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Web Session "Implementation of an Efficient
ERMF-Process" on 26/27 October 2022
The world has significantly changed.
Imagine you were tasked with projecting a risk profile for your
company for the coming 5 years in 2018. Would you have included a
pandemic, a war in Ukraine and the climatological effects we are
currently confronted with? Would you have considered the underlying
changes in society which may cause some further risk events, we are
currently not fully aware of?
It shows us that the way we act as risk managers needs to change.
First of all, we need to analyse the allocation of our time to the
risk management activities and the value we create for our
businesses. Regulation is forcing us to perform activities like
risk and control assessments which added value clearly reduces over
time. Risk indicators still play a small role in most business and
the implementation of these turns out to be difficult. The concept
itself, however, is a key to solve other problems.
Except for getting the basis right, we need to bring risk
management to all of our colleagues. It needs to be part of our
DNA. It should be one aspect before we take decisions and it should
enable us to guide through extra-ordinary times.
further details
Web Session "Resilience for Actuaries" on 2-4 November
2022
For more than two years now, we have involuntarily found ourselves
often in unknown territory, maybe even too often! Things that had
never been imagined in any scenario analysis did happen. We needed
and still need to quickly adapt to an ever-changing environment as
we don't know what the future holds for us. While trying to juggle
with all that adaptation, it also means that "business as usual"
needs to get done.
Needless to say, that "business as usual" can also bring its share
of challenges and stress with time-consuming projects (e.g. IFRS
17), ad-hoc queries and analyses and back-to-back meetings.
While actuaries are experts at quantifying risk and uncertainty in
their sleep, being awake in the new normal can bring its load of
(new) uncertainties that can't be quantified but need to be managed
at a personal level. To build resilience is like to build a robust
internal re-assurance program for you! You'll be in a better
position to absorb shocks and volatility, even when things seem out
of control.
further details
Web Session "How Can Actuaries Tackle Inflation and its
Consequences?" on 16 November 2022
Inflation does not come and does not go on its own.
It is not that long ago that even ECB-Directors were clearly
stating that the heightened inflation rates were only temporary.
Even shortly before Christmas 2021 this statement was firmly
positioned. It did not hold for long in 2022.
What are the main drivers for the change of opinion? Without being
exhaustive the following points can be mentioned:
- Central Bank's quantitative easing
actions,
- Increase of energy prices (esp. oil and
gas),
- Increase of Wheat prices,
- Increase of prices of
semiconductors.
These effects were significantly stressed by:
- The war in the Ukraine
- The ESG effects (Carbon certificates and
pricing increases due to tax effects over CO2 levies).
Inflation comes with many challenges for businesses in general
and insurance business in particular. Due to the long term nature
of the business inflation can be very toxic. This is especially
true for situation of negative real interest rates, which we have
seen for some time now. The situation has changed since the Ukraine
war. The FED is now increasing the interest rates and ECB is
expected to do so in summer 2022. Real rates are still
negative.
further details
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