Certified Risk and Compliance Management Professional in Insurance and Reinsurance - CRCMP(Re)I

for Risk and Compliance Management Professionals and Consultants, Working for Insurance and Reinsurance Firms and Financial Conglomerates.

The recent crisis has revealed not only the extreme complexity of insurance and reinsurance activities, but also the difficulties that risk and compliance officers, managers and directors face in understanding all dimensions of the risks being taken.

Certified Risk and Compliance Management Professional in Insurance and Reinsurance - CRCMP(Re)I

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, after the Solvency II Directive.

2. To pass the Certified Risk and Compliance Management Professional in Insurance and Reinsurance exam, to become a CRCMP(Re)I.

The program has also been designed to assist professionals that want to work as risk and compliance officers, managers and consultants, in insurance, reinsurance firms, and financial conglomerates. They will provide independent evidence that they meet the fit and proper requirements.

Course Synopsis

Part A: Risk Management and Compliance


  • The EU and the Rulemaking Process
  • The Solvency II Directive
  • Understanding the Dodd-Frank Wall Street Reform and Consumer Protection Act - Overview and Important Sections
  • The Omnibus Directive and the Omnibus II Directive

Regulatory Compliance and 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: Own Risk and Solvency Assessment after Solvency II

  • 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?
  • 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
  • Multinational companies and compliance challenges

Parts G and H: Understanding Solvency II

  • Solvency II - The Directive and the Technical Standards
  • Standards for Data Quality
  • Group Solvency
  • Supervision of Group Solvency for Groups with Centralised Risk Management
  • Actuarial and statistical methodologies for the calculations
  • Technical criteria for assessing 3rd country equivalence
  • Understanding Internal Models in Solvency II (Full, Partial)
  • Closing Remarks

Become a Certified Risk and Compliance Management Professional in Insurance and Reinsurance - CRCMP(Re)I

For secure payment we work with PayPal, the faster and safer way to make online payments. With PayPal we minimize the cost of administration and compliance with many national and international laws, regulations and privacy rules and we can keep the cost of the program so low.

Only PayPal receives your credit card number and your financial information. We only receive your full name, your email and your mail address. According to the PayPal rules, you have the option to ask for a full refund up to 60 days after the payment. If you do not want the program for any reason, all you have to do is send us an email and we will refund the payment, no questions asked. You can try our programs risk-free.

When you click "Buy Now" below, you will be redirected to the PayPal web site. Your payment will be received by our strategic partner and service provider, Cyber Risk GmbH (Rebackerstrasse 7, 8810 Horgen, Switzerland, Handelsregister des Kantons Zürich, Firmennummer: CHE-244.099.341). Cyber Risk GmbH may also send certificates to all members.

The all-inclusive cost is $297.


What is included in this price

A. The official presentations we use in our instructor-led classes (2,378 slides)

You can find the course synopsis above

B. Up to 3 Online Exams

There is only one exam you need to pass, in order to become a Certified Risk and Compliance Management Professional in Insurance and Reinsurance - CRCMP(Re)I

If you fail, you must study again the official presentations, but you do not need to spend money to try again. Up to 3 exams are included in the price.

To learn more:


C. Personalized Certificate printed in full colour

Processing, printing, packing and posting to your office or home.