Thoughts on Risk Management Gone Wrong
|
|
- Ashlyn Armstrong
- 6 years ago
- Views:
Transcription
1 Thoughts on Risk Management Gone Wrong Canadian Life and Health Insurance Association 2013 Joint Compliance and Consumer Complaints Officers Annual Conference Vancouver, May 8 10, 2013 Stuart Carruthers Stikeman Elliott LLP, Toronto
2 Overview 1. What are the types or phases of material risk? 2. How do legal and compliance work together in managing material risk? 3. What are the implications for reputational risk when risk management goes wrong? 4. What can we learn from the mistakes of others? 5. Where do regulators fit in? 6. What material risk issues are on the horizon? 7. Opportunity for discussion SLIDE 1
3 1. Types or phases of material risk Good overview in OSFI s Supervisory Framework Appendix A Inherent Risk Categories, and in OSFI s Draft ORSA Guideline Appendix I Risks and Risk Considerations Also risk factors disclosures of public companies Credit risk (counterparty risk) Market/Investment/Liquidity risk (changes in market rates, prices or liquidity) Insurance risk (amounts and timing of payments/receipts (claims frequency/severity and administration costs)) Product design Product pricing Underwriting and claims adjudication/processing Reinsurance Reserving SLIDE 2
4 1. Types or phases of material risk (Cont d) Operational risk Selling practices Breakdowns in transaction processing Fraud Physical security Data/information security Business continuity Money laundering and terrorist financing Modeling Outsourcing Judicial interpretations Catastrophes Loss of key employees SLIDE 3
5 1. Types or phases of material risk (Cont d) Tax risks Regulatory compliance risk Strategic risk Ratings risk SLIDE 4
6 2. How do legal and compliance work together? Ideally, in coordination with each other? Legal: stewardship; Compliance: operational implementation?? Compliance: prevention; Legal: problem mitigation? What is your organization s structure? Compliance reports to legal? Do you have a Chief Risk Officer role/structure? dedicated Board Risk Committee? formal Risk Appetite Framework (OSFI Corporate Governance Guideline, Annex B)? How international is your business? What is your organization s culture? How risky are your products and distribution structure? Are you innovators or careful followers? SLIDE 5
7 3. Implications for reputation management when things go wrong Reputational Impact Negative publicity Board and management distraction Impact of social media Cost to rebuild goodwill Hard costs of fines, sanctions Restrictions on business/operations Innovation paralysis SLIDE 6
8 4. What can we learn from the mistakes of others? Lots of recent teachable moments (corruption and bribery; moneylaundering; sanctions violations; conspiracy (LIBOR fixing); tax evasion; unfair treatment of customers (US sub-prime mortgages; UK Payment Protection Insurance)) Promontory Sightlines In Focus Article March, 2013 Common Breakdowns in Risk Management COMMON RISK-MANAGEMENT MISTAKES Failing to regard risk management as a toptier discipline Inadequate staffing in risk-management functions Weak and inadequate risk data and information Ignoring warnings about potential problems Inattention to potential risk accretion at high-volume businesses perceived as low risk Inadequate due diligence on vendors and third parties Disregarding lessons that can be learned from peers experiences Not holding all employees responsible for ethical behavior SLIDE 7
9 5. Where do regulators fit in? Everywhere Prevention OSFI Supervisory Framework, Corporate Governance Guideline and June 2005 Reputation Risk Practices Note Punishment International Coordination Making your regulators part of your solution, not part of your problem Get to know your regulators now and well Is the class action bar the real regulator? SLIDE 8
10 6. What material risks are on the horizon? Distribution risks Distributor fiduciary obligations Product risks Over-complexity Products which are unconscionably profitable to insurers and distributors Unethical practices Anything that seems unfair, effectively is and will likely result in class action litigation Systems/IT risks Disruption of service Privacy breaches Regulatory complexity/overkill Stikeman Elliott s new Canadian regulatory regime map SLIDE 9
11 7. Opportunity for Discussion SLIDE 10
12 For further information Stuart Carruthers, Stikeman Elliott LLP, Toronto
Insurance Bulletin. New OSFI Guideline on Operational Risk Management. September 2015
September 2015 Insurance Bulletin New OSFI Guideline on Operational Risk Management In August 2015 the Office of the Superintendent of Financial Institutions Canada ("OSFI") released its draft Guideline
More informationRISK MANAGEMENT FRAMEWORK OVERVIEW
Perpetual Limited RISK MANAGEMENT FRAMEWORK OVERVIEW September 2017 Classification: Public Page 1 of 6 COMMITMENT TO RISK MANAGEMENT As a publicly listed company and provider of financial products and
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 informationDANONE S CODE OF CONDUCT FOR BUSINESS PARTNERS
DANONE S CODE OF CONDUCT FOR BUSINESS PARTNERS Version Version 1 History Entered into force in 04/2016 Approval procedure Approved by Corporate Compliance and Ethics Board in 04/2016 Binding on All Danone
More informationThird party risk management: Friend or foe?
