Solvency II model assurance. 12 April 2012
|
|
- Maud Maxwell
- 3 years ago
- Views:
From this document you will learn the answers to the following questions:
What group should have the most influence on the internal model?
How can the governance of the model be determined?
What is the main requirement of the internal model?
Transcription
1 Solvency II model assurance Zdeněk Roubal, Manager 12 April 2012
2 Solvency II assurance Organizations might want or even need to obtain assurance that their design and Solvency II implementation is on track. Mandatory assurance Internal model validation Requests by the regulators Areas to be covered Internal model assurance Embedding risk management Systems and data ORSA Reporting Group considerations Internal model validation General technical assurance (technical provisions, own funds ) Internal model approval process General Solvency II programme assurance 1
3 Solvency II control framework Internal control framework Basis of the organization s process around Solvency II Strategic Management Process Business Planning Risk Appetite Assurance both for individual areas and a framework as a whole Who is able now to assess independently the general control framework? Calculation kernel Methodology Data Assumption setting Asset & Liability Management Governance Business & Operations Capital management Risk & Financial operating model Reporting Finance MI Validation Planning & Control Performance Management Risk MI Systems & ICT Risk Management Assessment & Steering ORSA Use test Pillar I Pillar II Pillar III 2 2 2
4 Solvency II model assurance Model validation Validation is a key component of internal model governance First line: Day-to-day business operations Modelling team Risk and control Control environment Assessment of risk Validation processes and tools Governance around the model can be based on the 3 lines of defence framework First line: Controls over business as usual Second line: Functions responsible for the design and implementation These functions may lack necessary independence Third line: Independent assurance for specified areas Independence is a key consideration of internal audit in Solvency II framework Second line: Oversight Risk management function Risk committee Third line: Independent assurance Internal audit, Independent external providers Risk and control Validation policy Guidance Monitoring Improvement ideas Validation report Risk and control Challenge of model and validation audit committ tee Board and 3
5 The scope of validation should go beyond internal model itself Asset Data Accounting Data Internal Model Governance Sample scope of Internal Model Potential scope of validation Generally areas of debate Policy Data Valuation Methods Best Estimate Assumption s Calibration Process Calibration Data Calibration Methods Calculation Kernel Calculation Method Calculation Assumptions Aggregation Process Aggregatio n Data Aggregation Method Likely out of scope Tax Calibration Assumptions Aggregation Assumptions Heavy models SCR Results IT & Systems Solvency II Balance Sheet Internal Model Validation Framework P&L Attribution ti Documentation Internal Model Reporting Internal Model Application Procedures Use 4
6 What would internal audit need to cover? Major components are... The IC framework for the calculation process performed on a regular basis Step 1: Data input Step 2: Data manipulation and grouping Step 3: Assumption setting and model update Step 4: Performance of calculation Step 5: Validation of model operation and assessment of results Step 6: Preparation of results and reporting IC framework for model change and validation Performance of model changes Model validation Validation of model operation & assessment of results Preparation of results and reporting Model changes Data input Data manipulation and grouping The assessment on the calculation kernel can focus on... Various types of models and calculation, on the economic balance sheet as well as on risk capital requirement Key risk drivers of the model, e.g. major assumptions and data input with respect to the absolute level of economic capital the volatility of calculation results Efficiency of the calculation process and integrated tools Robustness und effectiveness of the IC framework Performance of calculation Assumption setting and model update 5
7 Implications for the internal audit Need for more resources and different skill sets within internal audit (eg. credit and market risk experts and individuals with actuarial and other quantitative skill sets). Need to develop reporting that supports Internal Focus of the Model. internal audit will shift to the technical skills New training required and need to develop competency framework in relation to new work. Linking audit planning to risk and regulatory capital assessment Potential need for new tools and technology to provide assurance over Solvency II programme and areas of the organisation not previously audited (eg. actuarial models). Establish and communicate Internal Audit s redefined role within new governance structure including how internal audit interacts with risk and compliance functions. 6
