ORSA and Comprehensive Risk Governance Reporting

Starting: 2nd October 2024 17:00-19:00 Online

The CPD session will strengthen the participants’ knowledge as how to implement an effective Risk Management Function which facilitates the establishment of an adequate Risk Management System of a (re)insurance undertaking in line with Solvency II requirements.

 

Description

The CPD session will cover:

  • The requirements emanating from Solvency II in relation to the implementation of an effective Risk Management Function which facilitates the establishment of an adequate Risk Management System.
  • The roles and responsibilities of the Board of Directors including oversight expected to be carried out in relation to the Risk Management System and when the Risk Management Function is outsourced.
  • How is it ensured that the Risk Management Function is carried out in an effective manner in line with Solvency II requirements.
  • An understanding of the ORSA process which forms an integral part of the Risk Management System of an undertaking.

 

 

Course Topics

  • Overview of the Solvency II requirements in relation to the implementation of the Risk Management Function and the ORSA process.
  • Defining the ‘Risk Management System’ and ‘Risk Management Function’
  • The role of the Board of Directors in ensuring the establishment of an adequate Risk Management System and ORSA process.
  • The role of the Risk Management Function within a (re)insurance undertaking and how this can be implemented in an effective manner.
  • Effective risk management reporting
  • What are the key components underlying the ORSA and how to produce an effective ORSA which adds value to an undertaking

 

Learning Objectives

  • The Solvency II requirements in relation to the Risk Management Function and the ORSA process
  • The difference between the ‘Risk Management System’ and ‘Risk Management Function’ and how they interact
  • The roles and responsibilities of the Board of Directors in relation to the implementation of the Risk Management System
  • The roles and responsibilities of the individual approved by the MFSA to carry out the Risk Management Function
  • Establishing and maintaining effective risk management reporting
  • What are the primary objectives of the ORSA, how to establish an effective ORSA process and its contribution within the Risk Management System of an undertaking.

 

Target Audience

  • Those already working in the insurance sector and are either responsible for carrying out the Risk Management Function or are engaged in the functions and operations of Risk Management
  • Those who intend to take up a career within this environment, complimenting their acquired specialised studies in various other disciplines
  • Those who have an interest in the subject but already have an understanding of risk management principles

Assessment Questions and Answers

In line with MFSA requirements, a short multiple-choice assessment will be provided by the trainer towards the end of the session. A Certificate of Attendance will be awarded to all students who attend the CPD (duration will be included on certificate). A Certificate of Achievement will be awarded to those who sit for the assessment and are successful (pass mark 60%)

Testimonials

The Risk Management Function and ORSA process presentation was very useful, informative and relevant to translate it into practice. The trainer, Mr. Luciano Micallef explained clearly the content, encouraged, and welcomed any questions that the attendees had.

B. Abbracciavento

Trainers

Luciano Micallef, FCII, MSc Risk Mngmt, BSc Fin Serv (Hons), Aifs

Luciano Micallef is the Deputy Head of the Insurance and Pensions Supervision function within the Malta Financial Services Authority (MFSA) which is the single regulator of financial services in Malta.

Luciano started his career in the insurance industry where he spent 15 years working mostly in the non-life sector. He joined the MFSA in February 2012 and is currently managing a team responsible for the prudential oversight of authorised insurance and reinsurance undertakings, insurance intermediaries, retirement schemes, retirement funds and retirement plan service providers, including business carried out in an EU Member State or EEA State, either through establishment or under freedom to provide services. The primary area of responsibility is ensuring that license holders implement an effective system of governance and risk management system in line with the applicable regulation.

He is a Fellow of the Chartered Insurance Institute, an Associate of The London Institute of Banking and Finance, holds an Honours degree in Financial Services, and a Masters degree in Risk Management.

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Why Choose Us

MITC is made up of a close-knit team with a real passion for learning and insurance, who believe in the continuous development and empowerment of individuals through learning. We understand all of the nuances and challenges that come with insurance training and, that is why we’re here to help you get your training right.

Our courses are developed following in-depth research and consultation on the subject matter and the related market, thus ensuring participant needs are met. All our trainers are experts in their field and actively contribute towards the continuous development of the courses which they deliver.

Our training services are accredited by the Malta Further and Higher Education Authority (MFHEA) and the European Qualifications Framework platforms. MITC’s homegrown insurance programmes are recognised by the renowned Chartered Insurance Institute, UK.

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