax strategy. Financial year ending 30 June 2017
EYGS UK tax strategy Financial year ending 30 June 2017 EY s values and our commitment to building a better working world drive our tax strategy Scope This tax strategy applies to EYGS LLP and all its
More informationTechnology, governance and risk: can new thinking on three issues bring retirement security for millions?
Technology, governance and risk: can new thinking on three issues bring retirement security for millions? Global pension and retirement market outlook Contents 3 5 6 Executive summary Governance structures
More informationNew Accounting Standards and Interpretations for Public Benefit Entities. 31 March 2014
New Accounting Standards and Interpretations for Public Benefit Entities 31 March 2014 Introduction This document is applicable for Public Benefit Entities (PBEs) applying New Zealand Equivalents to International
More informationOpportunities and challenges facing the US REIT industry
Opportunities and challenges facing the US REIT industry Nine years on from the beginning of the global financial crises, the opportunities and challenges facing the US real estate investment trust (REIT)
More informationTo G20 Finance Ministers and Central Bank Governors
THE CHAIR 13 March 2018 To G20 Finance Ministers and Central Bank Governors G20 Finance Ministers and Central Bank Governors are meeting against a backdrop of strong and balanced global growth. This momentum
More informationTax Change in the USA: Major impact for Australian policy makers and business leaders
Tax Change in the USA: Major impact for Australian policy makers and business leaders US President Donald Trump has promised change and says major tax reform is one of his top priorities. With a Republican
More informationOptimizing and balancing corporate agility for insurers
Optimizing and balancing corporate agility for insurers Table of contents 04 Executive summary 06 Addressing strategic uncertainty 07 Structuring assessments of strategic uncertainty 10 Corporate agility
More informationORSA reports: gaps and opportunities
ORSA reports: gaps and opportunities Market benchmarking of ORSA reports for Singapore general insurers Industry-wide Own Risk and Solvency Assessment (ORSA) 1 2 Contents 1 Executive summary 2 Our assessment
More informationERM/ORSA Training Thai General Insurance Association (TGIA)
ERM/ORSA Training Thai General Insurance Association (TGIA) 10 October 2017 Agenda Time Topics 8.30-9.00 Registration ORSA for Non-life Insurance Top 10 global business risk in 2017 Weakness and past failures
More informationINTERNATIONAL ASSOCIATION OF INSURANCE SUPERVISORS
Guidance Paper No. 2.2.x INTERNATIONAL ASSOCIATION OF INSURANCE SUPERVISORS GUIDANCE PAPER ON ENTERPRISE RISK MANAGEMENT FOR CAPITAL ADEQUACY AND SOLVENCY PURPOSES DRAFT, MARCH 2008 This document was prepared
More informationTransforming claims through predictive modelling
October 2011 Insurance Agenda Transforming claims through predictive modelling Claims departments are under increasing pressure to produce better loss ratios. Predictive modelling enables claims departments
More informationAPAC Insurance CRO survey Findings and key themes
APAC Insurance CRO survey 2016 Findings and key themes Introduction About this report This Asia-Pacific (APAC) Chief Risk Officer (CRO) survey has been undertaken with the aim of gaining insights into
More informationMeeting the challenges of the changing actuarial role. Actuarial Transformation in property-casualty insurers
Meeting the challenges of the changing actuarial role Actuarial Transformation in property-casualty insurers 1 As companies seek to drive profitable growth, both short term and long term, increasing the
More informationApplying IFRS. ITG discusses IFRS 9 impairment issues at December 2015 ITG meeting. December 2015
Applying IFRS ITG discusses IFRS 9 impairment issues at December 2015 ITG meeting December 2015 Contents Introduction... 3 Paper 1 - Incorporation of forward-looking information... 4 Paper 2 - Scope of
More informationNew accounting standards and interpretations. 31 December 2014
New accounting standards and interpretations 31 December 2014 Introduction This document is a supplement to Endeavour (International) Limited (December 2014 edition) and contains disclosure information
More informationNew Accounting Standards and Interpretations for Tier 1 Public Sector and Not-for-Profit Public Benefit Entities
New Accounting Standards and Interpretations for Tier 1 Public Sector and Not-for-Profit Public Benefit Entities 31 March 2018 sued but not yet effective Introduction This document is applicable for Tier
More informationNew accounting standards and interpretations. 30 June 2015
New accounting standards and interpretations 30 June 2015 Introduction This document is a supplement to Endeavour (International) Limited (December 2014 edition) and contains disclosure information on
