Global Insurance Regulation och Risk Transformation Training

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Solvens II är här och nu!

I november 2013 nåddes en överenskommelse på europeisk nivå kring Omnibus II och direktivet antogs av Europaparlamentet under plenarsammanträdet den 11 mars 2014. Beslutet är ett viktigt steg i implementeringen av Solvens II och innebär att tidplanen mot dess genomförande i januari 2016 står alltmer fast. Fram till dess ska förberedande riktlinjer för företagsstyrningssystem, framåtblickande bedömning av egna risker (FLAOR), lämnande av information, samt förhandsgranskning av interna modeller tillämpas.  Dessa innebär att försäkringsbolagen behöver vidta ett antal åtgärder för att säkerställa sin beredskap inför Solvens II. Mer detaljer kommer att finnas tillgängliga under 2014, varför vi nu erbjuder våra kunder en möjlighet att ta del av huvuddragen i vad som behöver göras genom deltagande i vårt utbildningsprogram - Global Insurance Regulation och Risk Transformation Training.

Under de senaste åtta åren har EY globalt utbildat över tusen försäkrings-och kapitalförvaltnings kunder och kollegor kring ramverket för Solvens II runt om i Europa, det senaste utbildningstillfället var i Amsterdam i mars.  I och med de förändrade reglerna har vi tagit fram nya moduler till utbildningsprogrammet.  Med de nya modulerna kombinerar vi grundläggande delar med mer avancerade för att deltagarna ska kunna välja de moduler som är mest intressanta och relevanta för deras verksamhet. För att säkerställa att alla deltagare har liknande utgångspunkt och att de grundläggande riktlinjerna för Solvens II inte behöver upprepas under utbildningen kommer samtliga deltagare få kursmaterial innan kursen som förberedelse.

Utbildningen i Stockholm går av stapeln den 20-22 maj 2014 och består av sex block om fyra timmar vardera, i tre på varandra följande dagar. Alla moduler genomförs på engelska och har en interaktiv karaktär, med fallstudier och diskussioner som centrala delar. Utbildningen arrangeras av EY Sverige tillsammans med våra globala Solvens II avdelningen, och under dessa tre dagar i Stockholm kommer ni att träffa både våra lokala och internationella Solvens II experter som tar er igenom huvuddragen i vad som behöver göras inom Solvens II.

Deltagare kan registrera sig för en eller flera moduler utifrån intresse och relevans för den egna verksamheten. Registrerar du dig på tre eller fler moduler erbjuder vi dig rabatt, samt tillgång till en bärbar dator där du under de tre de tre utbildningsdagarna får tillgång till vår e-learning modul " Solvens II – general overview ", som ger en uppdatering av grunderna för Solvens II och de nya reglerna.

För deltagare som har registrerat sig på tre eller fler moduler och dessa inte är i anslutning till varandra, kommer tillgång till arbetsplatser med WiFi finnas, ni är dessutom välkomna att delta på luncher och pauser för att nätverka med övriga deltagare och instruktörer.

Program

Dag 1,  20 maj, 2014
09.00 – 13.00 (Module A)
Models and methods – calculating your MCBS and SCR under Solvency II
14.00 – 18.00 (Module B)
Audit, Finance & Control of the future

Dag 2, 21 maj, 2014
09.00 – 13.00 (Module C)
Risk management policies, practices and effectiveness – putting the ORSA in practice
14.00 – 18.00 (Module D)
Enterprise risk management and risk transformation

Dag 3, 22 maj, 2014
09.00 – 13.00 (Module E)
External reporting and data management
14.00 – 18.00 (Module F)
Data quality and IT in the new regulatory environment

Bonus: Solvency II – general overview (e-learning; Module Z)


A. Models and methods – calculating your MCBS and SCR under Solvency II: May 20, 09.00 – 13.00
In the new regulatory environment that insurance companies are facing, there is a strong focus on market value and risk based capital. During this module, we will discuss the main balance sheet items that are affected by the transition towards market (consistent) values – the market consistent balance sheet (MCBS). Hereby we will illustrate this change via a live case study whereby we will discuss the MCBS of a Life and Non-life insurer. We will set out the approach to derive the own fund items and the restrictions that can be applicable. Next we will discuss the treatment of the different assets and liabilities under the Solvency II Standard Formula framework, and how the Solvency Capital Requirement (SCR) should be derived. Through a Life insurer and Non-life insurer case study the participants gain ‘hands on’ experience in analyzing SCR figures. Furthermore the consolidation of the Life insurer and the Non-life insurer will be discussed, going through the challenges that are faced during this process.

