Life offices face a multitude of risks
CEIOPS – Solvency II
Market risk Default risk
CIRC – RM Guidelines
Market risk Default risk
FORTIS I
Health risk Life risk
Non-life risk Intangible asset risk
Operational risk
Insurance risk Business risk
Strategic risk Reputational risk
Operational risk Liquidity riskEvolution of ERM
FORTIS IIAA Practice Note – a useful reference
Governance and an ERM framework
Risk management policy
Risk tolerance statement
Risk responsiveness and feedback loop
Contents
FORTIS I
Own risk and solvency assessment (ORSA)
Economic and supervisory capital
Continuity analysis
Role of supervision in risk management
Key features of ERM from IAIS
FORTIS IExample of a governance structure
Board of Directors
(Chairman)
RM Committee
(C’tee Chair)
Overall RM strategy and policy
Set risk appetite
Ensuring suitable RM and control framework
Effectiveness of the Insurer’s Risk Management
Framework
Compliance with supervisory requirements
Establishment of a suitably independent risk
FORTIS I
Sub-Committees
Senior Management
(incl. CRO)
RM Function
(CRO)
Establishment of a suitably independent risk
function with the authority, standing and resources
to effectively execute its mandate
Monitoring the adequacy of corporate insurance
covers.
Day to day operation of risk management
Implementing RM framework
Developing and maintaining RM tools and data
Fostering an RM culture: language / behaviour
Senior management & new metricsExpect senior management to be skeptical regarding any new metricsv Before the big meetings, sell the value of the ...
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