Session 7 Evolution of ERM Across Industries An ERM Practitioner s Perspective. Danielle Harrison, Chief Risk Officer, The Co-operators Group
|
|
- Marian Ward
- 5 years ago
- Views:
Transcription
1 Session 7 Evolution of ERM Across Industries An ERM Practitioner s Perspective Danielle Harrison, Chief Risk Officer, The Co-operators Group
2 Banking and Insurance Supervision BCBS (Basel Committee on Banking Supervision), established 1930 Core Principles for Banking Supervision (issued 1997, updated 2012) 29 CPs form supervisory expectations of banks, emphasizing the importance of good corporate governance & risk management. IAIS (International Association of Insurance Supervisors), established 1994 IAIS Insurance Core Principles (ICPs initially adopted 2011) 26 ICPs are the globally accepted requirements for the supervision of the insurance sector.
3 Risk Management Is Why Insurers Exist Risk is inherent in all areas of human endeavor...risk is present in everyday commercial and personal activities risk results from the presence of more than one potential outcome from a course of action (IAAust 2003, 109).
4 Global Risk Management Influencers COSO (Committee of Sponsoring Organizations of Treadway Commission) COSO Enterprise Risk Management Integrated Framework (2004); Report defines the essential components of risk management, suggests a common language, and provides clear direction and guidance for ERM. IAA (International Actuarial Association) A Global Framework for Insurer Solvency Assessment (2004); Sets out principles & methods for a global risk-based solvency framework, starting from a coherent risk framework. ISAP 5 Insurer Enterprise Risk Models (2016), ISAP 6 ERM Programs & IAIS Insurance Core Principles (Expected Nov 2018) FSB (Financial Stability Board) Principles for Sound Compensation Practices (2009) Principles for an Effective Risk Appetite Framework (2013) Guidance on Supervisory Interaction with Financial Institutions on Risk Culture, A Framework for Assessing Risk Culture (2014)
5 ISO (International Organization for Standardization) ISO Risk management Principles and guidelines (Nov 2009); Provides principles, framework and a process for managing risk. It can be used by any organization regardless of its size, activity or sector. ISO Risk Assessment Techniques (Dec 2009) OECD (Organisation for Economic Co-operation and Development) Risk Management & Corporate Governance (2014) Risk Management by State-Owned Enterprises & their Ownership (2016)
6 From Solvency to Optimization James Lam (2003) Risk management is not only about reducing downside potential or the probability of pain, but also about increasing upside opportunity or the prospects for gain.
7 Path to ERM Program Maturity What do we already have? (inventory) What are we expected to need? (regulatory) What will create value? (strategic) What continues to drive value? (discipline) maintaining & growing refining
8 What do insurers already have? Non-client facing risk management activities that take an enterprise perspective & that benefit from independent assessment Business Continuity Planning Solvency and capital adequacy Disaster Recovery Planning Asset Liability Management Regulatory Compliance Reinsurance & Counterparty credit assessment Actuarial valuation of technical provisions Financial controls Etc. Have Expected Value Disciplined Refinement
9 What components of ERM are expected? OSFI requirements for federally regulated insurers E-18: Stress Testing (2009) Risk appetite & impact of stress events on risk profile OSFI Corporate Governance Guideline (2013) ORSA (2015) Designate CRO, Board Risk Cmte; Independent oversight (CRO, CCO, CIA), RAF ERM program, CIAR, Relating Risk to Capital, Setting Internal Capital Targets (A-4) OSFI Guideline E-21: Operational Risk Management (2017) Etc. Have Expected Value Disciplined Refinement
10 What else can create strategic value? The whole is greater than the sum of the parts Common understanding Integration: Embedded Value, Economic Capital Strategy Diversification Risk budgeting Risk-Return optimization Project and/or product risk assessment Operational risk: loss event data collection Emerging risk Risk-based compensation (remuneration to align with longterm interests) Amongst assurance functions & COE (e.g. IT, HR) Preventative KRIs Have Expected Value Disciplined Refinement
11 What continues to drive value? Disciplined refinement that challenges what we currently have to ensure that it continues to meet org needs Use test Independence Build & deploy Adapt Shed Decision support through unique & integrated perspective Promote & sustain a strong risk culture Ex Post analysis Have Expected Value Disciplined Refinement
12 How do you know if you missed the mark? Imbalance between oversight versus active management Increased resistance & questions of value Deterioration in risk culture A risk event happens and our ERM systems failed to anticipate it, mitigate it and/or detect it!