Agenda module A:

  • Market Consistent Balance Sheet
  • Own funds
  • SCR calculation – checks and balances
  • Group consolidation

Following this training module, participants should be able to get a better understanding of their figures, including the MCBS and the SCR. The case study will help non-actuaries to get a better grip on the content. The module is designed for those working in the insurance industry, accountants, risk managers, actuaries as well as middle or senior management.

B. Audit, Finance & Control of the future: May 20, 14.00 – 18.00
In the last decade there has become an increased demand for risk and capital information in financial statements (economic values, market consistent values). These values are not realized gains or losses but values based on future cash flow projections, estimated and sometimes subjective parameters, model choice, (risk)data vendor selection et cetera. The range of possible reasonable outcomes could be, as a result, quite large. Is there a need for different view on 'right or wrong', and hence on materiality?

During this module an overview is given in relation to the Market Consistent Balance Sheet (MCBS) and Economic Capital (EC). EIOPAs view on external assurance will be discussed in relation to the MCBS and EC. Following this, the concept of derived value of change (DVOC) is set out, which can help to evaluate modelling differences. This module will help you dealing with three important questions to ask yourself:

  • Is your current audit approach sufficient for auditing economic values and risk model outcomes?
  • Does your internal audit department possess sufficient and appropriate expertise to do this? Are there enough people who are able to interpret outcomes of mathematical models?
  • Are the ‘new’ values and risk metrics accepted within the organization? Quality alone is not enough.

Agenda module B:

  • EIOPA view on external assurance
  • Sensitivities Market Consistent Balance Sheet (MCBS) and Economic Capital
  • Materiality background
  • Derived value of change (DVOC) concept
  • Model materiality, model uncertainty and parameter uncertainty
  • SCR controls and Profit & Loss attribution

C. Risk management policies, practices and effectiveness- putting the ORSA in practice: May 21, 09.00 – 13.00
During this module we will discuss the ORSA Process and Report in detail, including emerging leading practices.

Agenda module C:

ORSA Policy – framework and lessons learned

  • Governance requirements for the ORSA Process
  • ORSA Process requirements
  • Risk management, strategy and capital management for the ORSA report
  • Standard Formula and the individual Risk Profile
  • Future MCBS and Capital projections
  • Scenario setting and performing stress testing
  • IMAP and Supervisory instruments

D. Enterprise Risk management and risk transformation: May 21, 14.00 – 18.00
There is hardly any value in having a risk management framework and capability if it is not effective in operation. Most major insurance territories have explicit or implied requirements for having effective systems of governance and effective management of risk. The degree of supervisory pressure/focus on demonstrating compliance varies considerably throughout the world. Regulatory developments suggest a desire to have improved effectiveness but they are not always fully aligned / transparent. The latest guidance from EIOPA (March 2013) emphasizes the high-level “effectiveness” requirement. Both information and action are critical. Even in the absence of regulatory pressure, why would CEOs not want more effective management of risk? During this training module, we will go into detail regarding the integration of risk management.

Agenda module D:

  • Integration of risk management
  • Risk process alignment
  • Risk Transformation
  • Structural reform and optimization
  • Enterprise Risk Management (ERM)

E. External reporting and data management: May 22, 09.00 – 13.00
The Solvency II reporting requirements are very demanding, with data requirements that are going far beyond what was asked for under Solvency I regulation. Currently all across the market insurance companies have started with their own reporting and data management projects. This module will give an overview of how insurance companies are actually dealing with thes