Third party risk management: Friend or foe? Leah M. Hamilton, Chief Compliance Officer 1 2016 Temenos USA. All rights reserved. What You Will Learn: Vendor Management Why use? Potential risks Compliance
More informationEthics in Indian Business- The Qualifying Factor
FEBRUARY 2015 Ethics in Indian Business- The Qualifying Factor Published in Global Compact Network India Kaushik Dutta and Naveen Srivastava THOUGHT ARBITRAGE RESEARCH INSTITUTE Ethics in Indian Businesses:
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 informationSupervisory Framework JUNE 2012
Supervisory Framework JUNE 2012 The Financial Institutions Commission of British Columbia (FICOM) is a regulatory agency of the Ministry of Finance, established in 1989 to contribute to the safety and
More informationRISK COMMITTEE CHARTER THE CHARLES SCHWAB CORPORATION
RISK COMMITTEE CHARTER THE CHARLES SCHWAB CORPORATION PURPOSE The Risk Committee ( Committee ) of the Board of Directors ( Board ) assists the Board and other Committees of the Board in fulfilling its
More informationForeign Vendor Due Diligence: Ensuring Banks Perform Sufficient Due Diligence When Contracting with Foreign Vendors
ACI s Advanced Legal, Regulatory and Compliance Forum on Cross-Border & Global Payments and Technologies November 19-20, 2015 Foreign Vendor Due Diligence: Ensuring Banks Perform Sufficient Due Diligence
More informationTitle: Anti-Bribery Policy
Title: Anti-Bribery Policy Approved May 2012 Reviewed September 2016 1 1. Introduction The Bribery Act 2010 (the Act) introduces a new, clearer regime for tackling bribery that applies to all commercial
More informationSolvency & Financial Condition Report Centrewrite Limited
Solvency & Financial Condition Report Centrewrite Limited For the year ended 31 December 2016 Prepared in accordance with Chapter XIII Section 1 Article 290-298 of Directive 2009/138/EC and Annex XX of
More informationSupervisor of Banks: Proper Conduct of Banking Business (12/12) Operational Risk Management Page Operational Risk Management
Operational Risk Management Page 350-1 Operational Risk Management Introduction 1. Operational risk is inherent in all banking products, activities, processes and systems. The effective management of operational
More informationTHE CO-OPERATIVE BANK PLC RISK COMMITTEE. Terms of Reference
THE CO-OPERATIVE BANK PLC RISK COMMITTEE Terms of Reference 1. CONSTITUTION 1.1 The terms of reference of the risk committee (the "Committee") of The Co-operative Bank plc (the "Bank") were approved by
More informationConsumer Compliance Hot Topics
Consumer Compliance Hot Topics Agenda Regulatory Timeline: Issued in 2014 On the Horizon for 2015 Areas of Supervisory Focus: Fair Lending Unfair or Deceptive Acts or Practices (UDAP) Flood Vendor Management
More informationThe company s capital (in millions of $) determined according to Basel III requirements is:
Basel Pillar Three Disclosure as of September 30, 2017 1. Introduction Industrial Alliance Trust Inc. ( ia Trust or the company ) is a trust and loan company subject to the Trust and Loan Companies Act
More informationFederal Bank Secrecy Act / Anti-Money Laundering (BSA/AML) Oversight
Federal Bank Secrecy Act / Anti-Money Laundering (BSA/AML) Oversight Brief Overview of BSA/AML Requirements and Regulatory Expectations Enforcement Authority Recent Consent Orders / Deferred Prosecution