More informationNew Accounting Standards and Interpretations for Public Benefit Entities. 31 March 2015
New Accounting Standards and Interpretations for Public Benefit Entities 31 March 2015 Introduction This document is applicable for Public Benefit Entities (PBEs) applying New Zealand Equivalents to International
More informationDirectors Fees Review
Directors Fees Review Synlait Milk Limited Table of contents Executive summary... 1 1. Introduction... 2 1.1 Background... 2 1.2 Methodology... 2 1.3 Fee elements analysed... 2 1.4 Synlait current fee
More informationAt the intersection of international tax and digital transformation. Framing 2017: a new digital tax discipline
At the intersection of international tax and digital transformation Framing 2017: a new digital tax discipline Framing 2017: a new digital tax discipline Tax risk reached new heights in 2016, particularly
More informationNew Accounting Standards and Interpretations for Tier 1 Public Sector and Not-for- Profit Public Benefit Entities. 30 June 2015
New Accounting Standards and Interpretations for Tier 1 Public Sector and Not-for- Profit Public Benefit Entities 30 June 2015 Introduction This document is applicable for Public Benefit Entities (PBEs)
More informationINTERNATIONAL ASSOCIATION OF INSURANCE SUPERVISORS
Guidance Paper No. 2.2.6 INTERNATIONAL ASSOCIATION OF INSURANCE SUPERVISORS GUIDANCE PAPER ON ENTERPRISE RISK MANAGEMENT FOR CAPITAL ADEQUACY AND SOLVENCY PURPOSES OCTOBER 2007 This document was prepared
More informationIFRS 4 Phase II Operational impacts
IFRS 4 Phase II Operational impacts Contents 1 Executive summary... 1 2 Overview... 2 3 Major impacts... 4 4 Major operational gaps... 10 5 Implementation and next steps... 14 6 How EY can help... 16 7
More informationInternal audit in insurance current market issues and trends. Minds made for building financial services
Internal audit in insurance current market issues and trends Minds made for building financial services When the financial services industry works well, it creates growth, prosperity and peace of mind
More informationCapital Confidence Barometer
Financial Services Capital Confidence Barometer April 2014 ey.com/ccb Measured approach to growth M&A Focus on quality over quantity Economic outlook Moving beyond a recovery mindset, anticipating future
More informationGlobal Regulation Solvency II & Equivalence. September 16, 2013
Global Regulation Solvency II & Equivalence September 16, 2013 Disclaimer This material has been prepared for general informational purposes only and is not intended to be relied upon as accounting, tax,
More informationRisk appetite. Getting in shape building and sustaining your risk appetite. 27 February 2014
Getting in shape building and sustaining your risk appetite 27 February 2014 Getting in shape building and sustaining your risk appetite James Maher Insurance and Actuarial Services Leader FSO Ireland
More informationOpen Banking. Reshaping the financial services landscape
Open Banking Reshaping the financial services landscape re read What is open banking? Following similar moves across the globe, Australia is in the process of developing policy to support an open banking
More informationPoint of View. The CIO Point of View ASIA PACIFIC. The New Agenda for Transformative Leadership: Reimagine Business for Machine Learning
The CIO Point of View ASIA PACIFIC The New Agenda for Transformative Leadership: Reimagine Business for Machine Learning Global Overview Machine learning has arrived in the enterprise, and companies are
More informationThe Federal Reserve s proposed rule for enhanced prudential standards: what it means to insurers and what they should do now
The Federal Reserve s proposed rule for enhanced prudential standards: what it means to insurers and what they should do now On June 3, 2016, the Federal Reserve Board of Governors (FRB) released a notice
More informationAccelerating expansion in Japan Risk management frameworks at a glance
Accelerating expansion in Japan Risk management frameworks at a glance Executive summary Our enterprise risk management report focuses on risk and regulation in the Japanese insurance market and a new
More informationSharing insights on key industry issues*
Insurance This article is from a PricewaterhouseCoopers publication entitled Insurancedigest Sharing insights on key industry issues* European edition September 2008 Is your ERM delivering? Authors: Robert
More informationGlobal Insurance CFO Survey Asia supplement
Global Insurance CFO Survey Asia supplement Contents 1 Introduction 3 Executive summary 5 Priorities and challenges 16 Delivering value in 2020 20 Looking forward Introduction EY s CFO survey of 35 global
More informationTax Alert. Multinational businesses and tax - Australian Taxpayer Alerts on four structuring issues. At a glance
April 2016 Tax Alert Multinational businesses and tax - Australian Taxpayer Alerts on four structuring issues At a glance ATO issued Taxpayer Alerts covering certain arrangements for Thin capitalisation
