This was one of the issues addressed by participants in an InsuranceERM roundtable discussion, sponsored by Aon Benfield's ReMetrica. Also covered in part one of our report are some of the benefits of using capital models, involving and educating the board, and technology issues
Differing approaches to making the model an integral part of day-to-day business operations emerged at the recent InsuranceERM roundtable discussion, sponsored by Aon Benfield's ReMetrica. Also covered in this second part of our report are the constraints and limitations of models, as well as their governance and validation.
Assessing likely losses from operational risk is an improving area but still subject to many imponderables. So building a strong control framework and the right culture to identify potential problems is equally important for re/insurers, concluded participants in a recent InsuranceERM roundtable in collaboration with Thomson Reuters Accelus
However much attention is devoted to loss data, modelling, KRIs, risk appetite and other operational risk issues, most of what an insurer needs to do in this area should already be part of the way it runs its business. This theme ran through the second part of the recent InsuranceERM roundtable in collaboration with Thomson Reuters Accelus
Operational risk cuts across all aspects of insurers' businesses and developing a full picture can be challenging. In InsuranceERM's roundtable discussion in collaboration with Thomson Reuters Accelus, experts shared their views on the basic definitions, overlaps with conduct and reputational risk, risk frameworks and assessments, loss reporting and modelling.
It's a risk that every insurance company faces, yet the common ground is sometimes hard to find. In part one of this InsuranceERM/Towers Watson roundtable, risk managers discuss what strategic risk means to them, the value of risk labels and the influence of regulators
Delays and doubts about Solvency II implementation have created fresh challenges for insurers in managing their capital. In part one of this InsuranceERM/Towers Watson roundtable, participants discussed how it can be an opportunity to do things better
In the second part of the InsuranceERM/Towers Watson roundtable on capital management, participants discussed the impact of ICAS+, the Prudential Regulation Authority's view on internal models and the importance of rating agencies