Program – November 29
9:00 a.m. – 9:05 a.m.
Opening Remarks from the Chair
Bobby Thompson, Partner, KPMG LLP
9:05 a.m. – 10:00 a.m.
Reporting and Disclosure Transition – IFRS 4 to IFRS 17
Alana Hudson, Senior Manager, KPMG LLP
- IAS 8 requirements – required disclosures regarding IFRS 17 progress and impact on the business
- Key considerations when determining what information to include in IAS 8 disclosures
- Public or private company?
- Who are your users and what are their needs?
- IFRS 17 disclosure requirements in Q1 2023/YE 2023
- IFRS 17 BAU disclosure requirements
10:00 a.m. – 11:00 a.m.
IFRS 17 and KPI’s
Rozana Khalil, Senior Manager, Ernst & Young LLP
- Overview of the Global KPIs Survey results
- 2022 vs 2023 results
- Emerging Canadian KPIs
11:00 a.m. – 11:15 a.m.
Morning Networking Break
Karl Meissner-Roloff, Partner, Actuarial, Deloitte LLP
- Understanding OSFI Guideline E-23 – scope and application
- Applying E-23 in the insurance industry
- Regulatory framework for insurance liability model governance – OSFI guidelines, actuarial standards of practice
- Model risk management key issues including:
- Different model purposes (e.g. IFRS 17, LICAT/MCT, sensitivities)
- Issues arising from proprietary modelling platforms and “black box” models
- Documentation of modeling decisions and approach (data, methodology, assumptions)
12:30 p.m. – 1:30 p.m.
1:30 p.m. – 2:30 p.m.
Operational Resilience and Operational Risk – Applying Guideline E-21
Mark Barboza, Director, Operational Resilience, PricewaterhouseCoopers LLP
- Defining operational resilience – Canadian view
- Operational resilience expectations emerging globally
- What leading insurers internationally are doing to become resilient
- Determining what Canadian firms can be doing today
- Resilience challenges experienced by Canadian firms
- Demonstrating effective operational resiliency – new E-21 draft guideline
- Oversight and accountability
2:30 p.m. – 3:30 p.m.
Cybersecurity and Technology Risk Management for Insurers
Adil Palsetia, Partner, Cyber Security, KPMG LLP (Tentative)
- Cybersecurity reporting under securities regulation
- OSFI Guideline B-13 – obligations and implementation
- OSC, and other, regulations regarding technology and cybersecurity risk
- Understanding compliance thresholds for differing regulatory requirements
- What is a “material” breach and “how” to report it
- Guideline B-13 – what is required for compliance and disclosure
- Determining adequacy and scope of risk management
- How to harmonize with PIPEDA regulatory reporting rules
- What is a “significant risk of harm” – when is a breach reportable?
- Anticipating a breach – do’s and don’ts – what is considered appropriate and effective risk management?
- Risk issues unique to the insurance industry – technology and data
3:30 p.m. – 3:45 p.m. – Afternoon Networking Break
3:45 p.m. – 4:45 p.m.
Third Party Risk Management – Applying Guideline B-10
Kolby Kyle, Director, Risk Assurance, PricewaterhouseCoopers LLP
- Defining third party risk management
- Overview of changes and revisions to Draft OSFI B-10 Guideline
- Examination of a comprehensive third party risk management framework
- Steps to take prior to entering into a third party arrangement
- Understanding 4th / Nth party risk
4:45 p.m. – End of Day 1
Program – November 30
9:00 a.m. – 9:05 a.m.
Opening Remarks from the Chair
Dana Chaput, Partner, KPMG LLP
9:05 a.m. – 10:15 a.m.
LICAT – Pending Developments and Current Considerations
Carla Crichlow, Senior Manager, Actuarial Consulting, Oliver Wyman
Catherine Sun, Senior Manager, Actuarial Consulting, Oliver Wyman
- Brief overview of final LICAT framework
- Overview of changes and revisions to final LICAT 2023 Guideline from LICAT 2019
- Potential impact to insurer and capital volatility in the near future
10:15 a.m. – 11:15 a.m.
Assurance on Capital, Leverage and Liquidity Returns – Implementing the New Guideline
Kamran Raza, Senior Manager, Ernst & Young LLP
- Examination of scope and application of the Guideline
- External auditors and oversight function
- Senior management attestation
- Internal audit opinion
- SMSB considerations
- Effective preparation of material risk components and material misstatements in applicable reporting schedules
- Considering “materiality” within the scope of the Guideline
- Senior management attestation – issues on which to focus
- Differences arising from size of FRFI
11:15 a.m. – 11:30 a.m.
Morning Networking Break
11:30 a.m. – 12:15 p.m.
