The document provides training materials on Solvency II. It includes definitions of key terms related to Solvency II such as the Solvency Capital Requirement, standard formula, and internal model. It also discusses reasons for Solvency II including addressing risks across pillars and improving competitive positioning. Additional sections cover risk management fundamentals and definitions, components of risk, and the impact of the financial crisis on the need for Solvency II.
Solvency II is a major reform of insurance regulation in the European Union that establishes revised capital requirements and risk management standards. It aims to establish a revised set of EU-wide capital requirements while harmonizing insurance regulation. Solvency II is comprised of three pillars - Pillar I focuses on capital adequacy, Pillar II on risk management processes and governance, and Pillar III on transparency and disclosure. It represents a significant shift toward an economic and risk-based approach for insurance supervision and regulation across Europe.
This document discusses operational risk management. It begins by defining risk management and the types of risks, including operational risk. It then discusses why operational risk management is important, highlighting some significant operational risk events. It describes tools for identifying and monitoring operational risk, such as loss data collection, risk and control self-assessments, and key risk indicators. It also discusses approaches for measuring operational risk capital requirements under Basel II and III, including the basic indicator approach, standardized approach, and advanced measurement approach. Finally, it notes some challenges in measuring operational risk and ways to mitigate and control operational risk exposures.
The document discusses the role of capital markets. It defines capital markets as financial markets where investment instruments like bonds and equities are bought and sold. Capital markets connect investors with surplus funds to companies needing funds. They include primary markets for new stock issues and secondary markets for existing stocks. Capital markets provide investors risk reduction through diversification and liquidity. They provide companies a source of finance and measure of performance. Capital markets help economies through mobilizing savings, allocating resources, and providing market indicators.
A CRITICAL APPRAISAL ON PERFORMANCE OF WTOSoumeet Sarkar
This document is a project report submitted by Soumeet D. Sarkar to the University of Mumbai for their Master of Commerce program. The report provides a critical appraisal of the performance of the World Trade Organization. It includes sections on the introduction, WTO, agreements of WTO, and conclusion. Evaluators from the college have certified that the project is original work and has been accepted for assessment. Soumeet declares the work as their own and acknowledges the guidance of their project supervisor and college.
1. The document discusses the growth and development of derivatives markets in India, including key milestones like SEBI permitting derivatives trading on Indian stock exchanges in 2000 and the introduction of various derivatives products over subsequent years.
2. It provides background on regulations governing derivatives trading in India and the objectives of regulation, including protecting investors and market integrity.
3. The document outlines the objectives of the study, which include understanding the Indian derivatives market scenario, analyzing whether derivatives have achieved their purpose, and suggesting methods based on observations. It discusses the scope and limitations of the study.
5 Herstatt Risk And Collapse Of Herstatt Bankp4usiib
The document discusses the Herstatt Bank collapse in 1974 and the resulting Herstatt risk. It provides background on Herstatt Bank and how its large foreign exchange exposure and faulty speculation strategies led to its failure. This created a crisis and exposed other banks to settlement risk. The document defines Herstatt risk and settlement risk, and discusses how regulatory changes and risk mitigation strategies like CLS and RTGS help address these risks.
This document discusses capital adequacy, capital planning, and approaches to measuring capital adequacy for banks and financial institutions. It defines capital and capital adequacy, and explains that capital adequacy measures a bank's ability to repay depositors and creditors. It also discusses the need for capital adequacy and capital planning to support growth, absorb losses, ensure public confidence, and identify future capital needs. Finally, it outlines different approaches used to measure capital adequacy, including ratio approaches, risk-based approaches, and portfolio approaches.
This document discusses enhancing approaches to aggregating model risk at financial institutions. It begins by noting that regulators expect banks to assess model risk in the aggregate. While quantitative approaches have been explored, most institutions use qualitative scorecard approaches. The document then outlines ways to improve upon typical qualitative scorecard approaches, including: [1] basing finding risk ratings on materiality to the institution not just the model, [2] using a standardized issue catalog to structure residual risk findings, [3] properly reflecting model interdependencies, and [4] measuring aggregate model risk at the functional area level rather than just by individual models.
Solvency II is a major reform of insurance regulation in the European Union that establishes revised capital requirements and risk management standards. It aims to establish a revised set of EU-wide capital requirements while harmonizing insurance regulation. Solvency II is comprised of three pillars - Pillar I focuses on capital adequacy, Pillar II on risk management processes and governance, and Pillar III on transparency and disclosure. It represents a significant shift toward an economic and risk-based approach for insurance supervision and regulation across Europe.
This document discusses operational risk management. It begins by defining risk management and the types of risks, including operational risk. It then discusses why operational risk management is important, highlighting some significant operational risk events. It describes tools for identifying and monitoring operational risk, such as loss data collection, risk and control self-assessments, and key risk indicators. It also discusses approaches for measuring operational risk capital requirements under Basel II and III, including the basic indicator approach, standardized approach, and advanced measurement approach. Finally, it notes some challenges in measuring operational risk and ways to mitigate and control operational risk exposures.
The document discusses the role of capital markets. It defines capital markets as financial markets where investment instruments like bonds and equities are bought and sold. Capital markets connect investors with surplus funds to companies needing funds. They include primary markets for new stock issues and secondary markets for existing stocks. Capital markets provide investors risk reduction through diversification and liquidity. They provide companies a source of finance and measure of performance. Capital markets help economies through mobilizing savings, allocating resources, and providing market indicators.
A CRITICAL APPRAISAL ON PERFORMANCE OF WTOSoumeet Sarkar
This document is a project report submitted by Soumeet D. Sarkar to the University of Mumbai for their Master of Commerce program. The report provides a critical appraisal of the performance of the World Trade Organization. It includes sections on the introduction, WTO, agreements of WTO, and conclusion. Evaluators from the college have certified that the project is original work and has been accepted for assessment. Soumeet declares the work as their own and acknowledges the guidance of their project supervisor and college.
