Governance, Culture and Conduct in Insurance

Start Dates: TBC

Duration: 1 Day

Full Fee: €600

Network Members Fee: €350

https://www.ifsskillnet.ie Book Now

Programme overview

This course will provide an overview of the key regulatory expectations for governance, culture and conduct for insurers and some practical steps to how these can be achieved.

Learning outcomes

  • To understand the context for the course and the responsibility of insurance firms to have the right governance model, culture and methods to manage their conduct risks in place.
  • To understand how the CBoI expects boards and firms to be organised in order to ensure an appropriate culture and appropriate conduct.
  • To understand what is meant by risk appetite and why the Board should ‘own’ the risk appetite statement.
  • To understand what is meant by ‘conduct risk’ in an insurance context.
  • To understand what is meant by culture and the steps an insurer can take to build the appropriate culture.

Who is the course for?

This course is primarily aimed at those who work for insurers or reinsurers and need to understand the expectations for governance and the management of conduct risks within Irish regulated insurance firms. It may be particularly relevant to managers, executives and non-executives within these firms who are either new to insurance, new to Ireland, or who need a refresher in this area. It may also be helpful to those involved in compliance, risk management or audit within insurance firms.

Modules

Introduction

  • What is meant by the terms ‘governance’, ‘culture’ and ‘conduct’ for an Irish insurer.
  • The national, European and international context for the current requirements.
  • The purpose of the main regulatory requirements and the need to avoid the problems of the past.

Governance Structures

  • The key elements of the CBoI Corporate Governance Requirements for Insurers and the Solvency II Systems of Governance expectations.
  • The ‘3 lines of defence’ model.
  • The roles of the Board, the audit and risk committees, the risk and compliance functions and the Chief Risk Officer.

The Insurer’s Responsibility for Risk Appetite and Conduct Risks

  • What is risk appetite.
  • The role of the Board in defining and using the risk appetite.
  • What is meant by ‘conduct risk’ and how this can be managed by an insurance firm.

Putting in Place the Right Culture for the Insurance Firm

  • The challenges of defining and influencing culture.
  • Case study – where culture went wrong.
  • Indicators of a strong risk culture.

Trainer Profile