Climate Risk Management – Integration and Operational Challenges Presented by Draft Guideline B-15
Jean-Francois Gagnon, Partner, Ernst & Young LLP
- Overview of Climate Risk Draft Guideline (B-15)
- Understanding physical risks, transition risks and liability risks
- Relationship to operational resiliency and operational risk
- Implications for governance and risk
- What does a climate risk management program look like?
- Related scenario analysis and stress testing
- Impact on capital and liquidity adequacy
- Modelling and model risk management – sources of data and reliability
- What is expected of SMSB’s
- Financial disclosures
- Inter-relationship with climate risk regulations of multiple regulatory agencies
- Principles that must be applied in undertaking disclosure
12:15 p.m. – 1:15 p.m.
1:15 p.m. – 2:00 p.m.
Meeting the ESG Requirements of Multiple Supervisory Agencies – OSFI, OSC, SEC
Scott Morrison, Director, ESG and Sustainability, PricewaterhouseCoopers LLP
- Developments related to Environmental, Social and Governance (ESG) initiatives
- Meeting expectations for high-quality, transparent, reliable and comparable reporting
- What ESG means for reporting entities
- About ESG trends, challenges, and regulatory developments
- What the future of ESG reporting looks like, including the role of finance team
2:00 p.m. – 3:00 p.m.
The Future of Reporting – balancing profitability, capital and ESG impacts
Raj Matharu, Partner, Insurance Finance & Accounting Advisory, Deloitte LLP
Sree Balakrishnan, Partner, Insurance Data & Systems, Deloitte LLP
- Recap of today’s reporting approach for L&H and P&C insurers
- Balance between reporting objectives and impacts to decision making
- Influence of IFRS 17, ESG regulation
- Impacts of automation on reporting
- How will this be facilitated?
- How can finance/actuarial functions be better business partners to the broader organization?
3:00 p.m. – 3:45 p.m.
Tax and Tax Accounting Update
Nunzio Tedesco, Partner and Insurance Industry Tax Practice Leader, KPMG LLP (Tentative)
- CRA audit and review activities in the insurance industry
- Update on tax developments of specific concern to Canadian insurers
- Tax impact of IFRS 17 and capital adequacy standards
- IFRS 17 compatibility with current tax rules
- Issues that need to be resolved by CRA and Finance – what to do in the interim to plan
- Tax issues presented by other IFRS standards: 9, 15, 16
- IFRIC 23 considerations
- OECD and Canadian tax rules affecting transfer pricing in insurance operations
|Registration Options||Before October 25, 2022||Before November 11, 2022||After November 11, 2022|
|Insurance Reporting & Regulation||$2,099.00 + 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.
FREE CONFERENCE WORKBOOK
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Substitutions may be made at any time. If you are unable to attend, please make cancellations in writing and fax to (416) 504-6978 or email to firstname.lastname@example.org prior to 5:00 p.m. on November 15, 2022. 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.
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Register prior to November 8, 2022, and you will obtain the following additional savings:
|Second delegate:||$100 Discount|
|Third delegate:||$150 Discount|
The conference will be held at a convenient location in downtown Toronto. Venue information and special conference accommodation pricing details will be provided upon 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 or parking.
This conference has been specifically designed for, and in consultation with, experts in accounting 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 Actuaries
- Chief Accounting Officers
- Chief Risk Officers
- VPs, Directors and Managers
- Actuarial Accounting
- Financial and Regulatory Reporting
- Regulatory Compliance
- Internal Auditors
- Audit Committee Members
- Audit and Assurance Professionals
- Industry Regulators and Standard Setters
- Corporate Counsel
- Financial Services Regulatory Lawyers
Comments from Past Delegates to Acumen Conferences
“Very engaging speakers and a great range of topics from the industry updates to practical journal entry exercise.”
Manager, Corporate Accounting, Empire Life
“Provided good info on various IFRS 17 topics…”
Actuary, Creditor Marketing, The Co-operators Group Limited
“Good education and eye opener for some major concerns.”
Corporate Actuary, Life, The Co-operators Group Limited
“Great overview of all things we need to consider in implementing IFRS 17, including many tools and warnings about pitfalls.”
Senior Vice President & Chief Actuary, Ivari
“As always Acumen’s content is broad and encompassing. It reaches beyond the obvious and take the obvious into significant depth.”
Senior Vice President & Chief Financial Officer, First Canadian Insurance Corporation
“Some great presentations which dove into key areas…”
Assistant Vice President, Finance, CAA Insurance Company
“My first conference by Acumen. Very good conference!”
Assistant Vice President, Corporate Actuarial, Ivari
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• Cocktail reception
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please contact us by phone at (416) 504-6952
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