This blog is intended to be of most use to members who have not yet included any climate scenarios in their ORSA. However, it should be readily accessible to all risk professionals and may provoke some further thoughts for those further along with their ORSA considerations ..read more

In July 2018, the European Insurance and Occupational Pensions Authority (EIOPA) issued a discussion paper on resolution funding and national Insurance Guarantee Schemes (IGSs) across the EU. This proposes a harmonised approach to national IGSs where the landscape is currently highly fragmented. (Re)insurance companies should be aware of the potential costs and benefits which could accompany any future harmonised approach. The following blog summarises the key elements and potential impacts of this discussion paper. It also references EIOPA’s continued work on systemic risk and macroprudential ..read more

This blog summarises some of the recent communications from a number of bodies, including the AAE and the AAA, in the area of data science. In particular, this blog focuses on the actuaries’ code of conduct, and what the professional responsibilities of actuaries means when applying the tools and techniques used in data science ..read more

On 14th  November 2018 the International Association of Insurance Supervisors (‘the IAIS’) published a consultation paper on their proposals for a “Holistic Framework for Systemic Risk in the Insurance Sector”. The consultation closed in January 2019.   The following blog summarises some of the key points from the consultation paper, and from the responses to the paper which were submitted by Insurance Europe and the IAA.  ..read more

In its simplest form, Stress and Scenario testing (referred to as “SST” in this article) encourages business leaders to think about what might happen, either now or at some stage in the future, so as to assess how it might impact their business. By considering SST in a structured way, it can generate ideas on how to grow the business, or how to position it so as to avoid potential losses (or maximise certain gains). It can help you identify new opportunities, or areas where current business models are threatened ..read more

Many regulatory bodies and organisations have expressed their concerns about climate change risk and have recently published papers and opinions on the issue. There is increasing demand from investors for meaningful and decision-useful environmental disclosures. This blog post summarises the key implications, recommendations, challenges and next steps that have been highlighted by regulators ..read more

The Risk Coalition is an association of not-for-profit professional bodies and membership organisations committed to raising the standards of risk management in the UK. In December 2019, following industry consultation, it published “Raising the bar:  Principles-based guidance for board risk committees and risk functions in the UK Financial Services sector”.  A key aim of this guidance is to provide a benchmark against which board risk committees and risk functions can be assessed objectively. Although written for UK firms,  it is equally useful for financial services companies ..read more

The first Actuaries Climate Index ( ) was developed in North America, sponsored jointly by the American Academy of Actuaries, the Casualty Actuarial Society, the Canadian Institute of Actuaries, and the Society of Actuaries. This went live in November 2016. In 2018, the Actuaries Institute Australia released the first results of its climate index ..read more

The ERM Committee has compiled the below checklist for companies outlining some considerations in light of the Covid-19 pandemic. This is not an exhaustive list and there may be additional items not included on the list which are material to individual companies ..read more

At the Society of Actuaries Annual Conference in December 2020, as part of the ‘on-demand’ sessions, Neil Cantle of Milliman outlined a concise and practical approach to reviewing the effectiveness of risk management frameworks.  ..read more