1. The document discusses the growth and development of derivatives markets in India, including key milestones like SEBI permitting derivatives trading on Indian stock exchanges in 2000 and the introduction of various derivatives products over subsequent years.
2. It provides background on regulations governing derivatives trading in India and the objectives of regulation, including protecting investors and market integrity.
3. The document outlines the objectives of the study, which include understanding the Indian derivatives market scenario, analyzing whether derivatives have achieved their purpose, and suggesting methods based on observations. It discusses the scope and limitations of the study.
5 Herstatt Risk And Collapse Of Herstatt Bankp4usiib
The document discusses the Herstatt Bank collapse in 1974 and the resulting Herstatt risk. It provides background on Herstatt Bank and how its large foreign exchange exposure and faulty speculation strategies led to its failure. This created a crisis and exposed other banks to settlement risk. The document defines Herstatt risk and settlement risk, and discusses how regulatory changes and risk mitigation strategies like CLS and RTGS help address these risks.
This document discusses capital adequacy, capital planning, and approaches to measuring capital adequacy for banks and financial institutions. It defines capital and capital adequacy, and explains that capital adequacy measures a bank's ability to repay depositors and creditors. It also discusses the need for capital adequacy and capital planning to support growth, absorb losses, ensure public confidence, and identify future capital needs. Finally, it outlines different approaches used to measure capital adequacy, including ratio approaches, risk-based approaches, and portfolio approaches.
This document discusses enhancing approaches to aggregating model risk at financial institutions. It begins by noting that regulators expect banks to assess model risk in the aggregate. While quantitative approaches have been explored, most institutions use qualitative scorecard approaches. The document then outlines ways to improve upon typical qualitative scorecard approaches, including: [1] basing finding risk ratings on materiality to the institution not just the model, [2] using a standardized issue catalog to structure residual risk findings, [3] properly reflecting model interdependencies, and [4] measuring aggregate model risk at the functional area level rather than just by individual models.
1. The document discusses portfolio selection using the Markowitz model.
2. The Markowitz model aims to find the optimal portfolio, which provides the highest return and lowest risk. It does this by analyzing different combinations of securities to identify efficient portfolios.
3. The document provides details on the tools and steps used in the Markowitz model for portfolio selection, including analyzing expected returns, variance, standard deviation, and coefficients of correlation between securities.
This document discusses building stronger risk management cultures. It defines risk culture as an organization's risk appetite, tolerance and management practices as demonstrated by employees. A strong risk culture is important to avoid organizational failures. Key elements of a strong risk culture include tone from the top, accountability, effective challenge, and linking compensation to responsible risk-taking. Practical steps to building risk culture involve assessing the current culture, defining a desired culture, and implementing changes through communication and management support.
This paper was presented at the SAFA Workshop on Impact of Basel II, held on September 8, 2014 in Dhaka, Bangladesh. By Sayyid Mansoob Hasan, FCMA - Chairman SAFA Task Force to develop a strategy to combat corruption in SAARC Region.
SAFA: South Asian Federation of Accountants
This document discusses operational risk management. It begins with definitions of operational risk and management of operational risk. It then lists common causes of operational risk including internal and external fraud, employment practices, clients/products, damage to assets, business disruption, execution errors, highly automated technology, e-commerce, outsourcing, and mergers and acquisitions. It discusses approaches to calculating capital charges for operational risk under the basic indicator, standardized, and advanced measurement approaches. It also outlines factors for assessing and measuring operational risk events, monitoring operational risk, and data needs for operational risk management. Finally, it discusses management tasks related to operational risk mitigation and the typical organizational set-up for operational risk management.
Merger And Acquisition - Reasons for Failure and Counter MeasuresAakash Kulkarni
This document discusses reasons for failures of mergers and acquisitions and provides corrective measures. It begins with an introduction to M&A and reasons for choosing this topic. Objectives are identified as finding reasons for M&A failures and providing solutions. A literature review and fishbone diagram framework are presented. Expert opinions identify factors like culture, finance, technology, process and size that can contribute to failures. Solutions focus on improving valuation processes, mitigating cultural differences, and appointing experienced professionals to structure deals and foresee problems.
The document discusses the key components of impairment modeling required for estimating expected credit losses under IFRS 9. It explains that IFRS 9 uses a three stage model where 12-month expected losses are recognized initially and lifetime losses are recognized if credit risk increases significantly. It outlines the expectations for impairment modeling, including assessing credit risk increases, defining default, quantifying probability of default and loss given default, and estimating losses using probability-weighted and loss rate approaches.
The document summarizes the history and development of the Basel Committee on Banking Supervision and the Basel Accords. It discusses how the Basel Committee was formed in 1974 in response to banking crises. It then describes the three Basel Accords - Basel I established minimum capital requirements in 1988, Basel II introduced additional risk-based requirements in 2004, and Basel III strengthened capital and liquidity standards following the 2008 financial crisis. The document provides details on the pillars and key provisions of each accord.
The document discusses the Arbitrage Pricing Theory (APT). APT assumes an asset's return depends on various macroeconomic, market, and security-specific factors. It uses a linear regression formula to model the relationship between an asset's expected return and its sensitivity to different risk factors. While more flexible than other models, APT requires accurately identifying risk sources and examining assets individually. It generates a lot of data but does not guarantee profitable outcomes.
This document summarizes a webinar presented by Mike Lubansky on stress testing loan portfolios. The webinar covered regulatory requirements for stress testing, the objective and importance of stress testing, different types of stress testing approaches for community banks, challenges with data collection, scenario selection, and maximizing the value of stress test reports. Sample stress test outputs were presented and common mistakes were discussed. The webinar provided an overview of effective stress testing practices for community banks.