8 Modelling component key questions Sub processes Important areas of attention Key management questions Assumption setting and model update (cont.) Performance of calculation Validation of model operation and assessment of results Preparation of results and reporting Stability and robustness of the technical calculation needs to be ensured Reconciliation between related calculation steps is essential for providing reliable results The possibility of re-performance has to be ensured The assessment of results requires a critical review based on the full understanding of the underlying business, related economic environment and interactions between risks (solo and group level view) Effective interfaces between calculation kernel and reporting need to be implemented Appropriate p description of results und underlying assumptions is required to ensure that results can be understood Does the management on the one hand and does the model actuary on the other hand have the right feeling about the possible impact of changes of assumptions? Is there sufficient transparency and documentation about the assumptions and updates? Are model results robust with respect to assumption changes? Is there an audit trail implemented in the technical calculation steps that would allow the management to reconcile the derived model results end-to-end, if necessary? Are the differences between the group model and model approaches on local level well known? Is the calculation tool a black box or exists transparency on used methodology, coding and model limitations? Is there an overview of links and interfaces between submodels on group- and on solo level? Does management on local level know major limitations and approximations of the group model approach if it is also used (in parts) for solo purposes on local level? Are the received results plausible compared to plan or prior year calculation? Is this assessment performed on solo and on group level? Can significant deviations be explained by changes of data basis, assumptions or models? Is there reliable drilling-down of changes and deviation available, if required? Is there an adequate level of automation at the interface to the reporting requirements? Do the model actuaries have the right understanding of underlying reporting requirements when preparing their results and vice versa for accounting staff? 7
9 Thank you Zdeněk Roubal KPMG Česká republika Tel.:
10 2012 KPMG Česká republika, s.r.o., a Czech limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ( KPMG International ), a Swiss entity. All rights reserved. Printed in the Czech Republic. The KPMG name, logo and cutting through complexity are registered trademarks or trademarks of KPMG International Cooperative (KPMG International).
Public reporting in a Solvency II environment
Public in a Survey report August 014 kpmg.co.uk 0 PUBLIC REPORTING IN A SOLVENCY ENVIRONMENT Contents Page 1 4 5 Introduction Executive Summary Public Disclosures 4 Changes to Financial Framework 11 KPMG
More informationRole of Actuaries in Solvency II Tamsin Abbey
Role of Actuaries in Solvency II Tamsin Abbey Objective To consider the broad ranging roles that actuaries are expected to play under Solvency II To set out suggested next steps prior to Go-Live Broad
More informationThis section outlines the Solvency II requirements for a syndicate s own risk and solvency assessment (ORSA).
Section 9: ORSA Overview This section outlines the Solvency II requirements for a syndicate s own risk and solvency assessment (ORSA). The ORSA can be defined as the entirety of the processes and procedures
More informationSolvency II benchmarking survey
INSURaNce Solvency II benchmarking survey Life Insurers November 2011 kpmg.co.uk/solvencyii 2 SoLveNcy II benchmarking SURvey - LIfe INSUReRS SoLveNcy II benchmarking SURvey - LIfe INSUReRS 3 Contents
More informationFrom ICAAP/ORSA to ERM: Board and Senior Management Oversight. Leon Bloom, Partner, Deloitte & Touche LLP lebloom@deloitte.ca
From ICAAP/ORSA to ERM: Board and Senior Management Oversight Leon Bloom, Partner, Deloitte & Touche LLP lebloom@deloitte.ca Agenda Basel II ICAAP Solvency II ORSA ERM From ICAAP/ORSA to ERM: Governance
More informationORSA for Insurers A Global Concept
ORSA for Insurers A Global Concept Stuart Wason, FSA, FCIA, MAAA, CERA Senior Director, Actuarial Division Office of the Superintendent of Financial Institutions Canada (OSFI) Table of Contents Early developments
More informationOWN RISK AND SOLVENCY ASSESSMENT AND ENTERPRISE RISK MANAGEMENT
OWN RISK AND SOLVENCY ASSESSMENT AND ENTERPRISE RISK MANAGEMENT ERM as the foundation for regulatory compliance and strategic business decision making CONTENTS Introduction... 3 Steps to developing an
More informationGUIDELINE NO. 7 PENSION PLAN FUNDING POLICY GUIDELINE
GUIDELINE NO. 7 PENSION PLAN FUNDING POLICY GUIDELINE November 15, 2011 TABLE OF CONTENTS CONTEXT FOR THE GUIDELINE... 3 Pension Plan Funding Principles and Objectives... 3 Purpose of a Funding Policy...
More informationGabriel Bernardino Chairman of EIOPA
Solvency II status update Gabriel Bernardino Chairman of EIOPA KPMG Czech Republic Solvency Conference KPMG Czech Republic Solvency Conference Prague, 12 April 2012 Where is Solvency II? Directive (O.J.
