capabilities
DESCRIPTION
INSURANCETRANSCRIPT
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Insurance Risk Management Advisory Solutions (IRMAS)ERM Program Assessment
INSURANCE RISK MANAGEMENT ADVISORY SOLUTIONS (IRMAS) ERM PROGRAM ASSESSMENT
Insurance companies face continuous demands to improve risk management capabilities. In a world where
resources are scarce and competing interests create the need for careful prioritization and planning, insurers
are challenged with determining the desired level of risk management capabilities and the associated degree of
development effort that is required. Moreover, developing a business case for acquiring the resources and management
support to develop risk management capabilities to desired levels is a significant challenge for many companies.
The professionals at KPMG LLP (KPMG) have many years of experience in assisting insurance companies with defining future
state Enterprise Risk Management (ERM) capabilities, formulating recommendations, and developing roadmaps and project plans for the
capability building efforts. Information about this key service offering from KPMG is summarized below.
Evaluating your risk management capabilities against industry practices, regulatory requirements, and rating agency expectations to create an understanding of how you stack up
Defining guiding principles and your target risk management capabilities to meet future needs of the business
Understanding which risk management disciplines, business units, and capabilities are in need of remediation
Formulating a structured approach and roadmap for enhancing risk management capabilities in a timely and efficient manner
Developing a compelling business case for the investment in resources for building future state capabilities
Obtaining board and internal audit confidence over risk management capabilities
The Challenges
2013 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (KPMG International), a Swiss entity. All rights reserved. Printed in the U.S.A. The KPMG name, logo and cutting through complexity are registered trademarks or trademarks of KPMG International. NDPPS 200337
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Leverage a knowledge base of lessons learned from previous engagements, industry leading practices, regulatory standards, and our understanding of rating agency expectations
Bring a highly structured yet flexible assessment framework approach tailored to insurance companies, including the following risk management capability elements: Governance, Strategy & Appetite, Policies & Standards, Assessment & Measurement, Monitoring & Reporting, Data & Tools, Change Management and Performance Management
Tailor the assessment approach to the entire enterprise, a business unit or entity, and a risk type (e.g., operational risk, credit risk, market risk, etc.)
Use a five-level maturity capability continuum for each of the eight risk management capability elements, which can be used for benchmarking current state and target state capabilities as well as peer-company capabilities, our understanding of regulatory requirements and rating agency expectations
Our Approach
Providing an assessment of risk management capabilities to assist the board, senior management, and internal audit to determine whether risk management capabilities are adequate to manage the risks of the enterprise
Definition of target risk management capabilities to meet future needs of the business, including the use of peer-company, regulatory, and rating agency benchmarking
Identification of the risk management disciplines, business units, and capabilities that need remediation based on desired future state or agreed-upon risk management standards
Formulating a structured approach and roadmap for enhancing risk management capabilities timely and efficiently
The Goals
INSURANCE RISK MANAGEMENT ADVISORY SOLUTIONS (IRMAS) ERM PROGRAM ASSESSMENT
2013 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (KPMG International), a Swiss entity. All rights reserved. Printed in the U.S.A. The KPMG name, logo and cutting through complexity are registered trademarks or trademarks of KPMG International. NDPPS 200337
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A senior team leadership with deep, relevant skills. Our senior team is a seasoned group of professionals with both industry experience as Chief Risk Officers and Chief Actuaries as well as many years of professional services experience assisting insurers developing ERM capabilities.
A global team with multidisciplinary experience. We can deliver a talented multidisciplinary team from around the globe to assist companies with developing risk management capabilities and reviewing and assessing your insurance risk management program on a global scale. Our team includes
specialists from a variety of disciplines such as Enterprise Risk Management, insurance risk, market risk, credit risk, actuarial, reinsurance, hedging, modeling and finance professionals, and global insights on operational risk.
A practical and well-established approach. Technical knowledge and both industry-based and advisory-focused experience are important, but quality of delivery is equally important. We have a tried and tested approach and a demonstrated track record of efficient, quality delivery on our projects.
Our Team
INSURANCE ERM FRAMEWORK: PROGRAM DEVELOPMENT METHODOLOGY
Define FutureState
Gap Identification
RecommendationDevelopment
CapabilityBuilding Planning
Execution and Change Management
Current State Definition
Monitoring & Reporting
Data & Tools
Change Management
Performance Management
Strategy & Appetite
Policies & Standards
Assessment & Measurement
Governance
INSURANCE RISK MANAGEMENT ADVISORY SOLUTIONS (IRMAS) ERM PROGRAM ASSESSMENT
2013 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (KPMG International), a Swiss entity. All rights reserved. Printed in the U.S.A. The KPMG name, logo and cutting through complexity are registered trademarks or trademarks of KPMG International. NDPPS 200337
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The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation.
2013 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (KPMG International), a Swiss entity. All rights reserved. Printed in the U.S.A. The KPMG name, logo and cutting through complexity are registered trademarks or trademarks of KPMG International. NDPPS 200337
Contact us
For more information on KPMGs Insurance Risk Management Advisory Solutions, or to arrange an in-house presentation, please contact one of the representatives listed below or visit the KPMG Insurance Web site at http://www.kpmg.com/US/en/industry/insurance.
Carl Groth Managing Director T: 917-324-4150 E: [email protected]
Diana Calvo Director T: 347-724-4684 E: [email protected]
Michelle Cercone Director T: 404-987-4495 E: [email protected]
Neeta Pimpale Director T: 973-912-6723 E: [email protected]
Asheet Ruparelia Director T: 917-715-0143 E: [email protected]
kpmg.com