National Stock Exchange Vs Bombay Stock Exchange A Comparative Analysisijtsrd
India currently has two major stock exchanges. The Bombay Stock Exchange and National Stock Exchange, There are important differences in ownership structure, geographic reach, internal control systems and institutionalised risk management facilities between the Bombay Stock Exchange and the National Stock Exchange. The purpose of this study is to examine if these significant structural differences between these stock exchanges contribute to variations in observed measures of quality of markets. We use a paired comparison approach and document significant differences in liquidity and index price volatility between the two markets. The time period has been used in this study. P. Venkatesan "National Stock Exchange Vs Bombay Stock Exchange: A Comparative Analysis" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-3 | Issue-1 , December 2018, URL: http://www.ijtsrd.com/papers/ijtsrd19030.pdf Direct URL: http://www.ijtsrd.com/economics/commerce/19030/national-stock-exchange-vs-bombay-stock-exchange-a-comparative-analysis/p-venkatesan
The document discusses stress testing in banks, including what it is, its purpose, and key elements of an effective stress testing process. It notes that while stress testing is important, banks often get it wrong by using inappropriate scenarios, not considering linkages between risks and institutions, and having methodological issues. An effective stress testing process should identify exposures, construct plausible adverse scenarios, estimate losses using risk models, and implement corrective actions if needed.
This document discusses enterprise risk management (ERM). It provides definitions of ERM, outlines its conceptual roots dating back to the 1970s-1990s, and describes what ERM is and how it can provide a framework for risk management. The document also discusses key aspects of ERM implementation including risk, uncertainty, risk attitudes, risk management processes and steps, and tools and techniques for risk assessment.
This document summarizes key aspects of arbitrage pricing theory (APT) and multifactor models of risk and return from the textbook "Investments" by Bodie, Kane, and Marcus:
1) APT generalizes the security market line of the CAPM to provide richer insight into the risk-return relationship by allowing for multiple systematic risk factors rather than a single market factor.
2) Multifactor models posit that security returns respond not just to overall market movements but also to specific systematic risk factors like GDP, interest rates, and inflation.
3) The Fama-French three-factor model explains returns based on sensitivities to market, firm size, and book-to-market factors
Private Equity 101: Anatomy of an Investmentpegccouncil
This document provides an overview of private equity, summarizing that it is a long-term investment approach used to purchase stakes in non-public companies in order to build them into stronger, more competitive businesses through strategic interventions. Private equity benefits investors through high returns, companies through value creation, and the broader economy by fueling innovation and job growth.
Shaping Your Culture via Risk Appetite Andrew Smart
This document discusses the importance of risk appetite and embedding risk culture at organizations. It begins by defining risk appetite as the amount and type of risk an entity is willing to accept over a set period of time to achieve its objectives. The document then notes that weaknesses in risk appetite governance contributed to the financial crisis and that properly establishing and monitoring risk appetite is a board responsibility. It stresses that risk appetite should be integrated into strategic planning and outlines how organizations can set, execute, and monitor their risk appetite.
This ppt deals with introduction to mergers and acquisition with relevant examples from industry. It also tells pros and cons of mergers and acquisitions.
PYA Principal Shannon Sumner co-presented “Enterprise Risk Management” at the HCCA Board Audit Committee Compliance Conference, February 27-28, 2017, in Scottsdale, Arizona.
The presentation covered:
The role of the governing Board of an organization in enterprise risk management (ERM)
Effective ERM in today’s healthcare setting
When ERM fails: “The perfect storm”
Operational Risk Management - Understanding Your Risk LandscapeEneni Oduwole
This presentation provides insights on how the proper implementation of Operational Risk Management can lead to effective risk profiling, analysis and mitigation. It introduces operational risk as a bedrock for meaningful risk management irrespective of which industry an organization plays in.
This document discusses various risks faced by banks such as credit risk, liquidity risk, market risk, and operational risk. It summarizes Basel I, Basel II, and Basel III capital adequacy frameworks which establish minimum capital requirements for banks. It outlines the key components of Tier 1 and Tier 2 capital and how risk weighted assets are calculated to determine the capital adequacy ratio. The Reserve Bank of India requires banks to maintain a minimum capital to risk-weighted assets ratio of 9% under Basel II norms.
This document discusses mergers and acquisitions. It defines a merger as the combination of two or more corporations where one maintains its identity and absorbs the others. An acquisition refers to one corporation acquiring ownership of another corporation's assets. The types of mergers and acquisitions covered are horizontal between competitors, vertical between suppliers and customers, and conglomerate between unrelated industries. The key difference between mergers and acquisitions is that in a merger, multiple corporations join to form a new single entity, while in an acquisition, one corporation takes over another which ceases to exist.
Solvency II presentation Dublin July 2010kingphilip1
Mazars held a Solvency II update seminar recently. As the Solvency II programme rolls on and with QIS5 just around the corner, this seminar reviewed the recent developments and considered major challenges that insurers are likely to face between now and the end of 2012.
Solvency 2 is a European Union directive that harmonizes insurance regulation and supervision across the EU. It is based on three pillars: capital requirements, governance and risk management, and disclosure. Under Pillar 1, insurers must hold enough capital to meet technical provisions and a Solvency Capital Requirement (SCR) that is calibrated to a 99.5% value at risk over one year. Insurers must also meet a Minimum Capital Requirement (MCR). Pillar 2 requires effective governance, risk management, and oversight functions. Pillar 3 mandates public disclosure of a solvency and financial condition report. Implementation is due by October 2012.
1. The document discusses portfolio selection using the Markowitz model.
2. The Markowitz model aims to find the optimal portfolio, which provides the highest return and lowest risk. It does this by analyzing different combinations of securities to identify efficient portfolios.
3. The document provides details on the tools and steps used in the Markowitz model for portfolio selection, including analyzing expected returns, variance, standard deviation, and coefficients of correlation between securities.
