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Certified Risk and Compliance Management Training for Insurance and Reinsurance   The International Association of Risk and Compliance Professionals (IARCP) develops and maintains a compendium of risk and compliance topics. Subject matter experts review and update this body of knowledge.     Certified Course Title Certified Risk and Compliance Management Professional in Insurance and Reinsurance after the Solvency II Directive and the Dodd Frank Act   This course has been designed to provide with the knowledge and skills needed:   1. To understand and support regulatory compliance and enterprise wide risk management in insurance and reinsurance companies after the Solvency II Directive of the European Union and the Dodd Frank Act of the United States of America   2. To pass the Certified Risk and Compliance Management Professional in Insurance and Reinsurance exam and become a CRCMP(Re)I This course is intended for professionals that want to work as risk and compliance officers in insurance and reinsurance companies. They will provide independent evidence that they meet the fit and proper requirements of the Solvency II Directive and other international laws, regulations and standards, when they pass the  Certified Risk and Compliance Management Professional in Insurance and Reinsurance exam - CRCMP(Re)I exam. This course is intended for insurance and reinsurance companies demanding qualified risk and compliance professionals. The course is recommended for managers involved in risk and compliance management.     Course Synopsis PART A: RISK MANAGEMENT AND COMPLIANCE WITH LAWS AND REGULATIONS Introduction Regulatory Complianceand Risk Management Definitions, roles and responsibilities The role of the board of directors, the supervisors, the auditors The new international landscape The interaction among laws, regulations, and professional standards The difference between a best practice and a regulatory obligation Benefits of an enterprise wide compliance program Compliance culture: Why it is important How to communicate the regulatory obligations Policies Workplace Ethics Risk and Compliance Policies, procedures and the ethical code of conduct Privacy and information security Handling confidential information Conflicts of interest Use of organizational property Fair dealings with customers, vendors and competitors Reporting ethical concerns The definition of Governance, Risk and Compliance The need for Internal Controls Understand how to identify, mitigate and control risks effectively  Approaches to risk assessment  Qualitative, quantitative Integrating risk management into corporate governance and compliance Insurance and Reinsurance risks Credit risk Market risk Operational risk Life risks Non life risks Health risks Other risks Can all risks be quantified? PART B: THE OWN RISK AND SOLVENCY ASSESSMENT AFTER THE SOLVENCY II DIRECTIVE Regulatory Reporting High-level principles of information to be received by the supervisory authority Own Risk and Solvency Assessment (ORSA) Solvency and Financial Condition Report (SFCR) Quantitative reporting templates Report to Supervisors (RTS) The Supervisory Review Process (SRP) and the ORSA The new focus on Risk Management ORSA - The Internal Assessment Process ORSA - The Supervisory Tool ORSA - A Third Solvency Capital Requirement? Why is the ORSA important? Proportionality ORSA Requirements The overall solvency needs Compliance on a continuous basis Assessment of the risk profile The outcome of the ORSA Integration of the ORSA Frequency of the ORSA Information on the result of the ORSA to supervisory authorities ORSA – Principles and guidance for undertakings PART C: DOCUMENTATION - A PRACTICAL GUIDELINE Internal Controls - COSO The Internal Control — Integrated Framework by the COSO committee Using the COSO framework effectively The Control Environment Risk Assessment Control Activities Information and Communication Monitoring Effectiveness and Efficiency of Operations Reliability of Financial Reporting Compliance with applicable laws and regulations IT Controls Program Development and Program Change Deterrent, Preventive, Detective, Corrective, Recovery, Compensating Monitoring and Disclosure Controls Layers of overlapping controls COSO Enterprise Risk Management (ERM) Framework Is COSO ERM needed for compliance? COSO AND COSO ERM Internal Environment Objective Setting Event Identification Risk Assessment Risk Response Control Activities Information and Communication Monitoring The two cubes Objectives: Strategic, Operations, Reporting, Compliance ERM – Application Techniques Core team preparedness Implementation plan Likelihood Risk Ranking Impact Risk Ranking COBIT - the framework that focuses on IT Is COBIT needed for compliance? COSO or COBIT? Corporate governance or financial reporting? Executive Summary Management Guidelines The Framework The 34 high-level control objectives What to do with the 318 specific control objectives COBIT Cube Maturity Models Critical Success Factors (CSFs) Key Goal Indicators (KGIs) Key Performance Indicators (KPIs) PART D: INSURANCE AND REINSURANCE AFTER THE DODD FRANK ACT Overview of the Dodd Frank Act The US Federal Insurance Office Major differences between the USA and the EU The United States and the Solvency II Equivalence challenges The Solvency Modernization Initiative (SMI) U.S. ORSA/ERM: The Own Risk and Solvency Assessment (ORSA) in the USA NAIC and the CEIOPS/EIOPA share ORSA and group supervision documents PART E: UNDERSTANDING STRESS TESTING Introduction to Stress Testing Value at Risk (VaR): What is expected under normal market conditions Stress Testing: What is expected under extreme market conditions What is stress testing? What is financial stress testing? Scenario tests Sensitivity tests Historical scenarios Hypothetical scenarios Regulatory Stress Testing From the Value at Risk to Stress Testing Standard Normal Distribution "We are seeing things that were 25-standard deviation moves several days in a row" Stress Testing: Challenges, Difficulties and Opportunities Model Uncertainty Data Uncertainty Procyclical or Countercyclical? Stress Testing scenarios based on a higher correlation environment Correlation Correlation Coefficient Problems with Correlation Micro stress tests Macro stress tests Weaknesses That Led to the Turmoil 1. Use of stress testing and integration in risk governance 2. Methodologies 3. Scenario selection 4.Uncertainty principle and stress testing Back testing and Stress Testing Placing Stress Testing under Pillar 2 Improving stress-testing practices Concluding Remarks PART F: DESIGNING AND IMPLEMENTING A RISK AND COMPLIANCE PROGRAM Designing and Implementing an enterprise wide Risk and Compliance Program Designing an Internal Compliance System     Compliance programs that withstand scrutiny  Documentation Testing Training Ongoing compliance reviews and risk assessments Compliance Monitoring The company and other stakeholders Managing the regulators and change in regulations International and national regulatory requirements Regulatory compliance in Europe Regulatory compliance in the USA What is different Common elements and differences of compliance projects New standardsMultinational companies and compliance challenges     Privacy and Compliance with the Federal Trade Commission Fair, the California Online Privacy Protection Act, the Children Online Privacy Protection Act, the Privacy Alliance, the Controlling the Assault of Non-Solicited Pornography and Marketing Act   More Information   For further information you may contact Ross Fenwick,  Level 33, 25 Canada Square, Canary Wharf, London E14 5LQ, Tel:  +44 (0) 207 060 3312, Fax: +44 (0) 207 681 3317.   We'd Love To Hear From You And Answer Your Questions Name Email Address Questions/ Comments