More informationDRAFT SOUND COMMERCIAL PRACTICES GUIDELINE
DRAFT SOUND COMMERCIAL PRACTICES GUIDELINE JUNE 2013 TABLE OF CONTENTS Preamble... 2 Introduction... 3 Scope... 4 Implementation... 5 Concepts addressed in this guideline... 6 Commercial practices... 6
More informationCommon Breakdowns in Risk Management COMMON RISK-MANAGEMENT MISTAKES. Failing to regard risk management as a top-tier discipline
INFOCUS promontory.com MARCH 4, 2013 BY JULIE L. WILLIAMS Common Breakdowns in Risk Management Recognizing and managing key risks have never been more challenging for large financial institutions, and
More informationKey risks and mitigations
Key risks and mitigations This section explains how we control and manage the risks in our business. It outlines key risks, how we mitigate them and our assessment of their potential impact on our business
More informationDesjardins Trust Inc. Financial Information and Information on Risk Management (unaudited)
Desjardins Trust Inc. Financial Information and Information on Risk Management (unaudited) For the period ended September 30, 2017 TABLE OF CONTENTS Page Page Notes to readers Capital Use of this document
More informationThe Handbook. Sator Regulatory Consulting Limited. Helen M Hatton, Managing Director
The Handbook Sator Regulatory Consulting Limited Helen M Hatton, Managing Director THE NEW AML REGIME CBA OVERSIGHT THE NEW HANDBOOK STANDARDS Law and Regulation The State Ordinance on the Prevention and
More informationFraud Risk Management
Fraud Risk Management Fraud Risk Assessment Part 2 2017 Association of Certified Fraud Examiners, Inc. Fraud Risk Assessment Frameworks Frameworks are helpful for performing, evaluating, and reporting
More informationGlobal Policy on Anti-Bribery and Anti-Corruption
1 Global Policy on Anti-Bribery and Anti-Corruption OUR GLOBAL POLICY ON ANTI-BRIBERY AND ANTI-CORRUPTION Did You know?? PolyOne is committed to the prevention, deterrence and detection of fraud, bribery
More informationTHE BERMUDA MONETARY AUTHORITY BANKS AND DEPOSIT COMPANIES ACT 1999: The Management of Operational Risk
THE BERMUDA MONETARY AUTHORITY BANKS AND DEPOSIT COMPANIES ACT 1999: The Management of Operational Risk May 2007 Introduction 1 This paper sets out the policy of the Bermuda Monetary Authority ( the Authority
More informationThe OCEG Open Risk Classification using XBRL
The OCEG Open Risk Classification using XBRL Yuji Furusho Fujitsu Research Institute Agenda Overview Governance Risk and Compliance Brief Introduction Standards Initiatives Business Standards, XBRL and
More informationPreamble. The purpose of this Policy is to protect NIB s reputation and promote a transparent business practice.
Integrity Due Diligence Policy Approved by the Board of Directors on 8 March 2018 with entry into force on 1 May 2018 Preamble NIB follows international standards and good practices regarding know-your-customer
More informationWestern Captive Insurance Company DAC. Solvency and Financial Condition Report. For Financial Year Ending 31 st December 2016 (the reporting period )
Western Captive Insurance Company DAC Solvency and Financial Condition Report For Financial Year Ending 31 st December 2016 (the reporting period ) 1 Executive Summary Western Captive Insurance Company
More informationIsraeli off-shore exploration and development. How to manage the risks?