More informationOwn Risk and Solvency Assessment
Own Risk and Solvency Assessment Presented by Padraic O Malley 1 December 2011 Own Risk and Solvency Assessment Top down process owned by the Board Board needs to know what risks the Company is running
More informationORSA - The heart of Solvency II
ORSA - The heart of Solvency II Groupe Consultatif Summer School Gabriel Bernardino, EIOPA Lisbon, 25 May 2011 ORSA - The heart of Solvency II Developing the regulatory framework for Solvency II ORSA it
More informationSolvency II New Framework for Risk Management Organisation. Dr. Maciej Sterzynski (Triglav Insurance, Ltd.) Matija Bitenc (Triglav Insurance, Ltd.
Solvency II New Framework for Risk Management Organisation Dr. Maciej Sterzynski (Triglav Insurance, Ltd.) Matija Bitenc (Triglav Insurance, Ltd.) 1 AGENDA ð Understanding Solvency II ð Setting up Integrated
More informationSolvency II Own Risk and Solvency Assessment (ORSA)
Solvency II Own Risk and Solvency Assessment (ORSA) Guidance notes September 2011 Contents Introduction Purpose of this Document 3 Lloyd s ORSA framework 3 Guidance for Syndicate ORSAs Overview 7 December
More informationSOLVENCY II ARE YOU READY AND COMPLIANT?
SOLVENCY II ARE YOU READY AND COMPLIANT? With 1 January 2016 fast approaching, companies have only a relatively short period of time to get ready for full Solvency II implementation. In advance of this,
More informationRisk Management & ORSA. kpmg.ca/insuranceconference2014
Risk Management & ORSA kpmg.ca/insuranceconference2014 Agenda What s happening globally Benchmarking Results U.K., Canada Maturity observations by area Challenges in completing and developing the ORSA
More informationSolvency ii: an overview. Lloyd s July 2010
Solvency ii: an overview Lloyd s July 2010 Contents Solvency II: key features Legislative process Solvency II implementation Conclusions 2 Solvency II: key features 3 Solvency II the basics Introduces
More informationSolvency II in practice. Speaker: Tim O Hanrahan Deputy Head, Insurance, Central Bank of Ireland 16 March 2016
1 Solvency II in practice Speaker: Tim O Hanrahan Deputy Head, Insurance, Central Bank of Ireland 16 March 2016 1 Recap on Solvency II Regulatory Framework under Solvency II Pillar I - Capital Pillar II
More informationIAIS Insurance Core Principle 16
www.pwc.com Chicago Actuarial Association ORSA Readiness June 19, 2014 IAIS Insurance Core Principle 16 The supervisory regime establishes enterprise risk management requirements for solvency purposes
More informationInsurance Roadshow London, October 2008. Solvency 2 Update
Insurance Roadshow London, October 2008 Solvency 2 Update Agenda Progress to date Overview of key component of Solvency 2 Further issues for discussion Impact on ratings Solvency 2 - What s new? Progress
More informationEIOPACP 13/09. Guidelines on Forward Looking assessment of own risks (based on the ORSA principles)
EIOPACP 13/09 Guidelines on Forward Looking assessment of own risks (based on the ORSA principles) EIOPA Westhafen Tower, Westhafenplatz 1 60327 Frankfurt Germany Tel. + 49 6995111920; Fax. + 49 6995111919;
More informationImplementation of Solvency II: The dos and the don ts
KEYNOTE SPEECH Gabriel Bernardino Chairman of EIOPA Implementation of Solvency II: The dos and the don ts International conference Solvency II: What Can Go Wrong? Ljubljana, 2 September 2015 Page 2 of
More informationEIOPA-CP-11/008 7 November 2011. Consultation Paper On the Proposal for Guidelines on Own Risk and Solvency Assessment
EIOPA-CP-11/008 7 November 2011 Consultation Paper On the Proposal for Guidelines on Own Risk and Solvency Assessment EIOPA Westhafen Tower, Westhafenplatz 1-60327 Frankfurt Germany - Tel. + 49 69-951119-20;
More informationSolvency Management in Life Insurance The company s perspective
Group Risk IAA Seminar 19 April 2007, Mexico City Uncertainty Exposure Solvency Management in Life Insurance The company s perspective Agenda 1. Key elements of Allianz Risk Management framework 2. Drawbacks
More informationINVESTMENT FUNDS: Funds investments. KPMG Business DialogueS November 4 th 2011
INVESTMENT FUNDS: Impact of Solvency II Directive on Funds investments KPMG Business DialogueS November 4 th 2011 Map of the presentation Introduction The first consequences for asset managers and investors
More informationTransforming risk management into a competitive advantage kpmg.com
INSURANCE RISK MANAGEMENT ADVISORY SOLUTIONS Transforming risk management into a competitive advantage kpmg.com 2 Transforming risk management into a competitive advantage Assessing risk. Building value.