More informationEY costing of proposed model designs Final Citizen s Jury
EY costing of proposed model designs Final Citizen s Jury 24 March 2018 Contents Nature of cost estimates Risks and uncertainty Page 2 Nature of cost estimates Passenger vehicles only excluding Lifetime
More informationMay th edition Capital Confidence Barometer. Hospitality and leisure. 86 respondents
May 2015 12th edition Capital Confidence Barometer Hospitality and leisure 86 respondents About the Barometer EY s Capital Confidence Barometer is a regular survey of senior executives from large companies
More informationNew Accounting Standards and Interpretations for Tier 1 For-profit Entities. 31 March 2018
New Accounting Standards and Interpretations for Tier 1 For-profit Entities 31 March 2018 New Accounting Standards and Interpretations for Tier 1 For-profit Entities 31 March 2018 EY 1 Introduction This
More informationRobots join the team. Automation, transformation and the future of actuarial work for insurers
v2 Robots join the team Automation, transformation and the future of actuarial work for insurers istock watermarks on images will be removed once images are purchased. Images are $24 each for a total of
More informationFIO recommendations on modernizing insurance regulation in the US
Insurance regulatory update FIO recommendations on modernizing insurance regulation in the US Time for the industry to act The Federal Insurance Office (FIO) has submitted to Congress its long-awaited
More informationGlobal banking outlook Transforming banking for the next generation
Global banking outlook Transforming banking for the next generation i Global banking outlook Leaner but larger? Transforming banking The next decade will bring both evolution and revolution for banks.
More informationPrudential Standard GOI 3 Risk Management and Internal Controls for Insurers
Prudential Standard GOI 3 Risk Management and Internal Controls for Insurers Objectives and Key Requirements of this Prudential Standard Effective risk management is fundamental to the prudent management
More informationResponsible Investment: A Matter of Principles
Responsible Investment: A Matter of Principles IMAS LunchTime Talk 18 November 2016 1 What is Stewardship? Responsible wealth creation How can a business thrive and sustain growth while enhancing the wealth
More informationThe agent of the future
The of the future Korea EY survey highlights need for customer-centric innovation and personalized sales support The of the future is emerging as a proactive advisor in a digital world. ii The of the future
More informationImprove business results by first improving your vendor selection
Improve business results by first improving your vendor selection Executive summary Don t let your legacy be your legacy systems. For years, life insurance companies have been unable to leverage many
More informationEY Center for Board Matters Board Matters Quarterly. January 2017
EY Center for Board Matters Board Matters Quarterly January 2017 2 Board Matters Quarterly January 2017 January 2017 Board Matters Quarterly In this issue 04 Governance trends at Russell 2000 companies
More informationORSA An International Development
ORSA An International Development 25.02.14 Agenda What is an ORSA? Global reach Comparison of requirements Common challenges Potential solutions Origin of ORSA FSA ICAS Solvency II IAIS ICP16 What is an
More informationTailored and experiential training for the insurance industry
Tailored and experiential training for the insurance industry We believe in learning by doing. Our experiential approach to learning helps engage participants at a deep level and ensure they gain practical
More informationALFI 2020 Ambition: Serving the interests of investors and the economy
ALFI 2020 Ambition: Serving the interests of investors and the economy ALFI commits to further enhance Luxembourg s position as the international fund centre of reference, recognised as open, reliable
More informationModerator: Eric L Clapprood FSA,CERA. Presenters: Dwayne Allen Husbands FSA,MAAA Youyou Tao FSA,CERA
Session 3: How to Effectively Embed Stress Testing into a Risk Management Framework to Support Management Action SOA Antitrust Disclaimer SOA Presentation Disclaimer Moderator: Eric L Clapprood FSA,CERA
More informationPeppercomm Hedge fund managers embrace innovation amid industry challenges and increased competition
News release John La Place Paul Merchan EY Peppercomm +1 212 773 1705 +1 212 931 6172 john.laplace@ey.com pmerchan@peppercomm.com Hedge fund managers embrace innovation amid industry challenges and increased
More informationTalent and accountability incentives governance Risk appetite and risk responsibilities
Risk appetite Board risk oversight Risk culture Risk appetite framework Risk Talent and accountability incentives Risk (3LoD) governance Risk transparency, Controls MIS and data effectiveness Risk appetite