Israeli off-shore exploration and development How to manage the risks? Eitan Glazer, Partner Energy Practice Leader Israel April 28, 2013 Helping energy companies succeed With over 5,300 industry-dedicated
More informationAUDIT COMMITTEE OF THE BOARD OF DIRECTORS OF THE TORONTO-DOMINION BANK CHARTER
AUDIT COMMITTEE OF THE BOARD OF DIRECTORS OF THE TORONTO-DOMINION BANK CHARTER ~ ~ Supervising the Quality and Integrity of the Bank's Financial Reporting ~ ~ Main Responsibilities: overseeing reliable,
More informationBryan Sigurdson, FSA, FCIA
May 8, 2013 Vancouver, BC Bryan Sigurdson, FSA, FCIA Vice-President, Actuarial & Product, and Chief Actuary Co-operators Life Insurance Company 1 Although I ve never been to an actuarial conference, I
More informationCode of Ethics Policy
May 2017 APPROVAL Approved By: Board of Directors Approval Date: May 3, 2017 Responsible Person/Contact: Chief Compliance Officer VERSION CONTROL Approved by : Governance Committee Last Review Date: May
More informationGLOBAL CODE OF CONDUCT AND ETHICS
Author: Legal Department Updated by: Global Compliance Release Date: 10 September 2014 Last Reviewed: 10 September 2014 Status: Approved Owner: Legal Department Version: 2.0 Custodian: Global Compliance
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 informationPractical Suggestions for an Effective AML/OFAC Compliance Function
Practical Suggestions for an Effective AML/OFAC Compliance Function Institute of International Bankers 2013 Annual Anti-Money Laundering Seminar Paul S. Pilecki May 7, 2013 2013 Kilpatrick Townsend Recent
More informationSample Table of Contents
Sample Table of Contents DEFINITIONS 5 INTRODUCTION 10 RISK INVENTORY 12 REGISTRATION 18 FIRM REGISTRATION 18 NOTICE FILING 19 REPRESENTATIVE LICENSING 19 FIDUCIARY DUTY 22 CODE OF ETHICS 24 INSIDER TRADING
More informationRisk management policy
Risk management policy November 2017 Risk management policy Page 0 of 8 Contents 1. Policy objectives and background 2 1.1 Policy background 2 1.2 Policy objective 2 1.3 Policy sponsor and maintenance
More informationLaw Update for Clients
Law Update for Clients LATIN AMERICA - Anti-Bribery/Anti-Corruption Laws are Being Adopted, Strengthened, and Enforced Companies Must Have Compliance Programs in Place to Prepare for Increasing Levels
More informationGuidance and Checklist for Submitting Applications for Authorisation of a Branch of a Third-Country Insurance Undertaking
Guidance and Checklist for Submitting Applications for Authorisation of a Branch of a Third-Country Insurance Undertaking T: +353 (0)1 224 6000 E: insurancepolicy@centralbank.ie www.centralbank.ie Guidance
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 informationAnti-Corruption and Anti-Bribery Guidelines Innergex Renewable Energy Inc.
Anti-Corruption and Anti-Bribery Guidelines Innergex Renewable Energy Inc. ANTI-CORRUPTION AND ANTI-BRIBERY GUIDELINES At Innergex (which includes Innergex Renewable Energy Inc. and all of its subsidiaries),
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 informationMission Statement. Build shareholder value through leadership in strategic management of risk. Objectives. Risk Priorities
Risk management Overview The ability to manage risk well is a core competency at RBC, and is supported by strong Risk Conduct and Culture, and an effective risk management approach. RBC defines risk as
More informationSOUTHWESTERN ENERGY COMPANY ANTI-CORRUPTION COMPLIANCE POLICY
SOUTHWESTERN ENERGY COMPANY ANTI-CORRUPTION COMPLIANCE POLICY I. Introduction At Southwestern Energy Company, we and our controlled subsidiaries and joint ventures (collectively, SWN or the Company ) build