More informationOwn Risk and Solvency Assessment
A closer look at Solvency II: The Actuary s role in the ORSA Visesh Gosrani, Barbara Illingworth Own Risk and Solvency Assessment 2010 The Actuarial Profession www.actuaries.org.uk Agenda Introduction
More informationSolvency II Own Risk and Solvency Assessment (ORSA) July 2010
Solvency II Own Risk and Solvency Assessment (ORSA) July 2010 Background What is ORSA? ORSA is a collection of processes' and activities that continuously shall ensure the company s Solvency situation
More informationThe three lines of defence
Audit Committee Institute Sponsored by KPMG The three lines of defence 1 The three lines of defence Audit committees these days are burdened with a lengthy list of mandatory agenda items, and must find
More informationCentral Bank of Ireland Guidelines on Preparing for Solvency II Pre-application for Internal Models
2013 Central Bank of Ireland Guidelines on Preparing for Solvency II Pre-application for Internal Models 1 Contents 1 Context... 1 2 General... 2 3 Guidelines on Pre-application for Internal Models...
More informationSolvency II Data audit report guidance. March 2012
Solvency II Data audit report guidance March 2012 Contents Page Introduction Purpose of the Data Audit Report 3 Report Format and Submission 3 Ownership and Independence 4 Scope and Content Scope of the
More informationSolvency II for Beginners 16.05.2013
Solvency II for Beginners 16.05.2013 Agenda Why has Solvency II been created? Structure of Solvency II The Solvency II Balance Sheet Pillar II & III Aspects Where are we now? Solvency II & Actuaries Why
More informationRegulations in General Insurance. Solvency II
Regulations in General Insurance Solvency II Solvency II What is it? Solvency II is a new risk-based regulatory requirement for insurance, reinsurance and bancassurance (insurance) organisations that operate
More information1. INTRODUCTION AND PURPOSE
Solvency Assessment and Management: Pillar 1 - Sub Committee Capital Requirements Task Group Discussion Document 73 (v 2) Treatment of new business in SCR EXECUTIVE SUMMARY As for the Solvency II Framework
More informationPositioning the internal audit function within the Solvency II framework Key challenges. Ludovic Bardon Senior Manager Audit Deloitte Luxembourg
Positioning the internal audit function within the Solvency II framework Key challenges Jérôme Sosnowski Director Governance, Risk & Compliance Deloitte Luxembourg Ludovic Bardon Senior Manager Audit Deloitte
More informationKey functions in the system of governance Responsibilities, interfaces and outsourcing under Solvency II
Responsibilities, interfaces and outsourcing under Solvency II Author Lars Moormann Contact solvency solutions@munichre.com January 2013 2013 Münchener Rückversicherungs Gesellschaft Königinstrasse 107,
More informationTerms of Reference - Board Risk Committee
Terms of Reference - Board Risk Committee The Board Risk Committee is authorised by the Board to oversee the Group s risk management arrangements. It ensures that the overarching risk appetite is appropriate
More informationIndustry Briefing on Central Bank Guidelines on Preparing for Solvency II
Industry Briefing on Central Bank Guidelines on Preparing for Solvency II 25 November 2013 Agenda 1. Central Bank Guidelines on preparing for Solvency II 2.Q&A session Central Bank Guidelines on preparing
More informationInsurance Groups under Solvency II
Insurance Groups under Solvency II November 2013 Table of Contents 1. Introduction... 2 2. Defining an insurance group... 2 3. Cases of application of group supervision... 6 4. The scope of group supervision...