13 Path to ERM Practitioner Maturity Facilitator, Consolidator, Number Cruncher, Reviewer, etc. Understanding of the business and its strategic objectives. Butterfly Trusted knowledge partner & strategic asset. Industry context & connection to the broader global risk environment influencers on the risks & opportunities for the organization.
14 ERM Educators
15 The Impact of Risk Culture Mission, Vision & Values alignment Tone from the Top, Tone from the Middle Ownership & accountability Internal path of escalation clarity & access CRO, Management Risk Committee Learning environment Beyond the letter of the law to the spirit of ERM
The Role of Finance and Accounting as Critical Players in ERM and ORSA
The Role of Finance and Accounting as Critical Players in ERM and ORSA Session Number 404 Jim Stangroom Baker Tilly John Romano Baker Tilly John Holdorf NYCM Insurance Amy Purdy Godleski Columbian Financial
More informationDraft Guideline. Corporate Governance. Category: Sound Business and Financial Practices. I. Purpose and Scope of the Guideline. Date: November 2017
Draft Guideline Subject: Category: Sound Business and Financial Practices Date: November 2017 I. Purpose and Scope of the Guideline This guideline communicates OSFI s expectations with respect to corporate
More informationRisk Appetite Survey Current state of the Insurance Industry
Risk Appetite Survey Current state of the Insurance Industry Deloitte Belgium and The Netherlands Financial Services Industry The survey was conducted during July 2013 till December 2013 Introduction The
More informationInternational Insurance Regulation 101: International Association of Insurance Supervisors
The Academy Capitol Forum: Meet the Experts International Insurance Regulation 101: International Association of Insurance Supervisors George Brady, Deputy Secretary General, IAIS Moderator: Jeffrey S.
More informationRisk Appetite. What is risk appetite?
Risk Appetite Presented by Mike Claffey 30 March 2011 What is risk appetite? Risk appetite is the degree of risk that an organisation is willing to accept in order to achieve its objectives, both in terms
More informationENTERPRISE RISK MANAGEMENT (ERM) POLICY Republic Glass Holdings Corporation. Purpose. Goals
Purpose This Enterprise Risk Management Policy (the ERM policy) provides the framework for managing risks across ( RGHC or the Company ). It contains the policies to guide employees, management and the
More informationINSURANCE CORE PRINCIPLES, STANDARDS, GUIDANCE AND ASSESSMENT METHODOLOGY
INSURANCE CORE PRINCIPLES, STANDARDS, GUIDANCE AND ASSESSMENT METHODOLOGY Revised ICP 8 and the additional ComFrame material in ICP 8 for public consultation (redline version) This public consultation
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 informationSubject ST9 Enterprise Risk Management Syllabus
Subject ST9 Enterprise Risk Management Syllabus for the 2018 exams 1 June 2017 Aim The aim of the Enterprise Risk Management (ERM) Specialist Technical subject is to instil in successful candidates the
More informationIAIS: Enterprise Risk Management for Capital Adequacy & Solvency Purposes. George Brady. IAIS Deputy Secretary General
IAIS: Enterprise Risk Management for Capital Adequacy & Solvency Purposes George Brady IAIS Deputy Secretary General Table of Contents 1. Introduction 2. Governance and an Enterprise Risk Management (ERM)
More informationAdvanced Methods in Insurance Capital Requirements
Advanced Methods in Insurance Capital Requirements Allan Brender Special Advisor, Capital Division Mexico City, 19 April 2007 Declare Solvency! If only it were that simple! 2 Canadian Financial System
More informationSolvency, Actuaries, ERM and the CERA Global Credential
Solvency, Actuaries, ERM and the CERA Global Credential Presenter: Fred Rowley MA FIA FIAA Hon FFA CERA President, International Actuarial Association Board Member, CERA Global Association Overview Solvency,
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 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 informationGuidance paper on the use of internal models for risk and capital management purposes by insurers
Guidance paper on the use of internal models for risk and capital management purposes by insurers October 1, 2008 Stuart Wason Chair, IAA Solvency Sub-Committee Agenda Introduction Global need for guidance
More informationEconomic Capital 4.14 Solvency II and Basel II and III Regulatory Standards 4.19 NAIC Own Risk and Solvency Assessment (ORSA) 4.23 Summary 4.
