Risk management: changes across the board
From the start of the 2013/14 session the enterprise risk management board will be known as the risk management board. The change of name recognises the much wider context and remit of the work this board is undertaking and is an easier reference to use with our industry stakeholders.
Andrew Hitchcox, who is chief risk officer of Kiln, has been appointed as chair of the risk management board with effect from the 2013/14 session. Andrew has already served as deputy chair of the board and other key committee roles and will continue to drive the valuable work this practice area contributes.
Andrew is now seeking to appoint a deputy chair to the board. This is an interesting and rewarding role, shadowing the chair during his term as chair to help deliver the IFoA's risk management strategy. There are specific projects to be tackled with the expectation the deputy will take over as chair in due course.
If you are interested in applying for this role please visit the volunteer vacancy web page: tinyurl.com/qa6ltgc
Recovery and resolution
The IFoA has formed a working party to consider the impacts of developing a recovery and resolution regime for insurers. Having learnt from the banking crisis, regulators are keen that they and financial firms have plans in place to deal with the failure of a company. While much of the initial work of this group has been focused on understanding the current legal framework for the failure of an insurer, and the circumstances in which an insurer might fail compared to a bank, they have moved on to the specific regimes being proposed.
In August, the financial stability board (FSB) published, inter alia, for consultation the Assessment Methodology for Key Attributes of Effective Resolution Regimes for Financial Institutions and more specific documents dealing with both non-bank financial institutions (including insurers) following on from the IAIS papers in July. Nick Dexter, chair of the working party, said: "We hope the working party can make a valuable contribution to the work of the FSB and other regulators and ensure that, as far as possible, the regime that is implemented is relevant to insurers. Although the formal consultation process closes on 15 October, we anticipate that we need to continue working beyond this date to enable actuaries to play their part in implementing the regime." Members who are not part of the working group but wish to contribute to its work are advised to contact Paul Shelley at [email protected]