ERM in Insurance Special Interest Group

Purpose of the group

In the run up to Solvency II and Internal Model approval, and in addressing the challenges of implementation and embedding, the ERM in Insurance Special Interest Group and Internal Model Industry Forum (IMIF) created a lot of value for members by focusing on topics particularly relevant to the Insurance Industry during that period.

Following a period of reflection, it has been agreed with IRM that a new ERM in Insurance Special Interest Group will be set up, including within it the previous remit of the IMIF, to enable an ongoing focus on the particular challenges of risk professionals involved in risk and capital management and recognising that Internal Models are now part of business-as-usual activities of many insurers in the UK.  

The intention would be to develop a programme that combines disseminating existing good practice and thought leadership. 

In order to ensure that this group starts with a clear focus on areas and issues of relevance to members, the co-chairs would like those who are interested to get in touch with them in respect of this group at isaac.alfon@crescendo-erm.com and justin.elks@crowe.com. They are particularly interested in:  

  • Ideas for areas or topics you’d like to see the new group focus on
  • Expressions of interest to provide help, support and leadership on particular areas   

This group revolves around Enterprise Risk Management in insurance, with a clear focus on technical and soft issues. Incorporating the existing Internal Model Industry Forum to reinforce that internal models are now part of the business-as-usual risk and capital management activities of many insurers.

Aims and Objectives

Our key priorities will include:

  • Cover a mix of both technical and ‘soft’ topics.
  • Distinguish between events to disseminate views on an existing topic (technical or soft) and those where there is a need for thought leadership
  • Engage with the membership to shape the agenda, deliver thought leadership and gather feedback.
  • Engage with other SIGs, e.g. cyber and innovation, where there are subjects of common interests with insurance, in order to ensure that we approach topics in a way that is collaborative, efficient and effective.

Focus on issues

In order to ensure that this group starts with a clear focus on areas and issues of relevance to members, the co-chairs would like those who are interested to get in touch with them in respect of this group at isaac.alfon@crescendo-erm.com and justin.elks@crowe.com. We are particularly interested in: 

  • Ideas for areas or topics you’d like to see the new group focus on
  • Expressions of interest to provide help, support and leadership on particular areas 

Future events

Webinar - Board risk governance in insurance - making it work

Insurance companies are in the business of managing risks, and insurers’ board risk governance has a critical role to play in ensuring that risks are well-managed and business opportunities captured. Organisations can struggle to put in place truly effective risk governance that operates efficiently while addressing the particular nature of insurance companies.

This round-table session brings together a number of expert practitioners to provide different perspectives and discuss the characteristics that can help organisations to develop effective and efficient board risk governance that works well in an insurance context. This will help attendees to understand the perspectives of different stakeholders, understand the challenges that can hamper effectiveness and efficiency, in the context of insurance and regulation, and therefore help members to consider the operation of risk governance in their organisations and consider how it may be enhanced in future.

For more details on the agenda please click here.

Speakers

Isaac Alfon and Justin Elks will chair and moderate the meeting.

• The Risk Coalition perspective: Bryan Foss, Non-Executive Director and Co-founder and Director at Risk Coalition.

• The Board Risk Committee perspective: Sue Kean, Non-Executive Director and Board Risk Committee Chair at Utmost Life and Pensions.

• The Regulatory perspective: Johann Meeke CMIRM, Senior Manager ERM at Prudential Regulation Authority.

• The CRO’s Perspective: Iain Wright CFIRM, Chief Risk Officer - Europe at Great-West Lifeco Inc and IRM Chair.

• Question and answer session.

Please note: Chatham House rules will apply to all speakers.

Date: Wednesday, 15th July 2020
Time: 13.30 - 15.00 BST
Registration: Please click here to register for the event

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Group Co-Chair: Isaac Alfon

Group Co-Chair: Justin Elks

Current Chair of the IRM's Internal Model Industry Forum: Philip Whittingham


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