Course on En­ter­prise Risk Man­age­ment in insurance

Malta Independent - - BUSINESS & FINANCE -

The Malta In­ter­na­tional Train­ing Cen­tre (MITC) will be or­gan­is­ing a one-day course on the sub­ject of En­ter­prise Risk Man­age­ment (ERM) in insurance, on 26 Oc­to­ber. The course pro­gramme is based on the out­come of re­search com­mis­sioned by the MITC in col­lab­o­ra­tion with Mazars, which high­lighted the prin­ci­pal themes and trends in ERM within the lo­cal insurance sec­tor.

An­dre Far­ru­gia, Direc­tor of Stud­ies at MITC, stated: “With com­pa­nies now reg­u­larly doc­u­ment­ing risk man­age­ment poli­cies as a fun­da­men­tal start­ing step, one of the key fo­cus points of the course will be to tackle the gaps iden­ti­fied be­tween the de­vel­op­ment of a Risk Ap­petite (RA) frame­work and the crit­i­cal role that it plays in the em­bed­ment of the ORSA process, as part of ERM. Al­though it is es­sen­tial to have ap­pro­pri­ate risk man­age­ment poli­cies in place – which are also re­in­forced by means of Sol­vency II gover­nance pa­ram­e­ters – it is crit­i­cal that th­ese poli­cies in­flu­ence the day to day pro­cesses across the or­gan­i­sa­tion. This in­cludes en­sur­ing that mem­bers of staff un­der­stand the pol­icy con­tent, and that they utilise this in­for­ma­tion in or­der to iden­tify, as­sess, mea­sure and mon­i­tor risks.

Com­ment­ing on the re­search con­ducted by MITC in col­lab­o­ra­tion with Mazars, Mazars Malta Part­ner Alan Craig said that the busi­ness ad­vi­sory firm was de­lighted to put its ex­per­tise in the field of ERM in insurance at the ser­vice of the MITC and the lo­cal insurance sec­tor. As re­gards the sur­vey, which formed the ba­sis of the re­search, Craig ex­plained that this was agreed upon with the MITC in or­der to “es­tab­lish a cur­rent un­der­stand­ing of the risk man­age­ment sta­tus of in­sur­ers in Malta, defin­ing gaps and key themes which would be taken into con­sid­er­a­tion for the de­sign, by the Cen­tre, of a tai­lored ERM pro­fes­sional train­ing course for in­sur­ers”.

The one-day course will be held at the MITC premises in Mriehel, and the train­ing ses­sions will be de­liv­ered by Risk Man­age­ment ex­perts from Mazars UK.

For more in­for­ma­tion con­tact the MITC via e-mail at info@mit­cen­ or by vis­it­ing http://mit­cen­­ing/cour­ses/.

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