Duration: 30 Minutes
Presenter: LogicManager CEO, Steven Minsky
Steven is the author of the RIMS Risk Maturity Model and a recognized speaker and certified instructor on the subject of Enterprise Risk Management.
With the adoption of the RMORSA Model Act by the NAIC, your organization has a brief window in which to establish a satisfactory ERM framework.
Why should you hit the gas pedal on an ERM initiative now? Consider that the ORSA Guidance Manual explicitly states that insurers with appropriately developed ERM frameworks “may not require the same scope or depth of review” as organizations with less defined processes.
What does an appropriately developed ERM Framework look like?
In this webinar, we’ll outline an approach to ORSA compliance that prioritizes your limited resources. We’ll examine proven strategies of successful organizations, and present a number of case studies demonstrating how organizations are leveraging their current risk management activities for ORSA compliance.
- Risk Culture & Governance – The tone from the top, what boards of directors expect from ERM.
- Risk Identification & Prioritization – The critical first step, how to take a root cause approach that maximizes the value of your risk assessments.
- Risk Appetite and Tolerance Statement – One of the most challenging tasks for risk managers, how to use assessment scores to develop your tolerance levels, and then align that risk appetite with day-to-day activities.
- Risk Monitoring, Controls, Action Plans – Testing versus Metrics, how to select Key Risk Indicators, and correctly orient mitigation activities.
- Risk Reporting and Communication – Demonstrate your program’s value with mature risk reporting. Define the Top 10 Risks to strategic goals put in place by the Board.