Operational Risk Management for Insurance Companies 

March 28 – 29, 2017 – Toronto

Operational Risk for Insurance Companies will provide you with the conceptual foundation and working skills you need to successfully plan and execute your risk management strategy and achieve regulatory acceptance

Register Now

Calculation of operational risk capital remains a high priority for regulators as they have indicated that the AMA is not returning desired levels of capital or satisfactory comparability. As a result, the BCBS is in the process of implementing the Standardized Measurement Approach (SMA) through its updated proposal issued in March, 2016.

These changes present new challenges that are controversial and less functionally effective for risk management.  The SMA will introduce new measures intended to simplify the calculation of operational risk capital but, at the same time, may introduce significant volatility and does not reflect risk mitigating business decisions.

 Operational Risk for Financial Institutions has been specifically designed to systematically lead you through the process of developing and managing a comprehensive operational risk program including:

  • How to analyze scenarios involving extreme events
  • How to review and assess emerging risks, new products and new initiatives
  • How to track the resolution of control deficiencies
  • How to calculate the capital required for operational risk

Operational Risk for Financial Institutions will provide you with the conceptual foundation and working skills you need to successfully plan and execute your risk management strategy and achieve regulatory acceptance by examining the follow critical issues and illustrating them through applied group exercises:

  • Operational Risk Management (ORM) Framework
  • Risk Capacity, Tolerance and Appetite
  • Risk and Control Taxonomy
  • Risk and Control Self-Assessment
  • Key Risk Indicators (KRIs)
  • Loss Event Data Collection and Analysis
  • Scenario Analysis
  • Emerging Risks/New Products/New Initiatives
  • Third Party Providers/Outsourcing
  • Issue Tracking and Resolution
  • Operational Risk Capital and Regulatory Frameworks

This two-day course is a practical, hands-on training program providing tangible skills for immediate application to successfully implementing or advancing Operational Risk programs.  Using a stimulating and dynamic combination of lectures, group exercises and case studies, this course will provide you with the tools to achieve regulatory compliance and effective operational risk management that has internal and external stakeholder buy-in and that supports better risk-reward decision making.

Registration Fees

February 20, 2017
March 6, 
March 6, 2017
Operational Risk Management  $2,049.00 + HST $2,199.00 + HST $2,299.00 + HST

Our HST Number: R862562543

Group Discount: Fourth Delegate FREE!

If three individuals from one organization register at the same time, a fourth person may also be registered to attend free of charge. The free registration must be of equal or lesser value than the paid registrations. Please contact us to arrange for attendance of larger groups.

Your Registration Includes

Registration fees include all conference materials, continental breakfast, lunch and refreshments. Parking and accommodation are not included.


As a registered delegate, you will receive a complete set of conference materials. These materials will serve as an invaluable guide, both during and after the event. The workbook will be distributed on the morning of the first day beginning at 8:00 a.m.

Cancellation Policy

Substitutions may be made at any time. If you are unable to attend, please make cancellations in writing and fax to (416) 504-6978 prior to 5:00 p.m. on March 14, 2017. A credit voucher will be issued to you for the full amount, redeemable against any other Acumen conference. If you prefer, you may request for a refund of fees paid less $250 administration fee. Registrants who cancel after above date will not be eligible to receive any credits or refunds and are liable for the entire registration fees.

Confirmed delegates who do not cancel before March 14, 2017, and fail to attend will be liable for the entire registration fees.

Acumen Information Services reserves the right to change the date, location and content for the event(s) offered herein without further notice and assumes no liability for such changes.

Early Bird Registration Discount

Register prior to to March 6, 2017, and you will obtain the following additional savings:

Second delegate: $100  Discount
Third delegate: $150 Discount
Fourth delegate: FREE

Please indicate that you are eligible for this offer on the registration page or your registration form if you are mailing in your registration.

Location – Accommodation

The conference will be held at a convenient locations in downtown Toronto. Venue information and special conference accommodation pricing details will be provided up on confirmation of the venue.

Delegates can register at the Acumen service desk beginning at 8:00 a.m. on the morning of the first day of the conference. Registration fees do not include hotel accommodation.

Program - March 28

Course Agenda

Operational Risk

  • Background
  • History
  • Governance Principles
  • Current Environment

Regulatory Framework 

  • Basel Committee on Bank Supervision
  • International Association of Insurance Supervisors (IAIS)
  • Principles for the Sound Management of Operational Risk
  • OSFI Guideline E-21 on Operational Risk Management

Operational Risk Management (ORM) Framework

  • ORM within the Enterprise Risk Management Framework
  • The COSO Frameworks
  • ORM Program Components
  • ORM Policies
  • Risk Governance
  • Risk Management Organization

Risk Capacity, Tolerance and Appetite

  • Risk Appetite Framework
  • Risk Policy Statement
  • Risk Resources and Capacity
  • Risk Preferences, Tolerance and Appetite
  • Risk Appetite Statement
  • Risk Reporting

Risk and Control Taxonomy

  • Event Categories
  • Risk Types and Classifications
  • Control Types and Classifications
  • Issue Types and Classifications

Risk and Control Self-Assessment

  • Objective Setting
  • Assessment Types
  • Inherent Risk Identification and Assessment
  • Control Assessment
  • Residual Risk Assessment
  • Issue Identification and Assessment
  • Action Plan Development, Tracking and Implementation

Key Risk Indicators (KRIs)

  • Identifying Drivers of Operational Risk
  • Selecting Key Risk Indicators
  • Accuracy, Timeliness and Relevance
  • KRI Reporting
  • KRI Analysis and Action Planning

This two day course runs from 9:00 a.m. – 4:30 p.m. each day including lunch as well as morning and afternoon breaks.