This document discusses building stronger risk management cultures. It defines risk culture as an organization's risk appetite, tolerance and management practices as demonstrated by employees. A strong risk culture is important to avoid organizational failures. Key elements of a strong risk culture include tone from the top, accountability, effective challenge, and linking compensation to responsible risk-taking. Practical steps to building risk culture involve assessing the current culture, defining a desired culture, and implementing changes through communication and management support.
This paper was presented at the SAFA Workshop on Impact of Basel II, held on September 8, 2014 in Dhaka, Bangladesh. By Sayyid Mansoob Hasan, FCMA - Chairman SAFA Task Force to develop a strategy to combat corruption in SAARC Region.
SAFA: South Asian Federation of Accountants
This document discusses operational risk management. It begins with definitions of operational risk and management of operational risk. It then lists common causes of operational risk including internal and external fraud, employment practices, clients/products, damage to assets, business disruption, execution errors, highly automated technology, e-commerce, outsourcing, and mergers and acquisitions. It discusses approaches to calculating capital charges for operational risk under the basic indicator, standardized, and advanced measurement approaches. It also outlines factors for assessing and measuring operational risk events, monitoring operational risk, and data needs for operational risk management. Finally, it discusses management tasks related to operational risk mitigation and the typical organizational set-up for operational risk management.
Merger And Acquisition - Reasons for Failure and Counter MeasuresAakash Kulkarni
This document discusses reasons for failures of mergers and acquisitions and provides corrective measures. It begins with an introduction to M&A and reasons for choosing this topic. Objectives are identified as finding reasons for M&A failures and providing solutions. A literature review and fishbone diagram framework are presented. Expert opinions identify factors like culture, finance, technology, process and size that can contribute to failures. Solutions focus on improving valuation processes, mitigating cultural differences, and appointing experienced professionals to structure deals and foresee problems.
The document discusses the key components of impairment modeling required for estimating expected credit losses under IFRS 9. It explains that IFRS 9 uses a three stage model where 12-month expected losses are recognized initially and lifetime losses are recognized if credit risk increases significantly. It outlines the expectations for impairment modeling, including assessing credit risk increases, defining default, quantifying probability of default and loss given default, and estimating losses using probability-weighted and loss rate approaches.
The document summarizes the history and development of the Basel Committee on Banking Supervision and the Basel Accords. It discusses how the Basel Committee was formed in 1974 in response to banking crises. It then describes the three Basel Accords - Basel I established minimum capital requirements in 1988, Basel II introduced additional risk-based requirements in 2004, and Basel III strengthened capital and liquidity standards following the 2008 financial crisis. The document provides details on the pillars and key provisions of each accord.
The document discusses the Arbitrage Pricing Theory (APT). APT assumes an asset's return depends on various macroeconomic, market, and security-specific factors. It uses a linear regression formula to model the relationship between an asset's expected return and its sensitivity to different risk factors. While more flexible than other models, APT requires accurately identifying risk sources and examining assets individually. It generates a lot of data but does not guarantee profitable outcomes.
This document summarizes a webinar presented by Mike Lubansky on stress testing loan portfolios. The webinar covered regulatory requirements for stress testing, the objective and importance of stress testing, different types of stress testing approaches for community banks, challenges with data collection, scenario selection, and maximizing the value of stress test reports. Sample stress test outputs were presented and common mistakes were discussed. The webinar provided an overview of effective stress testing practices for community banks.
National Stock Exchange Vs Bombay Stock Exchange A Comparative Analysisijtsrd
India currently has two major stock exchanges. The Bombay Stock Exchange and National Stock Exchange, There are important differences in ownership structure, geographic reach, internal control systems and institutionalised risk management facilities between the Bombay Stock Exchange and the National Stock Exchange. The purpose of this study is to examine if these significant structural differences between these stock exchanges contribute to variations in observed measures of quality of markets. We use a paired comparison approach and document significant differences in liquidity and index price volatility between the two markets. The time period has been used in this study. P. Venkatesan "National Stock Exchange Vs Bombay Stock Exchange: A Comparative Analysis" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-3 | Issue-1 , December 2018, URL: http://www.ijtsrd.com/papers/ijtsrd19030.pdf Direct URL: http://www.ijtsrd.com/economics/commerce/19030/national-stock-exchange-vs-bombay-stock-exchange-a-comparative-analysis/p-venkatesan
The document discusses stress testing in banks, including what it is, its purpose, and key elements of an effective stress testing process. It notes that while stress testing is important, banks often get it wrong by using inappropriate scenarios, not considering linkages between risks and institutions, and having methodological issues. An effective stress testing process should identify exposures, construct plausible adverse scenarios, estimate losses using risk models, and implement corrective actions if needed.
This document discusses enterprise risk management (ERM). It provides definitions of ERM, outlines its conceptual roots dating back to the 1970s-1990s, and describes what ERM is and how it can provide a framework for risk management. The document also discusses key aspects of ERM implementation including risk, uncertainty, risk attitudes, risk management processes and steps, and tools and techniques for risk assessment.
This document summarizes key aspects of arbitrage pricing theory (APT) and multifactor models of risk and return from the textbook "Investments" by Bodie, Kane, and Marcus:
1) APT generalizes the security market line of the CAPM to provide richer insight into the risk-return relationship by allowing for multiple systematic risk factors rather than a single market factor.
2) Multifactor models posit that security returns respond not just to overall market movements but also to specific systematic risk factors like GDP, interest rates, and inflation.
3) The Fama-French three-factor model explains returns based on sensitivities to market, firm size, and book-to-market factors
Private Equity 101: Anatomy of an Investmentpegccouncil
This document provides an overview of private equity, summarizing that it is a long-term investment approach used to purchase stakes in non-public companies in order to build them into stronger, more competitive businesses through strategic interventions. Private equity benefits investors through high returns, companies through value creation, and the broader economy by fueling innovation and job growth.
