PUNE
P666
–
ENTERPRISE RISK MANAGEMENT (NON-LIFE)
Background:
The insurance industry all over the world is undergoing severe turbulence
mainly because risk landscape across countries has become highly dynamic,
interdependent, and vulnerable to broader exposure and greater severity. This
has led to the emergence of stringent regulations through Risk Based Capital
(RBC), Solvency II, Asset Liability Management and IFRS, etc. In particular,
IAIS standard on Enterprise Risk Management (ERM), RBC guidelines and Solvency
II norms make it mandatory for insurers to have advanced ERM initiatives under
Own Risk Solvency Assessment (ORSA). With rising CAT exposures coupled with economic, financial, political, and
technological risks, managing these risks has become more challenging to the key
stakeholders: insurers, reinsurers, risk managers, brokers, customers,
regulators, etc.
More importantly, Leaders in the today’s corporate world must be able
to identify and manage not only the core insurance business risks but also
proactively manage external risks originating from economic, environmental,
strategic, political, operational, and technological changes.
Objectives:
At the end of the programme participants will be able to understand and appreciate:
§
The
Dynamics of Integrated ERM – including ISO 3100 & Updated COSO Framework
§
Own
Risk Solvency Assessment (ORSA) and its implications on General insurance
companies
§
Development
of Advanced Capital Model and Allocation of Capital in accordance with the risk
profile of company
§
Asset
Liability Management (ALM)and its implications on Market and Liquidly Risks.
§ Risk Mitigation Strategies including Reinsurance and ART mechanism to manage all the major risks comprehensively.
Contents:
§
Integrated
ERM Concept under the changing market scenario including Risk Based Solvency
Capital
§
New
updated COSO Principles and ERM Guidelines by IAIS
§
Own
Risk Solvency Assessment (ORSA) and its implications on General insurance
companies
§
ERM
and Business Strategy; Integration of Risk Models with the insurer’s business
strategy and plan.
§
Assessment
of Insurance Business Risks in the context of RBC and ORSA guidelines
§
Development
of Advanced Capital Model and Allocation of Capital in accordance with the risk
profile of company
§
Asset
Liability Management (ALM)and its implications on Market and Liquidly Risks
§
Investment
Risks and Risk Mitigation Strategies
§
Management
of Operational Risks including Cyber Risks; Assessments and Mitigation
Strategies including Data Retrieval and Business Continuity Planning.
§
Social
Media and Reputation Risk; Assessment and Implications on Insurance Business
§ Rising Exposures of Emerging Risks including Catastrophic and Pandemic Risks; Assessment and Risk Mitigation Strategies, including Reinsurance and Alternative Risk Transfer Mechanism (ART) and Risk Pool.
Participants’ Profile:
Senior Executives / Officers (Scale III to VI from all Depts.) from
General Insurance / Reinsurance Companies in National and International Markets.
Duration:
3 Days
Dates:
I.
19.06.2024 - 21.06.2024
II.
16.12.2024 - 18.12.2024