More informationTop regulatory trends for 2016 Asia Pacific Region Deloitte & Touche LLP 1
Top regulatory trends for 2016 Asia Pacific Region 2016 Deloitte & Touche LLP 1 Agenda 2016 Top Regulatory Trends for Asia Pacific Resilience Culture & Conduct Technology Implementation 2016 Deloitte &
More informationNew accounting standards and interpretations. 31 December 2015
New accounting standards and interpretations 31 December 2015 Introduction This document is a supplement to Endeavour (International) Limited (December 2015 edition) and contains disclosure information
More informationAsia Pacific Pensions
Asia Pacific Pensions What other countries do, what we could learn and where we should act 17 September 2013 Table of Contents 1 2 3 Share selected overseas insights Outline selected Pension insights from
More informationCredit risk management. Why it matters and how insurers can enhance their capabilities
Credit risk management Why it matters and how insurers can enhance their capabilities As enterprise risk management has moved up the strategic agenda for insurance executives in the years since the global
More informationNavigating uncertainty through enhanced business insight
Insurance Insight Series Author Brian Robinson Senior Director Product Management Contact Us Americas +1.212.553.1653 Europe +44.20.7772.5454 Asia-Pacific +852.3551.3077 Japan +81.3.5408.4100 Navigating
More informationArticle from: Risks & Rewards. August 2014 Issue 64
Article from: Risks & Rewards August 2014 Issue 64 ALM TRANSFORMATION By Eric L. Clapprood, Jeffrey R. Lortie and Kathryn M. Nelson In a world of uncertainty, there are consistently two sure things consultants
More informationGIC Insights 2017: Asia s Evolving Role In An Uncertain World
GIC Insights 2017: Asia s Evolving Role In An Uncertain World GIC Insights is GIC s annual thought leadership event. Held this year on 15 September 2017, the event saw 110 prominent global business leaders
More informationFour key capabilities for the future of underwriting. Findings from the EY-CPCU Society underwriting survey
Four key capabilities for the future of underwriting Findings from the EY-CPCU Society underwriting survey Executive summary An expanding value proposition for underwriting As the insurance industry continues
More informationIFRS 9 Financial Instruments for broker-dealers
IFRS 9 Financial Instruments for broker-dealers IFRS 9 Financial Instruments for broker-dealers 1 Overview 09 10 11 12 13 14 2015 2016 2017 2018 IASB Exposure Draft (ED) 1 Final IFRS 9 Standard * GPPC
More informationAre you ready to go public?
Insights for 5executives Are you ready to go public? Make sure you have your internal controls house in order Of special interest to Chief audit executives Chief financial officers Jasmine, Chief Executive
More informationGetting up to speed with IFRS 17 for insurance contracts. Implications for Malaysian insurers. Volume 5 - Issue 3-19 June 2017
Volume 5 - Issue 3-19 June 2017 Getting up to speed with IFRS 17 for insurance contracts Implications for Malaysian insurers Take 5: Getting up to speed on IFRS 17 for insurance contracts 1 In the next
More informationRisk management culture focused on integrity and good conduct
Key risks and mitigations Risk management culture focused on integrity and good conduct The Group is exposed to a variety of risks as a result of its business activities. Effective risk management is a
More informationAdvanced Operational Risk Modelling
Advanced Operational Risk Modelling Building a model to deliver value to the business and meet regulatory requirements Risk. Reinsurance. Human Resources. The implementation of a robust and stable operational
More informationLet s talk: governance
EY Center for Board Matters Let s talk: governance Special edition 2014 proxy season preview ey.com/boardmatters 1 Proxy season 2014 preview Boards face shifting investor priorities and expectations Proxy
More informationERM and the new world of insurance regulation. Where insurers should focus now to find business value
ERM and the new world of insurance regulation Where insurers should focus now to find business value Enterprise risk management is a common denominator Reform efforts have much in common, including enhanced
More informationAustralian Treasury Discussion Paper on the digital economy and Australia s corporate tax system: A detailed review
4 October 2018 Global Tax Alert Australian Treasury Discussion Paper on the digital economy and Australia s corporate tax system: A detailed review NEW! EY Tax News Update: Global Edition EY s new Tax
More informationAre your climate disclosures revealing the true risks of your business?
Are your climate disclosures revealing the true risks of your business? Insights for the CFO on the release of Final Report: Recommendations of the Task Force on Climate-related Financial Disclosures.
