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Outside Perspective of ERM

Outside Perspective of ERM. Insurance Regulation NAIC and State Specific Procedures Retrospective Financial Analysis – FAST, IRIS, ATS, FAWG Financial Examinations – SRA’s Prospective Insurer Profile Risk Assessment Group wide vs. Legal Entity Basis Full Scope or Target Analysis/Exams

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Outside Perspective of ERM

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  1. Outside Perspective of ERM • Insurance Regulation • NAIC and State Specific Procedures • Retrospective • Financial Analysis – FAST, IRIS, ATS, FAWG • Financial Examinations – SRA’s • Prospective • Insurer Profile • Risk Assessment • Group wide vs. Legal Entity Basis • Full Scope or Target Analysis/Exams • Reliance on Outside Auditors

  2. Outside Perspective of ERM • Characteristics of Good ERM Programs • Evaluate Internal and External Risks • Business Profile • System Infrastructure • Operations Management • Financial Management • People Processes

  3. Outside Perspective of ERM • Evaluating an ERM Program • Management Presentation vs. Verification • Resident Regulator or On-Site • Exposure to Board of Directors, Committees • Reviewing Management Reports • Regulators May Need New Skills

  4. Outside Perspective of ERM • Sarbanes Oxley Act • Primary Focus is Corporate Governance • Reporting, Certification and Disclosure Requirements • Design and Evaluate Internal Financial Controls • Can’t be Done Alone • Staying Public?

  5. Outside Perspective of ERM • Management is the Risk Mitigator • Seton Hall Study • Override any Control System in Place • Dictate Product mix, Geographic concentration, Claims adjudication and Premium growth.

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