xi Contents Assignment 1 Introduction to Risk Management 1.1 The Risk Management Environment 1.3 Benefits of Risk Management 1.9 Risk Classifications 1.15 Enterprise Risk Management 1.21 Enterprise Risk
More informationCAPITAL MANAGEMENT GUIDELINE
CAPITAL MANAGEMENT GUIDELINE May 2015 Capital Management Guideline 1 Preambule TABLE OF CONTENTS Preamble... 3 Scope... 4 Coming into effect and updating... 5 Introduction... 6 1. Capital management...
More informationPresentation by: Nasumba Kizito Kwatukha CPA,CIA, CISA,CFE,CISSP,CRMA,CISM,IIK 6 th JULY 2017
ENTERPRISE RISK MANAGEMENT SEMINAR Enterprise Risk Management in case of Financial Institutions Presentation by: Nasumba Kizito Kwatukha CPA,CIA, CISA,CFE,CISSP,CRMA,CISM,IIK 6 th JULY 2017 Uphold public
More informationSolvency Assessment and Management: Pillar 2 - Sub Committee ORSA and Use Test Task Group Discussion Document 35 (v 3) Use Test
Solvency Assessment and Management: Pillar 2 - Sub Committee ORSA and Use Test Task Group Discussion Document 35 (v 3) Use Test EXECUTIVE SUMMARY 1. INTRODUCTION AND PURPOSE The purpose of this document
More informationMoving the profession forward internationally
Moving the profession forward internationally Overview Brief introduction to the IAA Actuarial Standards & Professionalism IAA and IAIS partnerships Role of Standards and Development Questions? About the
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 informationRisk Appetite for Life Offices IFoA working party
Risk Appetite for Life Offices IFoA working party Gautam Kakar, Chairman 30 October 2015 Members of Working Party: Gautam Kakar Lana Nguyen Shayanthan Pathmanathan Rod Bryn-Hussey Fabio Schiaffini Crystal
More informationERM and Reserve Risk
ERM and Reserve Risk Alietia Caughron, PhD CNA Insurance Casualty Actuarial Society s 2014 Centennial Celebration and Annual Meeting New York City, NY November 11, 2014 Disclaimer The purpose of this presentation
More informationIncreased Corporate Governance Requirements for Insurers
Increased Corporate Governance Requirements for Insurers 0 INCREASED CORPORATE GOVERNANCE REQUIREMENTS FOR INSURERS Introduction On 17 December 2009, the definitive text of the Solvency II Directive (2009/138/EC)
More informationEnterprise Risk Management Integrated Framework
ISACA S IT Audit, Information Security & Risk Insights Africa 2014, Alisa Hotel Enterprise Risk Management Integrated Framework Tony Bediako May 20, 2014 Today s organizations are concerned about: Risk
More informationSolvency II Insights for North American Insurers. CAS Centennial Meeting Damon Paisley Bill VonSeggern November 10, 2014
Solvency II Insights for North American Insurers CAS Centennial Meeting Damon Paisley Bill VonSeggern November 10, 2014 Agenda 1 Introduction to Solvency II 2 Pillar I 3 Pillar II and Governance 4 North
More informationOwn Risk and Solvency Assessment (ORSA)
Questions addressed: The use of ORSA within the existing Risk environment How ORSA is impacting RISK Control? What are the key operational impacts? How ORSA will affect, benefit in Asia? Contact details
More informationAcademy Presentation to NAIC ORSA Implementation (E) Subgroup
Academy Presentation to NAIC ORSA Implementation (E) Subgroup Tricia Matson, MAAA, FSA Chairperson, Enterprise Risk Management (ERM) and Own Risk and Solvency Assessment (ORSA) Committee August 10, 2016
More informationDraft Application Paper on Group Corporate Governance
Public Draft Application Paper on Group Corporate Governance Draft, 3 March 2017 3 March 2017 Page 1 of 33 About the IAIS The International Association of Insurance Supervisors (IAIS) is a voluntary membership
More informationEnterprise Risk Management
ASSOCIATION ACTUARIELLE INTERNATIONALE INTERNATIONAL ACTUARIAL ASSOCIATION Enterprise Risk Management All of life is the management of risk, not its elimination Walter Wriston, former chairman of Citicorp
More informationOwn Risk Solvency Assessment (ORSA) Linking Risk Management, Capital Management and Strategic Planning
Own Risk Solvency Assessment (ORSA) Linking Risk Management, Capital Management and Strategic Planning Moderator: David Holland, Risk Director, Ally Insurance SPEAKERS Mary-ellen Coggins, Managing Director,
More informationBasel II Pillar 3- Qualitative Disclosure
Basel II Pillar 3- Qualitative Disclosure 1. Scope This qualitative disclosure applies to Alinma bank, Saudi Arabia. Alinma bank is a Saudi joint stock company formed in accordance with Royal Decree No.