More informationMassachusetts Bay Transportation Authority
Status Report to the Fiscal Management and Control Board Massachusetts Bay Transportation Authority Year ended June 30, 2015 January 2016 kpmg.com KPMG Audit Objectives Audit Objectives Conduct an independent
More informationSopra Steria - A Leader in the Insurance Industry
FINANCIAL SERVICES Insurance expertise and technological leadership Delivering Transformation. Together. Introduction Sopra Steria has been delivering innovative IT and business solutions to the European
More informationDATA AUDIT: Scope and Content
DATA AUDIT: Scope and Content The schedule below defines the scope of a review that will assist the FSA in its assessment of whether a firm s data management complies with the standards set out in the
More informationIntroduction to Solvency II
Introduction to Solvency II Tim Edwards Gavin Dunkerley 24 th September 2008 Introduction The primary purpose of this presentation is to explain what Solvency II is and why it is important We also hope
More informationFinancial Services Industry 2012. Solvency II How to conduct the ORSA Requirements, EIOPA responses and Industry views
Financial Services Industry 2012 Solvency II How to conduct the ORSA Requirements, EIOPA responses and Industry views Content Table 3 Foreword 5 ORSA overall considerations 6 ORSA key components, requirements
More informationSolvency II Own risk and solvency assessment (ORSA)
Solvency II Own risk and solvency assessment (ORSA) Guidance notes MAY 2012 Contents Introduction Page Background 3 Purpose and Scope 3 Structure of guidance document 4 Key Principles and Lloyd s Minimum
More informationSOA 2011 Annual Meeting & Exhibit Oct. 16-19, 2011. Session 69 PD, ERM: Economic Capital Models, "Own Risk Solvency Assessment," Solvency II and You
SOA 2011 Annual Meeting & Exhibit Oct. 16-19, 2011 Session 69 PD, ERM: Economic Capital Models, "Own Risk Solvency Assessment," Solvency II and You Moderator: Asheet Ruparelia Presenters: Jeffrey A. Klanderman,
More informationCEIOPS Advice for Level 2 Implementing Measures on Solvency II: Articles 120 to 126. Tests and Standards for Internal Model Approval
CEIOPS-DOC-48/09 CEIOPS Advice for Level 2 Implementing Measures on Solvency II: Articles 120 to 126 Tests and Standards for Internal Model Approval (former Consultation Paper 56) October 2009 CEIOPS e.v.
More informationSolvency II. SUPERVISORY RePORTING & DISCLOSURE workshop. 15 & 16 May 2012. Lloyd s
Solvency II SUPERVISORY RePORTING & DISCLOSURE workshop 15 & 16 May 2012 1 Agenda Introduction Solvency II balance sheet Syndicate reporting templates and guidance Reporting Implementation Plan Table Discussion
More informationCorporate Governance and Enterprise Risk Management Derek Jackson, Senior Manager 5 September 2005
Corporate Governance and Enterprise Risk Management Derek Jackson, Senior Manager 5 September 2005 Corporate Governance Services 0 Overview Hong Kong Code on Corporate Governance Practices Corporate Governance
More informationSolvency II overview
David Payne, FIA Casualty Loss Reserve Seminar 15 September 2011 INTNL-2: Solvency II Update Antitrust Notice The Casualty Actuarial Society is committed to adhering strictly to the letter and spirit of
More informationSolvency II Preparation and IMAP James Latto
and James Latto Contents 2 1 Balancing priorities Insurers need to balance priorities over the next year: Main focus is often on Pillar 3 and external reporting needs sufficient focus Ensure smooth transition
More informationEIOPACP 13/011. Guidelines on PreApplication of Internal Models
EIOPACP 13/011 Guidelines on PreApplication of Internal Models EIOPA Westhafen Tower, Westhafenplatz 1 60327 Frankfurt Germany Tel. + 49 6995111920; Fax. + 49 6995111919; site: www.eiopa.europa.eu Guidelines
More informationSolvency SII switchover
Life Conference and Exhibition 2011 Mike Ashcroft, Carole Dick, Roger Austin, Richard Taylor Solvency SII switchover The challenges with transition 22 nd November 2011 Introduction Background We are the
More informationHigh level principles for risk management
16 February 2010 High level principles for risk management Background and introduction 1. In their declaration of 15 November 2008, the G-20 leaders stated that regulators should develop enhanced guidance
More informationUniversity of Edinburgh Risk Policy and Risk Appetite
University of Edinburgh Risk Policy and Risk Appetite 1. Pushing the boundaries of knowledge, innovating, and implementing strategic developments will always have risks. Effective risk management increases
More informationSteering Insurance Companies 3.0 Economic Capital and Economic Value Management integrated
White Paper Steering Insurance Companies 3.0 Economic Capital and Economic Value Management integrated Marc Wiegard Mark Hertting October 2014 www.horvath-partners.com FinREx - Finance & Risk Excellence
More informationIntegrating Risk and Capital Management into Strategy and Planning. Key to Assessing Risk and Reward for Insurers
Integrating Risk and Capital Management into Strategy and Planning Key to Assessing Risk and Reward for Insurers 1 Tough Times for Insurers Many insurance company board members face the challenge of satisfying
More informationFinal Report on Public Consultation No. 14/017 on Guidelines on own risk and solvency assessment
EIOPA-BoS-14/259 28 January 2015 Final Report on Public Consultation No. 14/017 on Guidelines on own risk and solvency assessment EIOPA Westhafen Tower, Westhafenplatz 1-60327 Frankfurt Germany - Tel.
