ERM Risk Assessment for Insurance Organizations - In-Person

• Focused 4 CPE event on ERM risk assessments for insurance organizations.
• Covers regulatory requirements, risk identification and assessment, risk management and mitigation, and ongoing monitoring and reporting.
• Opportunity to network with other insurance professionals and learn from their experiences
• Led by experienced instructors with in-depth knowledge of ERM for insurance organizations.
• Suitable for risk managers, compliance officers, internal auditors, and other professionals in the insurance industry
• Held in-person to provide an interactive learning experience and promote engagement among participants.

Attendees will:

• Understand the purpose and benefits of an effective ERM program for MAR and Form F compliance.
• Identify and assess the different types of risks that insurance organizations face, including financial, operational, strategic, and regulatory risks.
• Learn the regulatory requirements for ERM risk assessments, including the Model Audit Rule (MAR), Own Risk and Solvency Assessment (ORSA) and the NAIC Enterprise Risk Report (Form F).
• Develop risk management and mitigation strategies for addressing the identified risks, including controls, insurance, and risk acceptance.
• Understand the importance of ongoing monitoring and reporting of an ERM program, and the strategies for effective risk communication to stakeholders.
• Learn best practices for implementing ERM programs, including the establishment of an ERM function and the development of risk appetite statements.
• Understand the role of the board of directors and senior management in overseeing the ERM program and ensuring its effectiveness.

I. Introduction

• Overview of the Enterprise Risk Management
• Importance of risk management for insurance companies
• Key objectives of the training presentation

II. Background on Enterprise Risk Management

• The NAIC and ERM
• The purpose and goals of ERM
• Regulatory requirements

III. Key Components of ERM

• Risk management framework
• Internal control system
• Own Risk and Solvency Assessment (ORSA)
• Board and Senior Management Oversight
• Reporting and Disclosure

IV. ERM Implementation

• Steps involved in developing and implementing a ERM program
• Resources needed
• Common challenges

V. Risk Management Framework

• Purpose and objectives of a risk management framework
• Key components of a risk management framework
• Effective risk identification and risk assessment methodologies

VI. Internal Control System

• Importance of an effective internal control system
• Key elements of an internal control system
• Evaluation of internal controls

VII. Own Risk and Solvency Assessment (ORSA)

• Purpose and objectives of ORSA
• Key components of an ORSA program
• ORSA Summary Report

VIII. Board and Senior Management Oversight

• The role of the board and senior management in ERM
• Best practices for board and senior management oversight

IX. Reporting and Disclosure

• Requirements for ERM reporting and disclosure
• Examples of effective Form F reporting

X. Conclusion

• Summary of key points

Program Level of Understanding: Basic to Intermediate Prerequisites: None
Advance Preparation: None
Delivery Format: On-site Training (Group-Live); Seminar (Group-Live)
NASBA Field(s) of Study: Auditing
CPE Credits: 4, based on 50 minutes of instruction per hour. 

This in-person CPE training program focuses on enterprise risk management (ERM) for insurance organizations. Participants will learn about regulatory requirements, risk identification and assessment, risk management and mitigation, and ongoing monitoring and reporting for an effective ERM program. Attendees will gain valuable knowledge and earn CPE credits to maintain professional licensure and enhance professional development.