More informationSample Risk Assessment Checklist
1. Use of Third-Party Intermediaries Sample Assessment Checklist Use of intermediaries Use of sales agents Intermediaries being paid more than required by contract Failure to identify all intermediaries
More informationCARIBBEAN DEVELOPMENT BANK STRATEGIC FRAMEWORK FOR INTEGRITY, COMPLIANCE AND ACCOUNTABILITY PILLARS I AND II INTEGRITY AND ETHICS POLICY
CARIBBEAN DEVELOPMENT BANK STRATEGIC FRAMEWORK FOR INTEGRITY, COMPLIANCE AND ACCOUNTABILITY PILLARS I AND II INTEGRITY AND ETHICS POLICY To provide for measures to promote Institutional Integrity and Ethics
More informationBecare DAC. Solvency and Financial Condition Report ( SFCR ) for the financial year ended 31 December Page 1
Becare DAC Solvency and Financial Condition Report ( SFCR ) for the financial year ended 31 December 2016 Page 1 Contents EXECUTIVE SUMMARY... 4 A BUSINESS AND PERFORMANCE... 7 A.1 BUSINESS... 7 A.2 UNDERWRITING
More informationBERMUDA MONETARY AUTHORITY THE INSURANCE CODE OF CONDUCT FEBRUARY 2010
Table of Contents 0. Introduction..2 1. Preliminary...3 2. Proportionality principle...3 3. Corporate governance...4 4. Risk management..9 5. Governance mechanism..17 6. Outsourcing...21 7. Market discipline
More informationMOBILE TELESYSTEMS PUBLIC JOINT STOCK COMPANY ANTI-CORRUPTION LAWS COMPLIANCE POLICY
APPROVED by the resolution of the Board of Directors of Mobile TeleSystems Public Joint Stock Company December 20, 2016, Minutes No.255 MOBILE TELESYSTEMS PUBLIC JOINT STOCK COMPANY ANTI-CORRUPTION LAWS
More informationREGULATORY M&A DUE DILIGENCE 1 REGULATORY M&A DUE DILIGENCE
REGULATORY M&A DUE DILIGENCE 1 REGULATORY M&A DUE DILIGENCE REGULATORY M&A DUE DILIGENCE 3 REGULATORY M&A DUE DILIGENCE 4 REGULATORY M&A DUE DILIGENCE UNDERSTANDING REGULATORY RISK IS KEY Financial and
More informationUK Joint Ventures: Sanctions And Corruption Risks
Portfolio Media. Inc. 860 Broadway, 6th Floor New York, NY 10003 www.law360.com Phone: +1 646 783 7100 Fax: +1 646 783 7161 customerservice@law360.com UK Joint Ventures: Sanctions And Corruption Risks
More informationGUIDELINES ON AUTHORISATION AND REGISTRATION UNDER PSD2 EBA/GL/2017/09 08/11/2017. Guidelines
EBA/GL/2017/09 08/11/2017 Guidelines on the information to be provided for the authorisation of payment institutions and e-money institutions and for the registration of account information service providers
More informationInternational Diploma in Compliance. Syllabus
International Diploma in Compliance Syllabus Module 1 - Unit 1: Understanding the Regulatory Environment The objectives of financial services regulation The history of financial services regulation International
More informationREGULATION. on Internal Governance Arrangements, the Management body and the Internal Capital Adequacy Assessment Process for Banks and Savings banks
Pursuant to point 1 of Article 58 and points 1, 2 and 3 of Article 135 of the Banking Act (Official Gazette of the Republic of Slovenia, No. 25/15; hereinafter: the ZBan-2) and the second paragraph of
More informationRISK APPETITE OVERVIEW
PUBLIC SECTOR PENSION INVESTMENT BOARD ( PSP INVESTMENTS ) RISK APPETITE OVERVIEW February 10, 2017 PSP-Legal 2684702-1 Introduction Maintaining a risk aware culture in which undue risks are avoided and
More informationOperational risk (OR) is everywhere in the business environment. It is the
01_chap_lewis.qxd 3/3/04 2:47 PM Page 1 CHAPTER 1 Introduction to Operational Risk Management and Modeling Operational risk (OR) is everywhere in the business environment. It is the oldest risk facing
More informationRegulatory Capital Pillar 3 Disclosures