Shaping Your Culture via Risk Appetite Andrew Smart
This document discusses the importance of risk appetite and embedding risk culture at organizations. It begins by defining risk appetite as the amount and type of risk an entity is willing to accept over a set period of time to achieve its objectives. The document then notes that weaknesses in risk appetite governance contributed to the financial crisis and that properly establishing and monitoring risk appetite is a board responsibility. It stresses that risk appetite should be integrated into strategic planning and outlines how organizations can set, execute, and monitor their risk appetite.
This ppt deals with introduction to mergers and acquisition with relevant examples from industry. It also tells pros and cons of mergers and acquisitions.
PYA Principal Shannon Sumner co-presented “Enterprise Risk Management” at the HCCA Board Audit Committee Compliance Conference, February 27-28, 2017, in Scottsdale, Arizona.
The presentation covered:
The role of the governing Board of an organization in enterprise risk management (ERM)
Effective ERM in today’s healthcare setting
When ERM fails: “The perfect storm”
Operational Risk Management - Understanding Your Risk LandscapeEneni Oduwole
This presentation provides insights on how the proper implementation of Operational Risk Management can lead to effective risk profiling, analysis and mitigation. It introduces operational risk as a bedrock for meaningful risk management irrespective of which industry an organization plays in.
This document discusses various risks faced by banks such as credit risk, liquidity risk, market risk, and operational risk. It summarizes Basel I, Basel II, and Basel III capital adequacy frameworks which establish minimum capital requirements for banks. It outlines the key components of Tier 1 and Tier 2 capital and how risk weighted assets are calculated to determine the capital adequacy ratio. The Reserve Bank of India requires banks to maintain a minimum capital to risk-weighted assets ratio of 9% under Basel II norms.
This document discusses mergers and acquisitions. It defines a merger as the combination of two or more corporations where one maintains its identity and absorbs the others. An acquisition refers to one corporation acquiring ownership of another corporation's assets. The types of mergers and acquisitions covered are horizontal between competitors, vertical between suppliers and customers, and conglomerate between unrelated industries. The key difference between mergers and acquisitions is that in a merger, multiple corporations join to form a new single entity, while in an acquisition, one corporation takes over another which ceases to exist.
Solvency II presentation Dublin July 2010kingphilip1
Mazars held a Solvency II update seminar recently. As the Solvency II programme rolls on and with QIS5 just around the corner, this seminar reviewed the recent developments and considered major challenges that insurers are likely to face between now and the end of 2012.
Solvency 2 is a European Union directive that harmonizes insurance regulation and supervision across the EU. It is based on three pillars: capital requirements, governance and risk management, and disclosure. Under Pillar 1, insurers must hold enough capital to meet technical provisions and a Solvency Capital Requirement (SCR) that is calibrated to a 99.5% value at risk over one year. Insurers must also meet a Minimum Capital Requirement (MCR). Pillar 2 requires effective governance, risk management, and oversight functions. Pillar 3 mandates public disclosure of a solvency and financial condition report. Implementation is due by October 2012.
James Okarimia - Solvency II For Dummies PresentationJAMES OKARIMIA
The document discusses key aspects of Solvency II implementation for insurance companies. It outlines the European regulatory bodies involved in Solvency II including the European Commission, European Council, and EIOPA. It also summarizes the three pillars of Solvency II - Pillar 1 focuses on capital requirements, Pillar 2 on risk management and governance, and Pillar 3 on transparency and reporting. Finally, it states that insurance companies must address both qualitative and quantitative requirements to implement Solvency II, including gap analysis, governance changes, and internal and external reporting under the three pillars.
Solvency II is the biggest regulatory change for insurers and reinsurers, bringing the industry under one regime. It will impact all areas of business operations. Early adopters are helping set industry standards. While there is no single solution, companies must have high quality data and robust risk management to meet Solvency II requirements. The regulator emphasizes that firms must improve data management to obtain model approval.
This document discusses various topics related to working in the insurance industry such as capital requirements under Solvency II, differences between insurance companies and pension funds, career paths within insurance including working for a life insurance company or as a consultant, and what a typical day might involve. It also provides references and links for further information on actuarial topics and qualifications as well as background on the presenter, Servaas Houben.
This document outlines an agenda and implementation plan for Zanders Academy to help corporations comply with new European Market Infrastructure Regulation (EMIR) requirements. The agenda includes sessions on EMIR and International Financial Reporting Standard 13. The implementation plan details timelines for selecting a trade repository, implementing central clearing, and establishing risk mitigation techniques like timely confirmation and dispute resolution over a period of 9 months. It provides best practices for processes around derivatives portfolio reconciliation, dispute management, and daily mark-to-market valuation.
This document provides a complete risk management toolkit for information technology processes and systems. It includes introductions and presentations on risk management, information security management (ISM), and IT service continuity management (ITSCM) based on ITIL v3 best practices. The toolkit guides the reader through each stage of the risk management process from assessment and analysis to treatment and monitoring. It defines key risk management terms and concepts, outlines management roles and responsibilities, and discusses benefits and challenges.
This document provides an overview and summary of Basel III and its implications presented by Dr. Nabil Zaki. It includes an agenda, housekeeping notes, introduction of the speaker, and sections on Basel III capital requirements, capital buffers, liquidity standards including the Liquidity Coverage Ratio and Net Stable Funding Ratio. The presentation outlines the new Basel III regulations, including higher capital minimums, tighter definitions of capital, and new liquidity requirements for banks in response to the financial crisis.
Performing Strategic Risk Management with simulation modelsWeibull AS
“How can you be better than us to understand our business risk?"
This is a question we often hear and the simple answer is that we don’t! But by using our methods and models we can utilize your knowledge in such a way that it can be systematically measured and accumulated throughout the business and be presented in easy to understand graphs to the management and board.
The main reason for this lies in how we can treat uncertainties 1 in the variables and in the ability to handle uncertainties stemming from variables from different departments simultaneously.