More informationBERMUDA MONETARY AUTHORITY INSURANCE DEPARTMENT GUIDANCE NOTE #14 INSURANCE ACTIVITY
BERMUDA MONETARY AUTHORITY INSURANCE DEPARTMENT GUIDANCE NOTE #14 INSURANCE ACTIVITY MARCH 2005 March, 2005 Page 1 of 5 GUIDANCE NOTE: INSURANCE ACTIVITY Introduction 1 The prime responsibility for the
More informationGeneral questions 1. Are there areas not addressed in the Guidance that should be considered in assessing risk culture?
To: Financial Stability Board (fsb@bis.org) From: Danny Saenz, Co-Chair, NAIC Group Solvency Issues (E) Working Group Date: January 30, 2014 Re: Comments Regarding December 23, 2013 Questions Regarding
More informationApplying COSO s Enterprise Risk Management Integrated Framework
Applying COSO s Enterprise Risk Management Integrated Framework COSO COSO stands for the Committee Of Sponsoring Organizations of the Treadway Commission. The sponsoring organizations are: Institute of
More informationSubject SP9 Enterprise Risk Management Specialist Principles Syllabus
Subject SP9 Enterprise Risk Management Specialist Principles Syllabus for the 2019 exams 1 June 2018 Enterprise Risk Management Specialist Principles Aim The aim of the Enterprise Risk Management (ERM)
More informationGUIDELINE ON ENTERPRISE RISK MANAGEMENT
GUIDELINE ON ENTERPRISE RISK MANAGEMENT Insurance Authority Table of Contents Page 1. Introduction 1 2. Application 2 3. Overview of Enterprise Risk Management (ERM) Framework and 4 General Requirements
More informationThe Challenges of Solvency II
Solvency II The Challenges of Solvency II Gain-Line & Solvency II Solvency II is the biggest ever exercise in bringing together insurers and re-insurers under one regulatory regime. Solvency II is a set
More informationMEMORANDUM. To: From: Metrolinx Board of Directors Robert Siddall Chief Financial Officer Date: September 14, 2017 ERM Policy and Framework
MEMORANDUM To: From: Metrolinx Board of Directors Robert Siddall Chief Financial Officer Date: September 14, 2017 Re: ERM Policy and Framework Executive Summary Attached are the draft Enterprise Risk Management
More informationFrom: Director Christina Urias, Chair of the Solvency Modernization Initiative (EX) Task Force
June 7, 2010 To: Lou Felice, Chair of the Capital Adequacy (E) Task Force From: Director Christina Urias, Chair of the Solvency Modernization Initiative (EX) Task Force Subject: SMI's RBC Proposals Dear
More informationSolvency Assessment and Management: Steering Committee Position Paper 34 1 (v 5) Own Risk and Solvency Assessment
Solvency Assessment and Management: Steering Committee Position Paper 34 1 (v 5) Own Risk and Solvency Assessment EXECUTIVE SUMMARY 1. INTRODUCTION AND PURPOSE The purpose of this document is to present
More informationSoutheastern Actuaries Conference 2012 Annual Meeting. Jeffrey S. Schlinsog, CFA, FSA, MAAA
www.pwc.com November 15, 2012 ERM Topics Southeastern Actuaries Conference 2012 Annual Meeting Jeffrey S. Schlinsog, CFA, FSA, MAAA ERM Topics 1. The development and implementation of the ORSA 2. The contents
More informationActuaries Club of the Southwest
www.pwc.com Actuaries Club of the Southwest 3-2-1-ORSA Drivers of Enterprise Risk Management ( ERM ) Fed 1. Rating Agencies AM Best SRQ ERM Questions & S&P ERM Level III Reviews FASB/IASB 2. IAIS ICP 16
More informationGregg Clifton. CFO Aurigen Reinsurance
Gregg Clifton CFO Aurigen Reinsurance Regulatory Capital When it comes to regulatory capital, is there a discernable clicking sound of a ratchet? More onerous Canadian capital requirements and the inherent
More informationA (personal) view. Philip Whittingham, European Chief Enterprise Risk Officer. 22 March 2010
The role of the risk profession in a Solvency II world A (personal) view Philip Whittingham, European Chief Enterprise Risk Officer XL Group plc 22 March 2010 Session Aims Successful Solvency II implementation