Regulatory Capital Pillar 3 Disclosures December 31, 2016 Table of Contents Background 1 Overview 1 Corporate Governance 1 Internal Capital Adequacy Assessment Process 2 Capital Demand 3 Capital Supply
More informationChristina Urias SMI Task Force Chair Director, Arizona Department of Insurance
May 21, 2010 TO: Christina Urias SMI Task Force Chair Director, Arizona Department of Insurance FROM: RE: Mary A. Weiss, Ph.D. Distinguished Scholar, CIPR NAIC Country Solvency Comparisons Materials for
More informationTYRE REINSURANCE (IRELAND) DAC. Solvency and Financial Condition Report. For Financial Year Ending 31 st December 2016 (the reporting period )
TYRE REINSURANCE (IRELAND) DAC Solvency and Financial Condition Report For Financial Year Ending 31 st December 2016 (the reporting period ) 1 P a g e Executive Summary Tyre Reinsurance (Ireland) DAC (
More informationSTURM, RUGER & COMPANY, INC. CODE OF BUSINESS CONDUCT AND ETHICS
STURM, RUGER & COMPANY, INC. CODE OF BUSINESS CONDUCT AND ETHICS Sturm, Ruger & Company, Inc. (the "Company") maintains an extensive "Corporate Compliance Program" which governs the obligation of all employees,
More informationAML & KYC. The Crime Prevention Compliance Course. This course can be presented in-house for you on a date of your choosing
AML & KYC The Crime Prevention Compliance Course This course can be presented in-house for you on a date of your choosing The Banking and Corporate Finance Training Specialist Course Overview Financial
More informationREPUTATIONAL RISK MANAGEMENT MODULE
REPUTATIONAL RISK MANAGEMENT MODULE MODULE RR Reputational Risk Management Table of Contents RR-A RR-1 RR-2 RR-3 Date Last Changed Introduction RR-A.1 Purpose 07/2018 RR-A.2 Module History 07/2018 Reputational
More informationFIRMA Nashville Tennessee April 21, 2015
FIRMA Nashville Tennessee April 21, 2015 Brian J. Pinkerton T. Kevin Whalen Enterprise risk management (ERM) is the process of planning, organizing, leading, and controlling the activities of an organization
More informationANTI-BRIBERY POLICY STATEMENT
ANTI-BRIBERY POLICY STATEMENT 1. BACKGROUND AND PURPOSE Department 13 (D13) maintains an Anti-Bribery Policy prohibiting any improper or unethical payment to government officials or a party to a private
More informationBribery and Corruption
Bribery and Corruption Legal Elements of Bribery and Corruption 2018 Association of Certified Fraud Examiners, Inc. 2018 Association of Certified Fraud Examiners, Inc. 1 of 27 Introduction This section
More informationSubject ANTI BRIBERY POLICY Section POLICY STATEMENT Sponsor CHIEF LEGAL OFFICER
Subject ANTI BRIBERY POLICY Section POLICY STATEMENT Sponsor CHIEF LEGAL OFFICER Number Version 1.0 Effective Date: December 2014 Anti Bribery Policy Indivior PLC, its subsidiaries and related companies
More informationUnique Markets, Responsible Investing
Unique Markets, Responsible Investing IFC s Integrity Due Diligence Process BENEFICIAL OWNERSHIP CLIENT SCREENING SANCTIONS & DEBARMENT AML/CFT INTEGRITY RISK International Finance Corporation 2017. All
More informationManaging BSA/AML Compliance Risk
WASHINGTON, D.C. ATLANTA BEIJING BRUSSELS DENVER DUBAI DUBLIN HONG KONG ISTANBUL LONDON MADRID MILAN NEW YORK PARIS SAN FRANCISCO SINGAPORE SYDNEY TOKYO TORONTO Managing BSA/AML Compliance Risk Presentation
More informationFraud Risk Assessment CARRIE KENNEDY, PARTNER DUSTIN BIRASHK, PARTNER
Fraud Risk Assessment CARRIE KENNEDY, PARTNER DUSTIN BIRASHK, PARTNER Disclaimer The material appearing in this presentation is for informational purposes only and should not be construed as advice of
More informationProvide reports and minutes of meetings to the board.