FULLCOVER 9 - Enterprise Risk Management MDS Portugal
This document summarizes an interview with Alessandro di Felice, Chief Risk Officer of Prysmian, about the evolution of risk management in Italian companies. It discusses how risk management has become more strategic and integrated into corporate governance through the adoption of enterprise risk management. It also explores ideas for how the insurance industry could develop new business models, such as insuring a company's overall risk management plan rather than individual risks, to better partner with companies practicing strategic risk management.
Delta Lloyd has over 200 years of history as a reliable financial services provider in the Netherlands. Risk management is challenging given the volatile economic environment and changing regulatory landscape. Solvency II will introduce risk-based capital requirements instead of the current volume-based approach of Solvency I. This represents a major change that affects how available capital and required capital are calculated. Delta Lloyd aims to balance risk and return through tools like interest rate and equity hedging, while controlling multiple capital regimes and an increasing number of regulators.
Investor Day 2015 - Continuing the Growth JourneyAgeas
Ageas has achieved strong growth and financial performance since 2009. Key accomplishments include divesting non-core businesses, acquiring companies to expand in Europe and Asia, improving operational efficiency with a combined ratio below 100%, increasing profits and capital deployment in emerging markets, and regularly upstreaming cash dividends. Ageas has established itself as a solid insurance player in Europe and Asia and met or exceeded its 2015 strategic vision targets.
Nearly 80% of European insurers are on track to implement Solvency II by 1 Jan 2016, but there is wide variation in the level of preparedness by country.
Dutch, UK and Nordic insurers are most confident in meeting the requirements, while French, German, Greek and Eastern European insurers are less confident.
Our survey of more than 170 insurance companies across 20 European countries sheds light on key areas of implementing Solvency II, including data and IT readiness, organizational change, regulatory interaction, recovery and resolution planning, and capital optimization.
We will also discuss our other findings:
- Insurers are seeking to improve the effectiveness of their risk management.
- Challenges of reporting and ensuring robust data and information technology (IT) remain very significant.
- Preparedness for Pillar 3 remains relatively low, and action is needed in 2014 to meet the requirements on time.
- Many insurers are not satisfied with the level of support from their regulators in providing timely feedback on plans and interpretation of new requirements. This is due, in part, to the significant resourcing challenges regulators face.
- Automation of many risk management activities, particularly reporting, remains relatively low.
Link to on-demand webcast: http://www.ey.com/GL/en/Issues/webcast_2014-06-03-1500_insurance-european-solvency-ii-survey-2014
Link to survey report: http://www.ey.com/GL/en/Industries/Financial-Services/Insurance/EY-european-solvency-ii-survey-2014
The Strategy Network is an open network for strategy professionals that meets three times per year for knowledge sharing. More than 40 top South African companies have joined with no fees required. Attendance confirmation is sufficient. The document then provides details on strategic risk management processes including identifying risks to strategic objectives, assessing existing controls, determining risk ratings, and identifying treatments. It gives an example of linking a strategic objective to secure new business with potential related risks and controls.
Strategic Risk Management as a CFO: Getting Risk Management RightProformative, Inc.
Video & Presentation: http://www.proformative.com/events/strategic-risk-management-cfo-getting-risk-management-right
Enterprise Risk Management should be simple. Unfortunately, companies are responding to regulators and business imperatives to improve their risk management practices, all the while aligning with business strategy and performance as well as capital allocation. Leading practitioners are seeking insight and value from risk management and are using risk management to focus audit and compliance activities. In fact independent research commissioned by SAP and others suggests many successful ERM initiatives still make little use of the increasingly sophisticated technology available. This session will summarize recent research by SAP and others on the state of ERM and will provide simple, practical strategies for how Finance can drive risk management practices that build success and add value.
Speakers:
Bob Tizio, GRC Officer-Americas, SAP America Inc.
Bruce McCuaig, Director, Solution Marketing for Governance Risk & Compliance, SAP
Presentation delivered at CFO Dimensions 2013 - http://www.cfodimensions.com
Track: Finance Technology | Session: 5
SAS Risk Management for Insurance provides a comprehensive enterprise risk management solution for insurers. It allows for integrated risk assessment and capital calculation across risk types like market, insurance, operational and credit risk. The solution supports regulatory requirements like Solvency II while providing capabilities for risk-based decision making. It offers benefits such as improved risk management, better compliance and strategic insights.
IFAC Senior Technical Manager Vincent Tophoff presentation during the Institute of Chartered Accountants of Pakistan's CFO Conference 2013, CFO: Meeting Future Challenges! Mr. Tophoff discusses current trends and thinking in risk management and best practices.
This presentation by Gerhard Scheuenstuhl & Christian Schmitt, RiskLab, was made at the OECD-Risklab-APG Workshop on pension fund regulation and long-term investment held in Amsterdam on 7 April 2014. Discussions focused on: long-term pension investment strategies under risk-based regulation; riskiness and procyclicality in pension asset allocation; and, regulatory challenges for long-term illiquid assets.
For more information please visit http://www.oecd.org/daf/fin/private-pensions/OECD-APG-workshop-pension-fund-regulation-LTI.htm
Regulatory updates from RR Donnelley December 2015Robert McNamara
December Regulatory Updates covering PRIIPs, Solvency II, European Market Infrastructure Regulation and additional reporting requirements under Irish Domiciled UCITS Funds.
Storm-7 Consulting provides in-house training programs on regulatory compliance topics for financial institutions. This document describes their MiFID II in-house training program, which aims to educate clients about the new MiFID II regulatory framework and its implications. The modular training program spans 10 sessions and covers all aspects of MiFID II compliance, including new rules for markets, transparency, reporting, and organizational requirements. Attendees gain an in-depth understanding of MiFID II to help their firms avoid sanctions and leverage opportunities arising from the regulation.
2016 Analysis on Beyond Implementation, Insurance, Business and Market Effect...Ganesh Pandagale
Description-
Synopsis
Timetrics 'Insight Report: Solvency II Beyond Implementation' analyzes the developments in the insurance industry following the implementation of Solvency II on January 1, 2016.
