Certified Risk and Compliance Management Professional in Insurance and Reinsurance - CRCMP(Re)I, distance learning and online certification program
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.
The increased regulatory demands after the Solvency II Directive and the Dodd-Frank Act, drive risk and compliance management profesionals working for insurance and reinsurance firms to better identify, assess, manage, monitor and document risk and capital within their business. They must establish enterprise-wide policies and procedures that satisfy the regulatory requirements around the world and improve operational efficiency.
The CRCMP(Re)I program has been designed to provide with the knowledge and skills needed to understand and support regulatory compliance and enterprise wide risk management. The course provides with the skills needed to pass the Certified Risk and Compliance Management Professional in Insurance and Reinsurance - CRCMP(Re)I exam.
This course is intended for decision makers, managers, professionals, consultants and service providers that:
- Work for insurance or reinsurance firms.
- Work for groups: Financial Conglomerates (FC), Financial Holding Companies (FHC), Mixed Financial Holding Companies (MFHC), Insurance Holding Companies (IHC).
We have updated the program the 10th of January, 2018.
Part A: Introduction.
The International Association of Insurance Supervisors (IAIS).
Insurance Core Principles (ICPs).
IAIS, Issues Papers.
Access to Insurance Initiative (AII).
The Joint Forum.
The National Association of Insurance Commissioners (NAIC).
The European Insurance and Occupational Pensions Authority (EIOPA).
Governance, Risk and Compliance.
OECD Principles of Corporate Governance.
FSB, Thematic Review on Risk Governance.
FSB 2017, 2017, Thematic Review on Corporate Governance
Risk and uncertainty.
Issue Management, Risk Management.
Threats and Vulnerabilities.
Policies, Procedures, Baselines, Guidelines, Ethics.
Conflicts of Interest and Ethics.
Data owners, process owners.
Part B: The Solvency II Directive and the new international standards.
The European Union, Directives, Regulations.
European Union, legal acts after the Treaty of Lisbon.
Delegating and Implementing Acts.
The Lamfalussy Process.
Solvency II and Basel II/III.
The Solvency II Directive, important articles.
The three pillars.
Supervisory authorities and scope of supervision.
Supervisory review process.
Corporate governance requirements.
Fit and proper requirements.
Own risk and solvency assessment.
Report on solvency and financial condition.
Valuation of assets and liabilities.
Calculation of technical provisions.
Best Estimate, Risk Margin.
Basic own funds, ancillary own funds.
Classification of Own Funds.
Calculation of the Solvency Capital Requirement.
Structure of the standard formula
Minimum Capital Requirement.
The approval of full and partial internal models.
Investments, prudent person principle.
Non-Compliance with the Solvency Capital Requirement.
Non-Compliance with the Minimum Capital Requirement.
Right of establishment and freedom to provide services.
Conditions for branch establishment.
Supervision of group solvency.
Method 1 (Default method): Accounting consolidation-based method.
Method 2 (Alternative method): Deduction and aggregation method.
Parent undertakings outside the Community: equivalence.
Part C: The Dodd-Frank Act and the Federal Insurance Office (FIO).
The Dodd-Frank Act.
Basel ii /iii and the Dodd Frank Act.
The Financial Stability Oversight Council.
The Orderly Liquidation Authority.
The new Federal Insurance Office (FIO).
The role of the FIO.
The annual reports.
The Volcker Rule.
Investor Protection and Securities Reform Act.
Consumer Financial Protection Act.
Part D: The Frameworks.
Committee of Sponsoring Organizations (COSO).
1992, COSO Internal Control — Integrated Framework.
The COSO cube.
Information and Communication.
Effectiveness and Efficiency of Operations.
Reliability of Financial Reporting.
Compliance with applicable laws and regulations.
2013, COSO Internal Control — Integrated Framework.
The updated COSO cube.
Example: Cyber risk and COSO.
2004 - The COSO Enterprise Risk Management (ERM) Framework.
The differences between COSO and COSO ERM.
Components of Enterprise Risk Management.
The COSO ERM cube.
Is COSO ERM needed for compliance?
Information and Communication.
Objectives: Strategic, Operations, Reporting, Compliance.
ERM – Application Techniques
2017 - The updated COSO ERM
Enterprise Risk Management and Strategy Selection.
Control Objectives for IT - COBIT.
Part E: Stress Testing.
What is stress testing?
What is financial stress testing?
Reverse stress tests.
A. The portfolio-driven approach.
B. Event-driven approach.
Choosing stress-test scenarios.
Berkowitz and Stress Testing.
Regulatory Stress Tests.
Micro stress tests.
Macro stress tests.
Stress Testing scenarios based on a higher correlation environment.
Correlation, Correlation Coefficient (?).
Endogenous and Exogenous Risks.
Heisenberg's uncertainty principle and stress tests.
The Birth of Stress Testing: Financial Sector Assessment Programs (FSAPs).
Principles for sound stress testing practices and supervision.
Use of stress testing and integration in risk governance.
The Supervisory Capital Assessment Program (SCAP).
Stress Testing for Assessing the Adequacy of Capital and Liquidity.
Dodd-Frank Act Stress Tests (DFAST).
Comprehensive Capital Analysis and Review (CCAR).
Departing Thoughts, Governor Daniel K. Tarullo.
Part F: Designing and Implementing a Risk and Compliance Program.
Which is the best program?
Principles of Effective Compliance Programs.
Comprehensive compliance programs.
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 (1,314 slides)
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.
C. Personalized Certificate
Processing and posting to your office or home (via registered mail).