More informationNew Accounting Standards and Interpretations for Tier 1 Public Sector and Not-for-Profit Public Benefit Entities
New Accounting Standards and Interpretations for Tier 1 Public Sector and Not-for-Profit Public Benefit Entities 31 March 2017 New Accounting Standards and Interpretations for Tier 1 Public Benefit Entities
More informationFinancial reporting guide
Financial reporting guide An overview of the New Zealand financial reporting framework January 2017 New Zealand financial reporting framework In 2016, New Zealand completed its transition to a new financial
More informationBen S Bernanke: Modern risk management and banking supervision
Ben S Bernanke: Modern risk management and banking supervision Remarks by Mr Ben S Bernanke, Chairman of the Board of Governors of the US Federal Reserve System, at the Stonier Graduate School of Banking,
More informationTax watch: Edition 2. March Transfer Pricing, Permanent Establishment and Interest Limitation Changes Announced
The views reflected in this document are the views of the authors and do not necessarily reflect the views of the global EY organisation or its member firms. Tax watch: Edition 2 March 2017 Transfer Pricing,
More informationOutcome Based Budgeting
Outcome Based Budgeting How a focus on outcomes can drive better funding decisions for the consumer www.pwc.com.au Contents 04 The background to change 05 What is outcome based funding? 06 How do we achieve
More informationPAYL Wearable trends. How will real-time client activity and health data change your insurance business? April 2016
PAYL Wearable trends How will real-time client activity and health data change your insurance business? April 2016 2 PAYL Wearable trends How will real-time client activity and health data change your
More informationTax Alert. Major changes to Australian Transfer Pricing rules. At a glance
December 2012 Tax Alert At a glance Exposure draft (ED) law was released on 22 November 2012 Broad powers now given to the ATO to reconstruct or disregard related party arrangements Without documentation
More informationNATURAL CATASTROPHES IN AUSTRALIA: ISSUES OF FUNDING AND INSURANCE
NATURAL CATASTROPHES IN AUSTRALIA: ISSUES OF FUNDING AND INSURANCE Authors: Chris Latham, Peter McCourt Key words: Natural catastrophes, funding, insurance, national scheme Purpose of your paper: To revisit
More informationTHE STRATEGIC TREASURER: MOVING UP. MOVING MOUNTAINS.
TREASURY MANAGEMENT THE STRATEGIC TREASURER: MOVING UP. MOVING MOUNTAINS. William J. Booth, Executive Vice President, Treasury Management, The PNC Financial Services Group, Inc. Today s treasurers have
More informationFEATURE ARTICLE: INVESTING IN TECHNOLOGY COMPANIES
FEATURE ARTICLE: INVESTING IN TECHNOLOGY COMPANIES Technology companies have always had a place in GIC s portfolio. In recent years, as technology has disrupted traditional industries and spawned new businesses,
More informationInsurance Regulation Reimagined
Insurance Regulation Reimagined Rob Curtis & Julian Braganza KPMG This presentation has been prepared for the 2016 Financial Services Forum. The Institute Council wishes it to be understood that opinions
More informationThe new global tax environment. What the global focus on Base Erosion and Profit Shifting (BEPS) means for your business
The new global tax environment What the global focus on Base Erosion and Profit Shifting (BEPS) means for your business Changing business environment Macroeconomic megatrends, mobility of capital and growth
More informationOwn Risk and Solvency Assessment (ORSA)
Own Risk and Solvency Assessment (ORSA) Presentations to OCCA (Nov. 19, 2014) and AAIARD (Nov. 21, 2014) Jacqueline Friedland, FCIA, FCAS, FSA, MAAA Chief Actuary, RSA Canada Presentation Outline What
More informationPillar 3 Disclosure November 2016
Pillar 3 Disclosure November 2016 1 1. Overview 1.1 Background This document comprises the Capital and Risk Management Pillar 3 disclosures as at 30 September 2016 for River and Mercantile Group PLC and
More informationAmerican Academy of Actuaries Webinar: The Practice of ERM in the Insurance Industry. Enterprise Risk Management Committee November 19, 2013
American Academy of Actuaries Webinar: The Practice of ERM in the Insurance Industry Enterprise Risk Management Committee November 19, 2013 All Rights Reserved. 1 Presenters Bruce Jones, MAAA, FCAS, CERA
More informationNew Accounting Standards and Interpretations for Tier 1 Public Sector and Notfor-Profit. Entities. 31 December 2016
New Accounting Standards and Interpretations for Tier 1 Public Sector and Notfor-Profit Public Benefit Entities 31 December Introduction This document is applicable for Tier 1 Public Benefit Entities (PBEs)
More information