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Canadian Institute of Actuaries. L’Institut canadien des actuaires. 2008 General Meeting Assemblée générale 2008 Toronto, Ontario. International ERM Topics. JRMS INARM Webinar IAA Solvency 2. David Ingram, Willis Re. Joint Risk Management Section. International Committee

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2008 general meeting assembl e g n rale 2008 toronto ontario

Canadian

Institute

of

Actuaries

L’Institut canadien

des

actuaires

2008 General Meeting

Assemblée générale 2008

Toronto, Ontario

international erm topics
International ERM Topics
  • JRMS
  • INARM
  • Webinar
  • IAA
  • Solvency 2

David Ingram, Willis Re

joint risk management section
Joint Risk Management Section

International Committee

  • Newsletter
  • INARM
  • Webinar
international network of actuarial risk managers
International Network of Actuarial Risk Managers
  • Listserv – 400 members
  • Blog –
  • LinkedIn Group – 390 members
  • Summer Book Discussion – 2000 hits
global erm best practices webinar
Global ERM Best Practices Webinar

Program runs for 18 hours continuously!

international actuarial association
International Actuarial Association
  • Enterprise & Financial Risks Committee
    • ERM Note
    • CARE Project
    • ARRMP
    • Global Actuarial

statement about financial

crisis

international actuarial association1
International Actuarial Association
  • ERM Credential
    • Statement of Intent
    • Draft Syllabus
    • Draft Treaty
  • Pensions & Employee Benefits Committee
    • Regulatory trend towards ERM for Pensions
    • ERM Note version for Pensions???
solvency ii
Solvency II
  • EU Approval
  • Pillar 1 - Capital
    • QIS 4, QIS 5
  • Pillar 2 – Systems of Governance
  • Pillar 3 – Reporting Requirements
pillar 2
Pillar 2

Requirements

  • ERM Program
  • Own Risk and Solvency Assessment

Optional

  • Internal Capital Model
erm program
ERM Program

E R M

  • Risk Management Policy
  • Risk Management Statement
  • Risk Responsiveness and Feedback loop
  • IAIS Paper
  • IAA Note
internal capital model
Internal Capital Model
  • Can be used to produce ORSA
  • If approved, can be used to replace Pillar 1 result
pillar 2 conclusion
Pillar 2 Conclusion
  • Supervisory review of ERM & ORSA
  • Optional – Supervisory review & approval of internal model
  • Revised Capital Requirement
pillar 3 reporting
Pillar 3 - Reporting
  • Early Stages of Development
  • FSA:

“likely to require two different types of report: the public, annual Solvency and Financial Condition (SFC) report; as well as further information that is considered inappropriate to disclose publicly but is needed for the purposes of supervision.”

slide18

Questions

JRMS

INARM

Webinar

IAA

Solvency 2