Most insurers in Europe region have found taht their risk management and governance strategies have improved as a result of Solvency II. Moreover, the regime prepares the ground for a single insurance market across Europe, enabling insurers and reinsurers to operate under the same set of regulations.
It will increase the competitiveness of insurers and reinsurers, and provide the same level of consumer protection throughout the European insurance industry.
To Browse a Report Detail with TOC @ http://www.researchmoz.us/insight-report-solvency-ii-beyond-implementation-report.html
Solvency II is a new regulatory framework for insurance companies in the EU that replaced Solvency I. It aims to establish a risk-based approach where capital requirements are based on a company's risk profile. Solvency II introduces three pillars: Pillar 1 sets capital requirements; Pillar 2 focuses on risk management and governance; Pillar 3 addresses transparency and disclosure. While primarily affecting EU insurers, Solvency II may also impact non-EU subsidiaries of EU companies and EU subsidiaries of non-EU companies. Implementing Solvency II requirements like data management, ownership, and quality metrics poses challenges for insurers.
The Solvency II Directive, along with the Omnibus II Directive that amended it became a law on March 31, 2015. On April 1, 2015 the approval processes began, and after years of delay and negotiations, the Europe-wide capital regime for insurance companies came into effect on January 1, 2016. Insurers will have to comply with new rules and capital requirements of Solvency II across the EU.
Here is a short summary of what Solvency II is and how it’ll impact financial services institutions in the US (most of which are deemed to have fully or partly equivalent rules) along with EU.
This presentation serves as study notes for the e-learning material titled: "South African Hedge funds and international developments"
These notes focus on Solvency II and its Impact on the Hedge Fund Industry.
http://www.hedgefund-sa.co.za/solvency-ii
The document discusses the roles of the Internal Capital Adequacy Assessment Process (ICAAP) and stress testing in risk and capital management. It provides an overview of regulatory requirements for ICAAP from Basel II, European, US, and Asian banking regulators. Key risks that must be captured in ICAAP include market, credit, operational, and liquidity risk. The document also discusses differences between going-concern versus gone-concern models and point-in-time versus through-the-cycle risk measurements in the context of ICAAP. Statistical models are compared to stress testing models.
Ifrs Accounting For Insurance Ashley Patel Pricewaterhouse Coopers [Autosa...Kush25
The document summarizes key points from a presentation on accounting for insurance contracts given at a workshop. It discusses the objectives of IFRS 4 Phase I, key problems with the interim standard, comments from analysts about lack of transparency, and the status and key aspects of the IASB's Phase II project to develop a new standard, including the proposed exit value model and contentious issues raised in response to the discussion paper. It also provides a high-level comparison to the EU's Solvency II framework and outlines some practical implications for financial reporting, operations, and resources.
Ifrs Accounting For Insurance Ashley Patel Pricewaterhouse Coopers [Autosa...Kush25
The document summarizes key points from a presentation on accounting for insurance contracts given at a workshop. It discusses the objectives of IFRS 4 Phase I, key problems with the interim standard, comments from analysts, and the status and key aspects of the IASB's Phase II project to develop a new standard, including the proposed exit value model and issues raised in response to the discussion paper. It also briefly compares the proposed model to the EU's Solvency II framework and outlines some practical implications of the new requirements.
Ifrs Accounting For Insurance Ashley Patel Pricewaterhouse Coopers [Autosa...Kush25
The document summarizes key points from a presentation on accounting for insurance contracts given at a workshop. It discusses the objectives of IFRS 4 Phase I, key problems with the interim standard, comments from analysts, and the status and key aspects of the IASB's Phase II project to develop a new standard, including the proposed exit value model and issues raised in response to the discussion paper. It also provides a high-level comparison to the EU's Solvency II framework and outlines some practical implications of the new requirements.
RRD Investment Management Solutions November Regulatory Update. Covering PRIIPs, Solvency II and also an update from the FCA on "Smarter Consumer Communications"
The Insurance Reporting Challenge: Building an Integrated FrameworkAccenture Insurance
The reporting component of Solvency II has become a major concern for insurance companies operating in Europe. Solvency II Pillar III increases reporting requirements in terms of volume, frequency, timeliness and complexity. These, in turn, have a direct bearing on insurers’ data, processes, methodologies and organization. The pressure put on insurers to enhance their reporting calls for a revamped closing and reporting framework where integration is part of the approach. Beyond the new Solvency II requirements, reporting, in our view, remains a pressing issue at the global level.
Implementation of a Credit Risk Management Platform for a Large Insurer Based...SecondFloor
A new, centralised credit risk platform has delivered
many business benefits to this global insurance group,
including the ability to mitigate risk by dynamically
managing investment limits.
Role of Actuaries in Enterprise Risk Management Sonjai_Rajiv(17 GCA) Final CopySonjai Kumar, SIRM
Actuaries have traditionally been involved in risk identification and measurement in insurance, particularly for mortality, lapse, expense, and interest rate risk. However, the role of actuaries is expanding to enterprise risk management (ERM) in insurance and other financial sectors like banking. Actuaries' quantitative skills make them well-suited for ERM tasks like calculating economic capital, value at risk, and stress testing across various risk types. The Solvency II regulations also provide opportunities for actuaries to be involved in all three pillars of the solvency framework. For actuaries to take on broader ERM roles, they need to enhance their skills in areas like credit, liquidity, and operational risk management.
This document provides an overview of risk management concepts and frameworks. It defines key risk types such as credit risk, operational risk, market risk, and enterprise risk. It also discusses important risk management standards and regulations such as Basel II, Solvency II, Sarbanes-Oxley, and MIFID. Additionally, it outlines the risk management process and covers topics like risk assessment, analysis, handling, and important risk terms and approaches.
