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RISK MANAGEMENT
Working Groups on Risk-Based Capital and Enterprise Risk Management
In response to new and emerging risks as a result of the changing environment
and operating landscape, the Risk Management Sub-Committee set up two additional
Working Groups (WG) under its umbrella i.e. WG on Risk-Based Capital (RBC) and
WG on Enterprise Risk Management (ERM).
The main tasks of the WGs on RBC and ERM are to enhance awareness and
appreciation of the various types of risks faced by today's organizations
including financial, economic, strategic and operational risks.
A survey was conducted by the WG on ERM in the 4th quarter of 2007 to assess
the level of ERM implementation within the general insurance industry. The
results of the survey enabled the WG to review and recommend appropriate ERM
best practices, for example, the standard operating procedures, infrastructure
and systems to enhance an effective implementation of ERM within an insurance
organization. The WG on ERM is also planning to conduct awareness programs to
inculcate the ERM culture among industry players.
To ensure an appreciation and understanding of the RBC, the WG on RBC is
organizing a seminar for working and operational level staff in April, 2009
entitled "RBC - The Way Forward".
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