Purpose of the group

This group focuses on the particular challenges of risk professionals involved in risk and capital management within Insurance, and incorporates the previous Internal Model Industry Forum to reinforce that internal models are now part of the business-as-usual risk and capital management activities of many insurers.

 

Aims and Objectives

Our focus is to ensure that we are covering topics that have a particular relevance for practitioners and other stakeholders in Enterprise Risk Management in the insurance industry.  

• Cover a mix of both technical and ‘soft’ topics

• Run events to disseminate views on an existing topic and enable shared learning 

• Aim to develop thought leadership where there is a particular gap or need in the market

• Frequently engage with the membership to ensure they shape the agenda and to gather feedback 

• Engage with other SIGs where there are subjects of common interests with insurance, in order to ensure that we approach topics in a way that is collaborative, efficient and effective.

 

Forward agenda

We have created an outline forward agenda (see under future events), we are particularly interested in: 

• Ideas for areas or topics you’d like to see the new group focus on

• Expressions of interest to provide help, support and leadership on particular areas. 

We are keen to hear any feedback you may have. 

 

Review of Solvency II - call for evidence

The UK Government announced in June 2020 that it would review certain features of the Prudential Regulatory Regime for insurance firms, known as Solvency II. HM Treasury published a call for evidence inviting all interested stakeholders to share their views.  

At the same time in October, HM Treasury also published a Phase II consultation relating to the Financial Services Future Regulatory Framework Review, which consults on proposals that impact on how financial services rules are made, who is responsible for making them, how stakeholders can have their say, and how those making the rules are scrutinised and held accountable.  

We have submitted a response to these consultations on behalf of the IRM. The response has benefited from the consideration of a number of sources of evidence:

• responses to a short industry survey questionnaire (included within the response);
• discussions at an industry webinar in December 2020 with Chief Risk Officers and other insurance industry and regulatory experts;
• additional discussions with insurance risk practitioners; and
• the review by the working group supporting the chairs of the ERM in insurance SIG.

 

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Group Co-Chair: Isaac Alfon

Group Co-Chair: Justin Elks

 

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