More informationOnce upon a time life was simple (in Sweden anyway).. Two products on the market Pension Endowment All companies had same product specifications All
Once upon a time life was simple (in Sweden anyway).. Two products on the market Pension Endowment All companies had same product specifications All companies had same valuation basis dictated by the supervisor,
More informationInternational Trends in Regulatory Capital & Target Surplus. Caroline Bennet - Trowbridge Deloitte Jennifer Lang - CBA
International Trends in Regulatory Capital & Target Surplus Caroline Bennet - Trowbridge Deloitte Jennifer Lang - CBA Agenda Review of Capital Framework International Trends in Regulatory Capital Target
More informationGuidance Note System of Governance - Insurance Transition to Governance Requirements established under the Solvency II Directive
Guidance Note Transition to Governance Requirements established under the Solvency II Directive Issued : 31 December 2013 Table of Contents 1.Introduction... 4 2. Detailed Guidelines... 4 General governance
More informationThe Changing World of International Insurance Regulation
The Changing World of International Insurance Regulation PCI Northeast General Counsel Seminar September 2016 David F. Snyder, Vice President, International Policy 1 Changing Architecture of Insurance
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 informationGlobal Enterprise Risk Management in Insurance
Global Enterprise Risk Management in Insurance Caroline Bennet National Leader, Deloitte Actuaries & Consultants Australia Meeting the Challenges of Change 14 th Global Conference of Actuaries 19 th 21
More informationSolvency and Financial Condition Report December 31, 2017
Solvency and Financial Condition Report December 31, 2017 List of Abbreviations and Acronyms... 4 SUMMARY... 5 A. BUSINESS AND PERFORMANCE... 10 A.1. Business... 10 A.2. Underwriting performance... 11
More informationCorporate Governance of Federally-Regulated Financial Institutions
Draft Guideline Subject: -Regulated Financial Institutions Category: Sound Business and Financial Practices Date: I. Purpose and Scope of the Guideline The purpose of this guideline is to set OSFI s expectations
More informationSusan Schmidt Bies: Enterprise perspectives in financial institution supervision
Susan Schmidt Bies: Enterprise perspectives in financial institution supervision Remarks by Ms Susan Schmidt Bies, Member of the Board of Governors of the US Federal Reserve System, at the University of
More informationGovernance of Uncertainty/Risk & US ORSA
Governance of Uncertainty/Risk & US ORSA DAVID SANDBERG FSA, MAAA, CERA September 17, 2015 2 Governing The Businesses of Uncertainty Banking (Uncertain Assets) Savers money loaned away. Liability is a
More information32 / RISK MANAGEMENT
32 / RISK MANAGEMENT FEATURE SOLID FOUNDATIONS The Australian Prudential Regulation Authority (APRA) released the final package of new cross-industry risk management and governance standards on 31 January
More informationInternational Actuarial Association (IAA) Kurt Wolfsdorf, Immediate Past President Presentation to CONAC October 15, 2014 Mexico City
International Actuarial Association (IAA) Kurt Wolfsdorf, Immediate Past President Presentation to CONAC October 15, 2014 Mexico City Recent Developments in the IAA Through the strength of all its member
More informationINTEGRATED RISK MANAGEMENT GUIDELINE
INTEGRATED RISK MANAGEMENT GUIDELINE Initial publication: April 2009 Updated: May 2015 TABLE OF CONTENTS Preamble... ii Scope... iii Coming into effect and updating... iv Introduction... v 1. Integrated
More informationBERGRIVIER MUNICIPALITY. Risk Management Risk Appetite Framework
BERGRIVIER MUNICIPALITY Risk Management Risk Appetite Framework APRIL 2018 1 Document review and approval Revision history Version Author Date reviewed 1 2 3 4 5 This document has been reviewed by Version