This document provides an overview of risk management concepts and frameworks. It defines key risk types such as credit risk, operational risk, market risk, and enterprise risk. It also discusses important risk management standards and regulations such as Basel II, Solvency II, Sarbanes-Oxley, and MIFID. Additionally, it outlines the risk management process and covers topics like risk assessment, analysis, handling, and important risk terms and approaches.
Solvency II was introduced with a view to protect policyholders by setting stronger requirements for processes like capital adequacy, risk management and governance. This has far-reaching implications for insurers in the European Union (EU) in terms of the models they employ for capital calculation, setting and streamlining supervisory processes, as well as keeping abreast with reporting requirements.
MiFID II is a European Union regulation that aims to improve transparency and protect investors. It was delayed until January 2018 due to technical challenges faced by regulators and firms. Hiring for MiFID II compliance has been dominated by short-term contract roles for business analysts, project managers, and developers with experience in regulatory projects like Dodd-Frank. Demand and pay for these skills remains high. While the delay provides more time, firms still face challenges to ensure full compliance by the new deadline.
G20 regulatory overview in partnership with EDM WorksTom White
The document provides an overview of regulatory reform in the financial services industry from a G20 perspective. It discusses the massive amount of new regulation being implemented, with over 300,000 pages of reforms in progress. This is creating significant upheaval and challenges for firms to make sense of and align with the many conflicting regulations. The document outlines some of the key regulatory initiatives and changes being implemented across different areas such as capital requirements, trading and transparency. It also discusses the challenges of managing regulatory data and having a holistic view across different regulatory lenses. The company, JWG, provides services to help firms understand and manage their regulatory obligations.
Ähnlich wie Solvency II professional knowledge presentation training 27032013 (20)
[To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
This PowerPoint compilation offers a comprehensive overview of 20 leading innovation management frameworks and methodologies, selected for their broad applicability across various industries and organizational contexts. These frameworks are valuable resources for a wide range of users, including business professionals, educators, and consultants.
Each framework is presented with visually engaging diagrams and templates, ensuring the content is both informative and appealing. While this compilation is thorough, please note that the slides are intended as supplementary resources and may not be sufficient for standalone instructional purposes.
This compilation is ideal for anyone looking to enhance their understanding of innovation management and drive meaningful change within their organization. Whether you aim to improve product development processes, enhance customer experiences, or drive digital transformation, these frameworks offer valuable insights and tools to help you achieve your goals.
INCLUDED FRAMEWORKS/MODELS:
1. Stanford’s Design Thinking
2. IDEO’s Human-Centered Design
3. Strategyzer’s Business Model Innovation
4. Lean Startup Methodology
5. Agile Innovation Framework
6. Doblin’s Ten Types of Innovation
7. McKinsey’s Three Horizons of Growth
8. Customer Journey Map
9. Christensen’s Disruptive Innovation Theory
10. Blue Ocean Strategy
11. Strategyn’s Jobs-To-Be-Done (JTBD) Framework with Job Map
12. Design Sprint Framework
13. The Double Diamond
14. Lean Six Sigma DMAIC
15. TRIZ Problem-Solving Framework
16. Edward de Bono’s Six Thinking Hats
17. Stage-Gate Model
18. Toyota’s Six Steps of Kaizen
19. Microsoft’s Digital Transformation Framework
20. Design for Six Sigma (DFSS)
To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations
Part 2 Deep Dive: Navigating the 2024 Slowdownjeffkluth1
Introduction
The global retail industry has weathered numerous storms, with the financial crisis of 2008 serving as a poignant reminder of the sector's resilience and adaptability. However, as we navigate the complex landscape of 2024, retailers face a unique set of challenges that demand innovative strategies and a fundamental shift in mindset. This white paper contrasts the impact of the 2008 recession on the retail sector with the current headwinds retailers are grappling with, while offering a comprehensive roadmap for success in this new paradigm.
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Taurus Zodiac Sign: Unveiling the Traits, Dates, and Horoscope Insights of th...my Pandit
Dive into the steadfast world of the Taurus Zodiac Sign. Discover the grounded, stable, and logical nature of Taurus individuals, and explore their key personality traits, important dates, and horoscope insights. Learn how the determination and patience of the Taurus sign make them the rock-steady achievers and anchors of the zodiac.
Top 10 Free Accounting and Bookkeeping Apps for Small BusinessesYourLegal Accounting
Maintaining a proper record of your money is important for any business whether it is small or large. It helps you stay one step ahead in the financial race and be aware of your earnings and any tax obligations.
However, managing finances without an entire accounting staff can be challenging for small businesses.
Accounting apps can help with that! They resemble your private money manager.
They organize all of your transactions automatically as soon as you link them to your corporate bank account. Additionally, they are compatible with your phone, allowing you to monitor your finances from anywhere. Cool, right?
Thus, we’ll be looking at several fantastic accounting apps in this blog that will help you develop your business and save time.
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The fashion industry is dynamic and ever-changing, continuously sculpted by trailblazing visionaries who challenge norms and redefine beauty. This document delves into the profiles of some of the most iconic fashion personalities whose impact has left a lasting impression on the industry. From timeless designers to modern-day influencers, each individual has uniquely woven their thread into the rich fabric of fashion history, contributing to its ongoing evolution.
How are Lilac French Bulldogs Beauty Charming the World and Capturing Hearts....Lacey Max
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BriansClub.cm, a famous platform on the dark web, has become one of the most infamous carding marketplaces, specializing in the sale of stolen credit card data.
Navigating the world of forex trading can be challenging, especially for beginners. To help you make an informed decision, we have comprehensively compared the best forex brokers in India for 2024. This article, reviewed by Top Forex Brokers Review, will cover featured award winners, the best forex brokers, featured offers, the best copy trading platforms, the best forex brokers for beginners, the best MetaTrader brokers, and recently updated reviews. We will focus on FP Markets, Black Bull, EightCap, IC Markets, and Octa.
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