More informationQuick Solvency II Technical Reporting Guide. Pillar 3: What, Who and When
Quick Solvency II Technical Reporting Guide illar 3: What, Who and When Contents Introduction 2 Solvency II in Brief 2 Who will be subject to Solvency II? 3 What are the Solvency II key requirements? 3
More informationCRO Forum Paper on the Own Risk and Solvency Assessment (ORSA): Leveraging regulatory requirements to generate value. May 2012.
CRO Forum Paper on the Own Risk and Solvency Assessment (ORSA): Leveraging regulatory requirements to generate value May 2012 May 2012 1 1. Introduction 1.1. Purpose of the paper In this discussion paper
More informationSociety of Actuaries in Ireland
Society of Actuaries in Ireland Information and Assistance Note LA-1: Actuaries involved in the Own Risk & Solvency Assessment (ORSA) under Solvency II Life Assurance and Life Reinsurance Business Issued
More informationUnderstanding and articulating risk appetite
Understanding and articulating risk appetite advisory Understanding and articulating risk appetite Understanding and articulating risk appetite When risk appetite is properly understood and clearly defined,
More informationLloyd s Managing Agents FSA Solvency II Data Audit
Lloyd s Managing Agents FSA Solvency II Data Audit Working in partnership with you to provide the independent assurance that your Data Audit Report fulfils Lloyd s and FSA Solvency II requirements Lloyd
More informationIFRS 16 Leases. A more transparent balance sheet. 13 January 2016. kpmg.com/ifrs
IFRS 16 Leases A more transparent balance sheet 13 January 2016 kpmg.com/ifrs More transparent lease accounting IFRS 16 will bring most leases on-balance sheet from 2019. All companies that lease assets
More informationFinancial Services. Internal Audit: What s on the horizon? kpmg.co.uk
Financial Services Internal Audit: What s on the horizon? kpmg.co.uk Contents Introduction 1 Information Security 2 Integrated Assurance any gaps in the plan? 2 Change portfolio is your change portfolio
More informationReporting under Solvency II Are you on track? 8 March 2012
Reporting under Solvency II Are you on track? 8 March 2012 Regulatory aspects of reporting under Solvency II Miroslav Kotaška 8 March 2012 Agenda Why reporting becomes critical? European legislation current
More informationMateriality and Audit Adjustments
Auditing Standard AUS 306 (June 2001) Materiality and Audit Adjustments Prepared by the Auditing & Assurance Standards Board of the Australian Accounting Research Foundation Issued by the Australian Accounting
More informationINTERNATIONAL ASSOCIATION OF INSURANCE SUPERVISORS
Standard No. 13 INTERNATIONAL ASSOCIATION OF INSURANCE SUPERVISORS STANDARD ON ASSET-LIABILITY MANAGEMENT OCTOBER 2006 This document was prepared by the Solvency and Actuarial Issues Subcommittee in consultation
More informationRISK MANAGEMENT POLICY (Revised October 2015)
UNIVERSITY OF LEICESTER RISK MANAGEMENT POLICY (Revised October 2015) 1. This risk management policy ( the policy ) forms part of the University s internal control and corporate governance arrangements.
More informationAudit Committee Institute Assessment of audit committees
Audit Committee Institute Assessment of audit committees KPMG s AUDIT COMMITTEE INSTITUTE In addition to reviewing its terms of reference, audit committee members should also review the effectiveness of
More informationRisk appetite How hungry are you?