More informationINSURANCE REGULATION OMNIBUS CONSULTATION A CONSULTATION PAPER ON REVISION OF THE RULES AND GUIDANCE FOR LICENSED INSURERS
INSURANCE REGULATION OMNIBUS CONSULTATION A CONSULTATION PAPER ON REVISION OF THE RULES AND GUIDANCE FOR LICENSED INSURERS Issued 17 April 2018 This Consultation Paper makes proposals in respect of the
More informationUNITED NATIONS JOINT STAFF PENSION FUND. Enterprise-wide Risk Management Policy
UNITED NATIONS JOINT STAFF PENSION FUND Enterprise-wide Risk Management Policy 15 April 2016 Page 1 Table of Contents Page Preface I. Introduction 3 II. Definition 4 III. UNSJFP Enterprise-wide Risk Management
More informationActuarial Roles under the Solvency II Framework Dr. Huijuan Liu
Actuarial Roles under the Solvency II Framework Dr. Huijuan Liu Actuarial conference for supervisors 4 June 2014 Setting the scene Solvency II where do the actuaries fit? 2 Agenda The actuaries and the
More informationEnterprise Risk Management. University of Nebraska Max J. Rudolph, FSA CFA CERA Rudolph Financial Consulting, LLC February 15, 2008
Enterprise Risk Management University of Nebraska Max J. Rudolph, FSA CFA CERA Rudolph Financial Consulting, LLC February 15, 2008 1 Enterprise Risk Management (ERM) Key Points Get paid for the risks you
More informationIAIS Standards Setting Activities
London 3 Secretary General International Association of Insurance Supervisors (IAIS) Website: www.iaisweb.org Overview 1. IAIS structure and process 2. Insurance Core Principles 3. IAIS views on IASB standards
More informationVice President and Chief Actuary CLHIA
1 TITLE Presentation Points Steve Additional Easson, Points FCIA, FSA, CFA Additional Points Vice President and Chief Actuary CLHIA 2 TITLE AGENDA Presentation Points 1. Regulatory Additional (and Points
More informationThe International Actuarial Association
The International Actuarial Association Cecil Bykerk, President The New Role of the Actuary and The IAA 1 The New Role of the Actuary and The IAA XXV Mexican Actuarial Congress Acapulco, Mexico Fairmont
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 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 informationINTERNATIONAL ASSOCIATION OF INSURANCE SUPERVISORS
INTERNATIONAL ASSOCIATION OF INSURANCE SUPERVISORS ISSUES PAPER ON GROUP-WIDE SOLVENCY ASSESSMENT AND SUPERVISION 5 MARCH 2009 This document was prepared jointly by the Solvency and Actuarial Issues Subcommittee
More informationDefining the Internal Model for Risk & Capital Management under the Solvency II Directive
14 Defining the Internal Model for Risk & Capital Management under the Solvency II Directive Mark Dougherty is an international Senior Corporate Governance and Risk Management professional and Chartered
More informationManagement Information Systems Reporting Supervisory Expectations James Dennison Managing Director
Management Information Systems Reporting Supervisory Expectations James Dennison Managing Director 23rd XBRL International Conference: Enhancing Business Performance October 25, 2011 About OSFI Independent
More informationERM Concepts and Framework. Paul Duffy
Society of Actuaries in Ireland ERM Concepts and Framework Paul Duffy 13 th May 2010 *connectedthinking Lecture Plan Introduction to ERM Describe the concept of ERM Discuss the framework for risk management
More informationRynda Property Investors LLP (the Firm )
Rynda Property Investors LLP (the Firm ) Disclosure Statement under Pillar III as at 30 th June 2018 Contents 1. Overview 2. Risk Management Objectives and Policies 3. Capital Resources 4. Capital Adequacy
More informationSociety of Actuaries - ERM Forum, 10 May 2016 A regulatory perspective on consumer risk
Society of Actuaries - ERM Forum, 10 May 2016 A regulatory perspective on consumer risk Helena Mitchell Head of Consumer Protection: Supervision Division Contents What is conduct risk and consumer risk?