Audit and Risk Committee Terms of Reference (Mandate) February 22, 2017 A. Overview and Purpose The Audit and Risk Committee is appointed by, and responsible to, the board of directors. The committee approves,
More informationOWN RISK AND SOLVENCY ASSESSMENT. ERM Seminar Compliance All Dealing from the same deck now
OWN RISK AND SOLVENCY ASSESSMENT ERM Seminar - 2014 Compliance All Dealing from the same deck now Own and Solvency Assessment! Originated in the UK about 10 years ago Now a global insurance regulatory
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 informationCompliance Illustrated: Anti Bribery
Compliance Illustrated: Anti Bribery 1. Have you ever been in a situation where you felt you must do something for someone a favor, a gift, a cash payment --in exchange for their agreeing to do business
More informationCIBC Investor Presentation Q2 F18
CIBC Investor Presentation Q2 F8 May 23, 208 Forward-Looking Statements 2 A NOTE ABOUT FORWARD-LOOKING STATEMENTS: From time to time, we make written or oral forward-looking statements within the meaning
More information23-December-2017 Keppel Offshore & Marine Reaches Global Resolution with Authorities in the U.S., Brazil and Singapore
Page 1 of 5 Print this page Close this window 23-December-2017 Keppel Offshore & Marine Reaches Global Resolution with Authorities in the U.S., Brazil and Singapore Keppel Offshore & Marine (KOM) has reached
More informationProperty & Casualty Dynamic Capital Adequacy Testing and Stress Testing The Canadian Framework
Property & Casualty Dynamic Capital Adequacy Testing and Stress Testing The Canadian Framework Caribbean Actuarial Conference December 5, 2009 Xavier Bénarosch, FCAS, FCIA, CFA, FRM Table of contents Concept
More informationEMERGO WEALTH LTD (Regulated by the Cyprus Securities & Exchange Commission, License Number 232/14)
EMERGO WEALTH LTD (Regulated by the Cyprus Securities & Exchange Commission, License Number 232/14) Disclosures in accordance with CySEC Directive DI144-2014-14 of 2014 Year 2016 Prepared on 5 April 2017
More informationWebinar. The Gibraltar Financial Services Commission. Solvency II Implications for Non-Executive Directors (NEDs) 28 th May 2015
Webinar Solvency II Implications for Non-Executive Directors (NEDs) 28 th May 2015 Kathryn Morgan, Director or Regulatory Operations Ken Hogg, Solvency II Project Manager Webinar 28 th May 2015 Agenda
More informationFINANCIAL CRIME GUIDE (AMENDMENT NO 3) INSTRUMENT 2015
FINANCIAL CRIME GUIDE (AMENDMENT NO 3) INSTRUMENT 2015 Powers exercised A. The Financial Conduct Authority makes this instrument in the exercise of its powers under: (1) section 139A (Guidance) of the
More informationBeyond Borders: Corruption Risk in Today s s Global Marketplace. Dallas-Fort Worth Joint IIA Chapter Meeting May 14, 2009
Beyond Borders: Corruption Risk in Today s s Global Marketplace Dallas-Fort Worth Joint IIA Chapter Meeting May 14, 2009 Today s s Discussion Topics Common fraud scenarios Foreign Corrupt Practices Act
More information2014 Mid-Cycle Stress Test. Dodd-Frank Act Company-Run Stress Disclosure
2014 Mid-Cycle Stress Test Dodd-Frank Act Company-Run Stress Disclosure September 30, 2014 Table of Contents Introduction... 2 Macroeconomic Scenario... 2 Summary of Results... 6 Risks... 9 Methodologies...