Risk appetite How hungry are you? 8 by Richard Barfield Richard Barfield Director, Valuation & Strategy, UK Tel: 44 20 7804 6658 Email: richard.barfield@uk.pwc.com 9 Regulatory pressures, such as Basel
More informationKey financial risks and uncertainties
Key financial risks and uncertainties Change of economic environment Key areas on the Audit Committee agenda: Valuation Impairment of assets Lack of liquidity Going concern 2 Liquidity risks Risk factors:
More informationORSA for Dummies. Institute of Risk Management Solvency II Group April 17th 2012. Peter Taylor
ORSA for Dummies Institute of Risk Management Solvency II Group April 17th 2012 Peter Taylor ORSA for - the Dummies heart of Solvency II Institute of Risk Management Solvency II Group April 17th 2012 Peter
More informationSystem of Governance
CEIOPS-DOC-29/09 CEIOPS Advice for Level 2 Implementing Measures on Solvency II: System of Governance (former Consultation Paper 33) October 2009 CEIOPS e.v. Westhafenplatz 1-60327 Frankfurt Germany Tel.
More informationORSA Implementation Challenges
1 ORSA Implementation Challenges Christopher Crombie, FSA, FCIA AVP ERM & Financial Risk Management Standard Life Assurance Company of Canada To CIA Annual Meeting June 21, 2013 2 Context Our Own Risk
More informationCEA Working Paper on the risk measures VaR and TailVaR
CEA Working Paper on the risk measures VaR and TailVaR CEA reference: ECO 6294 Date: 7 November 2006 Referring to: Solvency II Related CEA documents: See Appendix Contact person: Patricia Plas, ECOFIN
More informationSolvency II. Impacts on asset managers and servicers. Financial Services Asset Management. www.pwc.com/it
Financial Services Asset Management Solvency II Impacts on asset managers and servicers The Omnibus II proposal will amend the Solvency II Directive voted in 2009. It would probably defer full Solvency
More informationTexts passed by the European Council and Parliament Adapted by Member States
Introduction A few words about European Directives Texts passed by the European Council and Parliament Adapted by Member States Insurance law: What is going on? A draft directive under discussion = SOLVENCY
More informationSolvency II. Solvency II implemented on 1 January 2016. Why replace Solvency I? To which insurance companies does the new framework apply?
Solvency II A new framework for prudential supervision of insurance companies 1 Solvency II implemented on 1 January 2016. 1 January 2016 marks the introduction of Solvency II, a new framework for the
More informationIMAP Independent Review Guidelines
IMAP Independent Review Guidelines Version 1: August 2011 Introduction Under the Solvency Assessment and Management (SAM) regime, insurers may calculate their Solvency Capital Requirement (SCR) using a
More informationSolvency II. PwC. *connected thinking. Solvency II GAP-analysis: practical experience (life and non-life business)
Solvency II Solvency II GAP-analysis: practical experience (life and non-life business) *connected thinking PwC Decide ambition level for Solvency II Business use Standard model, Total eller partiel Optimizing
More informationGUIDELINES ON INVESTMENT MANAGEMENT FOR LABUAN INSURANCE AND TAKAFUL BUSINESS
GUIDELINES ON INVESTMENT MANAGEMENT FOR LABUAN INSURANCE AND TAKAFUL BUSINESS 1.0 Introduction 1.1 The Guidelines on Investment Management for Labuan Insurance and Takaful Business (the Guidelines) sets
More informationEMPLOYEE BENEFITS & INVESTMENTS. Willis Risk Services (Ireland) Limited Local Knowledge Global Resources
EMPLOYEE BENEFITS & INVESTMENTS Willis Risk Services (Ireland) Limited Local Knowledge Global Resources WeLCOME For most companies, employee benefits programmes represent not only one of their most significant
More informationSCOR inform - April 2012. Life (re)insurance under Solvency II
SCOR inform - April 2012 Life (re)insurance under Solvency II Life (re)insurance under Solvency II Author Thorsten Keil SCOR Global Life Cologne Editor Bérangère Mainguy Tel: +33 (0)1 58 44 70 00 Fax:
More informationGuidance Note: Stress Testing Class 2 Credit Unions. November, 2013. Ce document est également disponible en français
Guidance Note: Stress Testing Class 2 Credit Unions November, 2013 Ce document est également disponible en français This Guidance Note is for use by all Class 2 credit unions with assets in excess of $1
More informationDIMENSIONS Dimensions in Microsoft Business Solutions Navision help you to better understand where your business is going.