More informationCommunity Trust Company Basel III Pillar 3 Disclosures June 30, 2018
Community Trust Company Basel III Pillar 3 Disclosures June 30, 2018 Basel III Pillar 3 Disclosures Page 1 of 17 Contents Part 1 - Scope of Application... 3 Basis of preparation... 3 Significant subsidiaries...
More informationDoes ERM matter?* Enterprise risk management for the insurance industry
Insurance Does ERM matter?* Enterprise risk management for the insurance industry A global study June 2008 *connectedthinking PwC ERM: the past.. In 2004, PricewaterhouseCoopers asked insurers about their
More informationFinancial Reporting Council Update
Financial Reporting Council Update Technical Actuarial Standards Framework Review Ann Muldoon, Director Actuarial Policy CILA 2016-5 May 2016 1 Agenda 1. Background 2. Consultation Feedback : Framework
More informationSOLVENCY AND FINANCIAL CONDITION REPORT EUROLIFE LTD
SOLVENCY AND FINANCIAL CONDITION REPORT EUROLIFE LTD FOR THE YEAR ENDING 31 DECEMBER 2016 1 Table of Contents 1.Executive Summary... 5 1.1 Overview... 5 1.2 Business and performance... 5 1.3 System of
More informationSenior Supervisors Group:
Senior Supervisors Group: Observations on Risk Management Practices During the Recent Market Turbulence Jon Greenlee Associate Director, Risk Management Division of Banking Supervision and Regulation Federal
More informationENTERPRISE RISK MANAGEMENT (ERM) The Conceptual Framework
ENTERPRISE RISK MANAGEMENT (ERM) The Conceptual Framework ENTERPRISE RISK MANAGEMENT (ERM) ERM Definition The Conceptual Frameworks: CAS and COSO Risk Categories Implementing ERM Why ERM? ERM Maturity
More informationCritical Reflection of Two State-of-the-Art Risk Management Frameworks (SRM004)
Critical Reflection of Two State-of-the-Art Risk Management Frameworks (SRM004) Speakers: Dr. Kathrin Anne Meier, Chief Risk Officer, Allianz Global Corporate & Specialty John Adams, VP Global ERM, PepsiCo
More informationCommunicating the Value Enterprise Risk Management
Communicating the Value Communicating theof Enterprise Value Risk ofmanagement Enterprise Risk Management 1 Acknowledgments This paper was conducted with the valuable input and advice from the following
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 informationPillar 3 Disclosure Statement
Pillar 3 Disclosure Statement Last Updated: December, 2017 Disclosure Statement This Pillar 3 Disclosure as at September 30, 2017 contains statements that are considered "forwardlooking statements," including
More informationAmex Bank of Canada. Basel III Pillar III Disclosures December 31, AXP Internal Page 1 of 15
December 31, 2013 AXP Internal Page 1 of 15 Table of Contents 1 Scope of application 3 2 Capital structure and adequacy 4 3 Credit risk management 6 4 Asset liability management 11 Structural interest
More informationSolvency II - Risk Management Strategies for Insurance Businesses
Solvency II - Risk Management Strategies for Insurance Businesses A 1 or 2 Day programme for Insurance professionals This course can also be presented in-house for your company or via live on-line webinar
More informationStress Testing Beyond DCAT
Stress Beyond DCAT September 20, 2012 CIA Appointed Actuary Seminar Chris Townsend, FCIA Managing Director P&C Actuarial Division Agenda Stress OSFI Guideline E-18 Definition Purposes Two types & two dimensions
More informationInternational Certificate in Financial Services Risk Management. Qualification Syllabus. Building excellence in risk management
