Non-Financial Risk Management & Reporting For Insurers

Program – December 6

9:00 a.m. – 9:05 a.m.
Opening Remarks from the Chair

Mark Barboza, Director, Operational Resilience, PricewaterhouseCoopers LLP 
France-Anne Fortin, National Enterprise Risk Management Lead Partner, PricewaterhouseCoopers LLP 

9:05 a.m. – 10:00 a.m.
Operational Resilience Through the Lens of E-21 – Implications for Insurers

Mark Barboza, Director, Operational Resilience, PricewaterhouseCoopers LLP 

• What are regulators lookin to achieve through operational resilience guidelines?
• What capabilities are required to be operationally resilient and what does this mean for firms?
• How can existing risk frameworks be used to manage resilience risk?
• What are examples of risk metrics to monitor resilience risk?
• What technology do firms need to think about to manage operational resilience programs sustainably?
• Topical insights and challenges from the financial services sector

10:00 a.m. – 11:00 a.m.
Cybersecurity and Technology Risk Management for Insurers

Gayatri Suresh Kumar, Partner, Cyber and Strategic, Deloitte LLP 
Hiba Abdou, Partner and National Insurance Leader, Risk Advisory, Deloitte LLP 

• 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

11:00 a.m. – 11:15 a.m. – Morning Networking Break

11:15 a.m. – 12:15 p.m.
Third Party Risk Management – Applying Guideline B-10

Jack Barrett, Manager, 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

12:15 p.m. – 1:15 p.m. – Luncheon

1:15 p.m. – 2:15 p.m.
Climate Risk Management (B-15) – Impact on Organizational Structure/Processes and Governance

Katerina Kindyni, ESG Risk Lead, Financial Services Risk Management, Ernst & Young LLP 

• Integrating Climate Risk into Organizational Structure and Governance
  • how climate risk considerations are being incorporated into the hierarchy and departments of organizations
  • role of top-level executives and board members in championing climate risk management
  • addressing the balance between centralized oversight and decentralized decision-making for climate risk management
• Adapting Processes for Climate Risk Assessment
  • methodologies and tools used to assess climate-related risks, including scenario analysis and stress- testing
  • highlighting the challenges and opportunities in aligning risk assessment processes with climate scenarios
• Board Accountability, Stakeholder engagement and Reporting
  • oversight of climate risk strategies and disclosure practices
  • role of sustainability committees in ensuring accurate and transparent reporting
  • engaging with stakeholders, including investors and customers, regarding climate risk management efforts
• Incorporating Climate Risk into Strategy
• Talent and Skill Development for Climate Risk
  • exploring the need for specialized skills and expertise in climate risk management
  • training and talent development programs to equip employees with the necessary knowledge

2:15 p.m. – 3:05 p.m.
Model Risk Management and Model Governance

Eric Levy, Partner, Advisory, Financial Risk Management and Actuarial Services, KPMG LLP
Anton Kobelev, Executive Director, Actuarial, Financial Risk Managements, KPMG LLP 

•  Overview of the current and upcoming regulatory guidance on model risk management
•  Common challenges in implementing a holistic MRM framework across the entire organization
• Implementing effective model governance
• Practical examples to kick-start the process within your organization

3:05 p.m. – 3:20 p.m. – Afternoon Networking Break

3:20 p.m. – 4:10 p.m.
Assurance on Capital, Leverage and Liquidity Returns – External Audit Perspective

Kamran Raza, Senior Manager, Ernst & Young LLP 

• Examination of scope and application of the Guideline
-external auditor
-senior management attestation
-internal audit
• Discussion of key implementation considerations
• Considering “materiality” within the scope of the Guideline
• Preparation for implementation and compliance

• Examination of scope and application of the Guideline
  • external auditor
  • senior management attestation
  • internal audit
• Discussion of key implementation considerations
• Considering “materiality” within the scope of the Guideline
• Preparation for implementation and compliance

4:10 p.m. – 5:00 p.m.
Assurance on Capital, Leverage and Liquidity Returns – Internal Audit Perspective

Tabish Gill, Risk Consulting Leader, RSM
Liam Neilson, Audit Partner, RSM 

• Overview of capital, leverage and liquidity internal audit requirements for insurers
• Internal audit approaches