MICROSOFT BUSINESS SOLUTIONS NAVISION DIMENSIONS Dimensions in Microsoft Business Solutions Navision help you to better understand where your business is going. Key benefits: Explore how your business
More informationModelling and Management of Tail Risk in Insurance
Modelling and Management of Tail Risk in Insurance IMF conference on operationalising systemic risk monitoring Peter Sohre, Head of Risk Reporting, Swiss Re Washington DC, 27 May 2010 Visit of ntuc ERM
More informationGuideline. Operational Risk Management. Category: Sound Business and Financial Practices. No: E-21 Date: June 2016
Guideline Subject: Category: Sound Business and Financial Practices No: E-21 Date: June 2016 1. Purpose and Scope of the Guideline This Guideline sets out OSFI s expectations for the management of operational
More informationHow To Transform It Risk Management
The transformation of IT Risk Management kpmg.com The transformation of IT Risk Management The role of IT Risk Management Scope of IT risk management Examples of IT risk areas of focus How KPMG can help
More informationCRO Guide to Solvency II
CRO Guide to Solvency II The journey from complexity to best practice October 2012 Empower Results Contents Introduction 1 Pillar 1 Solvency II Ratio Capital Planning: Best Practice Under Solvency II 2
More informationTitle here. Services CORPORATE TAX SERVICES EXECUTIVE SERVICES TRANSFER PRICING INVESTMENT INCENTIVES AND OTHER SUBSIDIES INTERNATIONAL TAX
SECTORS AND Tax THEMES Services Title here Additional information kpmg.cz in Univers 45 Light 12pt on 16pt leading kpmg.com TAX OUTSOURCING CORPORATE TAX SERVICES Credits and authors in Univers KPMG 45
More informationVision on Own Risk and Solvency Assessment (ORSA) Good Practice
Vision on Own Risk and Solvency Assessment (ORSA) Good Practice by ORSA Working Group of the Dutch Association of Insurers ( Verbond van Verzekeraars ) Group Supervision Own Risk & Solvency Assessment
More informationSCHEDULE TO INSURANCE GROUP SUPERVISION AMENDMENT RULES 2015 SCHEDULE 3 (Paragraph 30) SCHEDULE OF FINANCIAL CONDITION REPORT OF INSURANCE GROUP [blank] name of Parent The schedule of Financial Condition
More informationSolvency II. November 2014. Sponsored by:
The Data Management Implications of Solvency II November 2014 Sponsored by: Legal Entity Identifiers Managing Editor Sarah Underwood sarah.underwood@a-teamgroup.com A-Team Group Chief Executive Officer
More informationRegulatory Capital Requirements for U.S. Life Insurers
Regulatory Capital Requirements for U.S. Life Insurers Presentation to FSOC s Insurance Industry Work Group Nancy Bennett, FSA, CERA, MAAA Senior Life Fellow, American Academy of Actuaries June 17, 2014
More informationInsurance amendments
Insurance amendments Proposed amendments to address the impact of IFRS 9 on insurers 10 December 2015 kpmg.com/ifrs Addressing differing effective dates The differing effective dates of IFRS 9 Financial
More informationINSURANCE. Moody s Analytics Solutions for the Insurance Company
INSURANCE Moody s Analytics Solutions for the Insurance Company Moody s Analytics Solutions for the Insurance Company HELPING PROFESSIONALS OVERCOME TODAY S CHALLENGES Recent market events have emphasized
More informationMaking it clear Reporting and disclosure in the Solvency II world
Making it clear Reporting and disclosure in the Solvency II world The Solvency II Directive is built around the 3 pillars of quantitative requirements (Pillar 1), supervisory review (Pillar 2) and disclosure
More informationKPMG s integrated Risk Management solution
KPMG s integrated Risk Management solution Business DialogueS breakfast conference 20/09/2011 Agenda Integrated Risk Management Spirit and Solutions The SaaS mechanism Conclusion 1 Solvency II extract
More informationRegulatory Solvency Assessment of Property/Casualty Insurance Companies in the United States
Regulatory Solvency Assessment of Property/Casualty Insurance Companies in the United States A presentation by Robert F. Conger Past-President, Casualty Actuarial Society September 2013 Regulatory Solvency
More informationIntroduction to Grant Thornton s General Insurance Actuarial Services
Introduction to Grant Thornton s General Insurance Actuarial Services Contents What our clients say about us 2 Our key principles 4 How we can help 5 Reserving 7 Solvency II 8 Independent expertise 10
More information