Presentations from KPMG's Risk and Regulatory Series held June 2015
Over the month of June 2015, insurance industry professionals participated in a series of presentations to discuss the latest risk and regulatory issues that are impacting the industry.
With the insurance industry facing ongoing change and disruption, KPMG’s national industry leaders put together a simulcast series to share their insights on how to deal with the change.
Each presentation was recorded and available here for replay.
Federally regulated insurers completed their first Own Risk and Solvency Assessment (ORSA) by the end of 2014, and this requirement is spreading to some provincial jurisdictions as well. This is just the start - most companies gave their first ORSA their best effort, while recognizing more development will be needed in future. Company management and directors now need to establish the processes for monitoring and oversight of their risk and capital positions in between annual updates of the ORSA.
Having finalized IFRS' new financial instruments standard in 2014, it is time to turn your focus to transition and the considerations of classification and measurement of assets under the new standard. This session discussed the classification and measurement along with the new impairment model within the standard and considerations of the standards interaction with insurance accounting, both now and in the future.
Conduct impacts have been felt in the U.S. and the UK and it is becoming more prevalent on Canadian Insurance company's executive agendas. In addition, OSFI issued its new Regulatory Compliance Management Guideline in November 2014 that further defined regulatory roles and responsibilities on the Board, management and oversight functions.
As the technology available in the market transforms at an unbelievably fast rate, so do the threats they pose - so how do you keep up in protecting your organization? The key is to align people, processes and technology to limit cyber exposure. This session provided a look at the current threat landscape for insurance providers, the balance in proactive and reactive strategies and the steps you should take to improve your cyber resiliency.