Institute of Risk Management International Certificate in Financial Services Risk Management Building excellence in risk management Qualification Syllabus 0 2017 Institute of Risk Management Overview of
More informationSOLVENCY II INSIGHTS FOR NORTH AMERICAN INSURERS. CAS Centennial Meeting Melissa Salton November 10, 2014
SOLVENCY II INSIGHTS FOR NORTH AMERICAN INSURERS CAS Centennial Meeting Melissa Salton 609-243-4424 November 10, 2014 Risk Management Components at MRG provides a framework for all US entities Disclosure
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 informationOwn Risk and Solvency Assessment
Own Risk and Solvency Assessment Acumen Conference 2015 Elaine Hultzer, Insurance Audit & Advisory Partner, Deloitte Sati MacLean, Senior P&C Actuarial Manager, Deloitte June 10 th, 2015 Agenda Introduction
More informationCommunity Trust Company Basel III Pillar 3 Disclosures December 31, 2017
Community Trust Company Basel III Pillar 3 Disclosures December 31, 2017 Basel III Pillar 3 Disclosures Page 1 of 18 Contents Part 1 - Scope of Application... 3 Basis of preparation... 3 Significant subsidiaries...
More informationActuarial Function Thriving on Uncertainty. By Stuart Wason, FCIA, FSA, MAAA, Hon FIA
Actuarial Function Thriving on Uncertainty By Stuart Wason, FCIA, FSA, MAAA, Hon FIA Senior Director, Office of the Superintendent of Financial Institutions Abstract The launch of the Solvency II Framework
More informationPILLAR 3 REGULATORY DISCLOSURES REPORT AS AT 30 NOVEMBER 2017 LEUCADIA INVESTMENT MANAGEMENT LIMITED
PILLAR 3 REGULATORY DISCLOSURES REPORT AS AT 30 NOVEMBER 2017 LEUCADIA INVESTMENT MANAGEMENT LIMITED CONTENTS 1 OVERVIEW AND BASIS OF PREPARATION OF THE PILLAR 3 DISCLOSURES... 1 1.1 Business Background...
More informationSolvency II - Risk Management Strategies for Insurance Businesses
Solvency II - Risk Management Strategies for Insurance Businesses A 1 or 2 Day programme for Insurance professionals This in-house course can also be presented face to face in-house or via live inhouse
More informationNAIC OWN RISK AND SOLVENCY ASSESSMENT (ORSA) GUIDANCE MANUAL
NAIC OWN RISK AND SOLVENCY ASSESSMENT (ORSA) GUIDANCE MANUAL Created by the NAIC Group Solvency Issues Working Group Of the Solvency Modernization Initiatives (EX) Task Force 2011 National Association
More informationCommunity Trust Company Basel III Pillar 3 Disclosures March 31, 2017
Community Trust Company Basel III Pillar 3 Disclosures March 31, 2017 Basel III Pillar 3 Disclosures Page 1 of 18 Contents Part 1 - Scope of Application... 3 Basis of preparation... 3 Significant subsidiaries...
More informationIntroduction to ORSA. OIC Risk Management Seminar 30 June William Song
Introduction to ORSA OIC Risk Management Seminar 30 June 2016 William Song Part 1 ORSA BACKGROUND 2 Own Risk and Solvency Assessment Aims to assess in a continuous and prospective way, the overall solvency
More informationZAG BANK BASEL PILLAR 3 DISCLOSURES. December 31, 2015
ZAG BANK BASEL PILLAR 3 DISCLOSURES December 31, 2015 1. OVERVIEW OF ZAG BANK Zag Bank (the Bank ) is a Schedule I federally chartered Canadian bank and a wholly-owned subsidiary of Desjardins Group (
More informationZAG BANK BASEL PILLAR 3 AND OTHER REGULATORY DISCLOSURES. December 31, 2017
ZAG BANK BASEL PILLAR 3 AND OTHER REGULATORY DISCLOSURES December 31, 2017 1. OVERVIEW OF ZAG BANK Zag Bank (the Bank ) is a Schedule I federally chartered Canadian bank and a wholly-owned subsidiary of
More information