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ERM Risk Assessment for Insurance Organizations

ERM Risk Assessment for Insurance Organizations

Enhancing Enterprise Risk Management in Insurance Organizations: A Comprehensive Approach

 

Join us for the ERM Risk Assessment for Insurance Organizations CPE webinar event, specifically designed to equip insurance professionals with the knowledge and tools necessary to establish and maintain an effective enterprise risk management (ERM) program. Throughout this program, participants will gain a deep understanding of regulatory requirements, risk assessment methodologies, and risk management strategies specific to the insurance industry.

 

During this insightful event, participants will delve into the regulatory landscape surrounding ERM risk assessments, with a focus on key requirements such as the Model Audit Rule (MAR), Own Risk and Solvency Assessment (ORSA), and the NAIC Enterprise Risk Report (Form F). Understanding these requirements is essential for insurance professionals looking to ensure compliance and enhance their risk management practices.

 

Furthermore, participants will explore the diverse range of risks faced by insurance organizations, including financial, operational, strategic, and regulatory risks. Through practical examples and case studies, we will examine risk identification and assessment techniques, enabling participants to prioritize risks based on likelihood and potential impact. Additionally, we will explore various risk mitigation strategies, including the implementation of controls, risk transfer through insurance, and informed risk acceptance.

 

An effective ERM program requires ongoing monitoring and reporting to ensure its continued success. In this program, participants will learn about the crucial role played by the board of directors and senior management in overseeing the ERM program and fostering a culture of risk awareness within the organization. By gaining insights into monitoring and reporting practices, participants will be better equipped to enhance the effectiveness of their ERM program.

 

Led by experienced instructors with a deep understanding of ERM for insurance organizations, this program is tailored to risk managers, compliance officers, internal auditors, and other professionals within the insurance industry. To foster interaction and engagement, the program will be conducted in a dynamic virtual format, allowing participants to actively participate and exchange ideas with their peers.

 

By the end of this program, participants will have acquired valuable knowledge on establishing and maintaining a robust ERM program for their insurance organization. Additionally, attendees will earn 4 Auditing CPE Hours (YB), demonstrating their commitment to professional development and staying current with industry best practices. Each participant will receive a certificate of completion, recognizing their active participation in this comprehensive training.

 

Don't miss this invaluable opportunity to strengthen your risk management skills and ensure the long-term success of your insurance organization. Register now to secure your spot in this transformative event.

  • Details on Event Presentation

    The sessions will be as follows:

    Mondays – 10:00 a.m. to 2:30 p.m.

    We can schedule private virtual events on your timetable for two or more attendees.

  • CPE Event Highlights

    • Focused 4 CPE event on ERM risk assessments for insurance organizations.
    • Covers regulatory requirements, risk identification and assessment, risk management and mitigation, and ongoing monitoring and reporting.
    • Opportunity to network with other insurance professionals and learn from their experiences
    • Led by experienced instructors with in-depth knowledge of ERM for insurance organizations.
    • Suitable for risk managers, compliance officers, internal auditors, and other professionals in the insurance industry
    • Held in-person to provide an interactive learning experience and promote engagement among participants.
  • Learning Objectives

    Attendees will:

    • Understand the purpose and benefits of an effective ERM program for MAR and Form F compliance.
    • Identify and assess the different types of risks that insurance organizations face, including financial, operational, strategic, and regulatory risks.
    • Learn the regulatory requirements for ERM risk assessments, including the Model Audit Rule (MAR), Own Risk and Solvency Assessment (ORSA) and the NAIC Enterprise Risk Report (Form F).
    • Develop risk management and mitigation strategies for addressing the identified risks, including controls, insurance, and risk acceptance.
    • Understand the importance of ongoing monitoring and reporting of an ERM program, and the strategies for effective risk communication to stakeholders.
    • Learn best practices for implementing ERM programs, including the establishment of an ERM function and the development of risk appetite statements.
    • Understand the role of the board of directors and senior management in overseeing the ERM program and ensuring its effectiveness.

     

  • Key Issues on the Agenda

    I. Introduction

    • Overview of the Enterprise Risk Management
    • Importance of risk management for insurance companies
    • Key objectives of the training presentation

    II. Background on Enterprise Risk Management

    • The NAIC and ERM
    • The purpose and goals of ERM
    • Regulatory requirements

    III. Key Components of ERM

    • Risk management framework
    • Internal control system
    • Own Risk and Solvency Assessment (ORSA)
    • Board and Senior Management Oversight
    • Reporting and Disclosure

    IV. ERM Implementation

    • Steps involved in developing and implementing a ERM program
    • Resources needed
    • Common challenges

    V. Risk Management Framework

    • Purpose and objectives of a risk management framework
    • Key components of a risk management framework
    • Effective risk identification and risk assessment methodologies

    VI. Internal Control System

    • Importance of an effective internal control system
    • Key elements of an internal control system
    • Evaluation of internal controls

    VII. Own Risk and Solvency Assessment (ORSA)

    • Purpose and objectives of ORSA
    • Key components of an ORSA program
    • ORSA Summary Report

    VIII. Board and Senior Management Oversight

    • The role of the board and senior management in ERM
    • Best practices for board and senior management oversight

    IX. Reporting and Disclosure

    • Requirements for ERM reporting and disclosure
    • Examples of effective Form F reporting

    X. Conclusion

    • Summary of key points

     

  • NASBA Program Disclosure

    Program Level of Understanding: Basic to Intermediate Prerequisites: None
    Advance Preparation: None
    Delivery Format: On-site Training (Group-Live); Seminar (Group-Live)
    NASBA Field(s) of Study: Auditing
    CPE Credits: 4, based on 50 minutes of instruction per hour. 

  • Summary of the Subject Matter

    This webinar CPE training program focuses on enterprise risk management (ERM) for insurance organizations. Participants will learn about regulatory requirements, risk identification and assessment, risk management and mitigation, and ongoing monitoring and reporting for an effective ERM program.

    Attendees will gain valuable knowledge and earn CPE credits to maintain professional licensure and enhance professional development.

$280.00Price
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