Seminars will be offered on the topics of:
- Seminar I – Where are Interest Rates Heading?
- Seminar II – ORSA Implementation: Challenges and Practices
- Seminar III – Risk Culture and Enterprise Risk Management (1/2 Day Seminar)
Seminar I – Where are Interest Rates Heading?
While everyone seems to have an opinion about interest rates, the truth is that none of us really knows the actual scenario that will play out. This full-day seminar will help the practitioner think through various scenarios, incorporating the interaction between assets and financial products. Discussions will build off research led by Max Rudolph covering sustained low interest rates, and ongoing research covering a transition to high interest rates that includes modeling several products. Potential drivers of scenarios will help risk managers consider future interest rates as emerging risks.
The seminar will conclude with an extensive opportunity to ask your questions of the experts.
This initial session will discuss a low interest rate research project and how various insurance products interact with interest rates.
This session discusses the preliminary findings, using a survey and model office of life insurance products, of a transition to higher interest rates research project as well as how interest rates impact banking, especially home mortgages.
This session discusses recent research on interest rates along with practical tools that can help insurers to manage interest rate risk.
Max Rudolph, Rudolph Financial Consulting
Matt Clark, Deloitte Consulting
Robert Mark, Ph.D., President, Black Diamond Risk
Kristin Ferguson, Quantitative Risk Manager, Securian
Seminar II – ORSA Implementation: Challenges and Practices
The introduction of Own Risk & Solvency Assessment (ORSA) in Canada (2014) and the United States (2015) represents both challenge and opportunity for insurers. The challenge to meet new regulatory requirements for the capital adequacy framework within a short time frame forces companies to approach the first time ORSA adoption as a formal project. The opportunity to fully integrate ORSA and ERM into the corporate governance and decision making process could be realized if a comprehensive, but practical ORSA implementation approach is followed.
This full-day seminar will provide practical advice and tangible skills to life and property/casualty insurers that go through a first time ORSA implementation from a panel of experts.
The Seminar will cover topics such as:
- Examining ORSA requirements
- Defining Linkage between ORSA and ERM
- First-time ORSA implementation at Life, P&C and international insurers (case studies)
- Coherent Risk and Capital Governance, management and oversight
- Selecting appropriate Risk measurement and Capital adequacy frameworks and methodologies
- Linking Risk Appetite and Risk Register to quantitative risk/capital measures
- Co-Managing ORSA and regulatory capital requirements
A panel of experts representing regulatory authorities and insurance practitioners, who implemented ORSA, will wrap up the seminar with their views on the current status and future development of ORSA.
Danny Saenz, Texas Department of Insurance
Stuart Wason, Office of the Superintendent of Financial Institutions
Bogie Ozdemir, Sun Life
Brandon Blant, Intact Financial Corporation
Kathryn Hyland, Swiss Re
Leon Bloom, Deloitte & Touche LLP
Moderator: Alexander Shipilov, TD Insurance
Seminar III – Risk Culture and Enterprise Risk Management (1/2 Day Seminar)
Bad risk culture has been blamed as the ultimate source of problems that have caused gigantic losses and corporate failures in the past 10 years. But is that a helpful diagnosis of the cause of problems or just a circular discussion? What is risk culture anyway? Is it a set of practices that a company can just adopt or does culture run deeper than that? How does risk culture vary between countries and continents? How do risk cultures go bad and can they be fixed? This is, of course, a discussion of the human side of Enterprise Risk Management.
This half-day seminar (1 – 4:30 p.m.) will draw together materials from business organizational theorists, anthropologists, regulators, rating agencies, investors, corporations, insurers and auditors to help define risk culture and diagnose problem causes. The objective is to provide the attendees with multiple perspectives on risk culture to help them to survive and thrive within the potentially multiple risk cultures that they find themselves operating alongside – or against. In addition, the speakers will draw upon their own experiences and observations to provide a number of practical examples of how risk cultures can and do go wrong. This discussion may help you to identify the signs of devolving risk culture if they start to appear in your organization. Finally, the difficult topic of fixing a bad risk culture will be discussed. That part of the discussion will help attendees to attain a realistic perspective on that extremely difficult process.
The seminar will be presented by three speakers from very diverse backgrounds. Andrew Bent, Risk Coordinator for Suncor Energy Inc. has also worked in multiple levels of government in New Zealand and Canada. Bent has co-authored several articles and papers on strategic risk assessment and the use of root cause analysis in risk management. Carol Clark is Senior Policy Advisor at the Federal Reserve Bank of Chicago where she has most recently been focused on operational risk issues associated with high speed trading. Her research has been published in the Journal of Payment Systems Law, the Federal Reserve Bank of Chicago’s Chicago Fed Letter and Economic Perspectives as well as Euromoney Books. Dave Ingram is Executive Vice President at Willis Re where he advises insurers on ERM practices. Ingram has worked extensively with both Life and Property and Casualty insurers on various aspects of risk management over the past 30 years. He has recently co-authored a series of articles and papers on risk culture and has had a number of experiences with the risk cultures of over 200 insurers.
Andrew Bent, ARM-E, ARM-P, CCSA, CRMA, Risk Coordinator, Suncor Energy
Carol Clark, Senior Policy Advisor, Federal Reserve Bank of Chicago
David Ingram, CERA, PRM, EVP, Willis Re