Program - March 29

Course Agenda

Loss Event Data Collection and Analysis

  • Expected and Unexpected Losses
  • Loss Event Identification
  • Loss Event Classification
  • Reputational Losses
  • Loss Event Reporting

Scenario Analysis

  • Why Scenario Analysis?
  • Objectives and expected benefits
  • Methodology for selecting, analyzing, quantifying and reporting
    operational risk scenarios
  • Understanding secondary and tertiary impacts
  • Understanding impact to reputation
  • Scenario Analysis as a component of the operational risk capital
    requirement calculations
  • Risk Response (avoidance, reduction, sharing and acceptance)
  • Reporting results to the Board of Directors and external

Emerging Risks/New Products/New Initiatives

  • The New Product Development Lifecycle
  • New Product Development Process
  • Risk Assessment Protocol
  • New Product Review and Approval Implementation
  • Post Implementation Review

Third Party Providers/Outsourcing

  • Vendor Risk
  • Risk Management Lifecycle
  • Planning
  • Due Diligence and Selection
  • Contract Negotiations
  • Ongoing Monitoring
  • Termination
  • Oversight and Accountability
  • Independent Reviews

Model Risk

  • Model Risk Management
  • Model Development, Implementation and Maintenance
  • Model Validation and Effective Challenge
  • Governance, Policies and Controls
  • Model Inventory

Issue Tracking and Resolution

  • Creating a Central Repository of Issues and Action Plans
  • Action Plan Tracking and Reporting

Operational Risk Capital and Regulatory Frameworks

  • Canadian Capital Frameworks for Life Insurance and P&C
  • Current and Proposed Guidelines
  • Solvency II Operational Risk Capital
  • Own Risk and Solvency Assessment (ORSA)
  • Other Regulatory Requirements

This two day course runs from 9:00 a.m. – 4:30 p.m. each day including lunch as well as morning and afternoon breaks.

Course Leader
Mario Mosse
President, MMosse Consulting, LLC

Mario Mosse has 40 years of experience in enterprise risk management, internal audit and regulatory compliance at financial services companies. He is the president of MMosse Consulting, LLC, where he provides risk management advice and training to the financial services industry. Previously, he was the head of Operational Risk Management at Prudential Financial, Inc.  Prior to joining Prudential,  Mr. Mosse was with The Chase Manhattan Bank, where he held several senior positions in Internal Audit and Risk Management, including South America Regional Audit Executive and Head of Risk Management for the Corporate Finance Sector. Mr. Mosse has been actively involved in provided information session for PRMIA and other risk management organizations.

Who Should Attend

This conference has been specifically designed for, and in consultation with, experts in accounting for financial institutions as well as standard setters. The event has been developed with the professional responsibilities of our audience as our focus. As well, auditors, financial advisors, analysts, lawyers and other advisory professionals would benefit from staying current on the information provided at this timely event. In particular, our experience indicates that individuals in the following positions would mostly likely be in attendance:

  • Chief Financial Officers
  • Chief Risk Officers
  • VPs, Directors and Managers
    • Risk Management
    • Financial and Regulatory Reporting
    • Finance
    • Regulatory Compliance
  • Risk Managers
  • Actuaries
  • Internal Auditors
  • Audit Committee Members
  • Audit and Assurance Professionals
  • Industry Regulators and Standard Setters

To obtain a copy of the brochure, please send a request to the email below or click on the image of the brochure on this page.

e-mail at info@acumeninformation.com

Comments from Past Delegates to Acumen Conferences

"…provided a very good high level summary of the key impacts of IFRS to financial institutions.”

Associate Chief Accountant, Bank of Montreal

“Presentations were clear even though topics were complex.”

Chief Financial Officer, Société Générale

“Best conference I’ve ever attended.”

Senior Manager, Enterprise Hedge Accounting and Derivative Reporting, Royal Bank of Canada

“Suffice it to say that the conference delivered on my expectations…A lot has been taken away from this conference…$ well spent…”

V.P. Risk Management Advisory, New Brunswick Credit Union Stabilization Board

“Finally a course that communicates true technical knowledge”,

Director, Operations Finance NAV Canada

“This seminar was fantastic – very informative and has some extremely interesting and knowledgeable speakers.”

Manager, Corporate Accounting Brascan Power

“Great balance between theory and practical application/issues. Perfect level of detail…”

Treasury Manager CHC Helicopter Corporation
“Speakers were very knowledgeable, materials were current…examples and materials were relevant and well presented.”

Derivatives Accountant, Agrium Inc.

To submit questions to be answered at the conference, please send us an email at this address at  info@acumeninformation.com