More information1. INTRODUCTION 1 2. OVERVIEW OF THE BUSINESS 1 4. CAPITAL ADEQUACY & OWN FUNDS 6 5. CAPITAL REQUIREMENTS 7 6. REMUNERATION POLICY 10
etoro (UK) Limited Pillar 3 Risk Management Disclosure Report 2016 Contents 1. INTRODUCTION 1 2. OVERVIEW OF THE BUSINESS 1 3. RISK MANAGEMENT OBJECTIVES & POLICIES 1 4. CAPITAL ADEQUACY & OWN FUNDS 6
More informationMapping of Life Insurance Risks 1/25/02
Federal Reserve Risk Credit Risk The potential that a borrower or counterparty will fail to perform Business Credit Risk Invested Asset Credit Risk Political Risk Mapping of Life Insurance Risks 1/25/02
More informationRisk Management: The Role of Corporate Counsel in a Changing World
Risk Management: The Role of Corporate Counsel in a Changing World Presented by ACC Canada and Borden Ladner Gervais LLP Wednesday, January 20, 2010 1 RISK MANAGEMENT: THE ROLE OF CORPORATE COUNSEL INTRODUCTION
More informationCorporate Law & Governance - Emerging Best Practices for Corporate Governance
Corporate Law & Governance - Emerging Best Practices for Corporate Governance Guy Young Bill Nelson State Law Graham case (1963): Red flag case Directors failed to uncover and prevent anti- trust violations
More informationThe Inter-American Investment Corporation s INTEGRITY FRAMEWORK
The Inter-American Investment Corporation s INTEGRITY FRAMEWORK Adopted on July 27, 2016 INTEGRITY FRAMEWORK I. General Principles 1. Purpose. The purpose of this Integrity Framework is to reiterate the
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 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 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 information[INSERT COMPANY NAME] Code Of Business Ethics And Conflict Of Interest Policy For Directors, Officers And Employees
[INSERT COMPANY NAME] Code Of Business Ethics And Conflict Of Interest Policy For Directors, Officers And Employees This Code of Ethics and Conflict of Interest Policy (the Code ) for Directors, Officers
More informationRegulatory and Enforcement Trends
NY2 717563 Regulatory and Enforcement Trends April 11, 2013 2013 Morrison & Foerster LLP All Rights Reserved mofo.com Agenda We will provide an overview of the regulatory and enforcement trends that may
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 informationPillar 3 Disclosure ICAP Europe Limited
Pillar 3 Disclosure 31 st March 2017 1. INTRODUCTION AND SCOPE The purpose of this report is to meet Pillar 3 requirements laid out by the European Banking Authority (EBA) in Part Eight of the Capital
More informationRisky Business. Jaidev Iyer Operational Risk Expert, CEO J-Risk Advisors
Risky Business Jaidev Iyer Operational Risk Expert, CEO J-Risk Advisors Speaker Information Jaidev Iyer Enterprise & Operational Risk Expert J-Risk Advisors Jaidev Iyer is a veteran of Citigroup, where
More informationAnti-Bribery Policy. Gifts include money, goods, services or loans given ostensibly as a mark of friendship or appreciation.
Anti-Bribery Policy Policy Owner Stephen Martin Date of Approval October 2014 Approved by Club Board Scheduled for next review October 2014 1. Definitions Anti-Bribery & Corruption Officer: Steamship s
More informationFailure to prevent the facilitation of tax evasion. Jason Collins & Tori Magill
Failure to prevent the facilitation of tax evasion Jason Collins & Tori Magill Agenda FTP Overview and rationale The three ingredients of the FTP offence Associated persons Reasonable procedures De-risking,
More informationThe Payment Services Directive. Mortgage Fraud - what are the lessons?
The Payment Services Directive Mortgage Fraud - what are the lessons? Jean Price Head of Retail Banking and Consumer Finance 3 rd September 2008 The Payment Services Directive Overview and objectives Key
More informationSILCHESTER INTERNATIONAL INVESTORS DATA PROTECTION POLICY
SILCHESTER INTERNATIONAL INVESTORS DATA PROTECTION POLICY INTRODUCTION Silchester International Investors LLP, Silchester International Investors, Inc., Silchester Partners Limited and Silchester Capital
More informationFinancial Crime Governance, Risk and Compliance Fund Managers & Fund Administrators. Thematic Review 2017
Financial Crime Governance, Risk and Compliance Fund Managers & Fund Administrators Thematic Review 2017 Foreword During late 2016 a thematic review of fund managers and fund administrators governance,
More informationCIBC Investor Presentation Q1 F18
CIBC Investor Presentation Q F8 February, 08 Forward-Looking Statements A NOTE ABOUT FORWARD-LOOKING STATEMENTS: From time to time, we make written or oral forward-looking statements within the meaning
More information