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Webinar: Is banking so different to insurance? Comparing an ICAAP with an ORSA

Wednesday 2 September 2020 12:30 - 14:00

A recording of this webinar is now available to purchase

In this webinar we will provide an insight into enterprise-wide risk management in banking, showing similarities to the world of insurance as well as identifying differences. Just as insurance companies have to submit an ORSA, so bank’s have to submit their own equivalent, the Internal Capital Adequacy Assessment Process or ICAAP.

One of the best ways to learn about enterprise-wide risk management in banking is to be involved in the preparation of a bank’s ICAAP and its submission to its regulator. An ICAAP submission covers a bank’s business plan financial forecasts and, allowing for its main risks, quantification of its capital requirements for normal conditions and capital buffer for stress conditions, leading to an assessment of its capital adequacy.

The equivalence between a bank’s ICAAP and an insurance company’s ORSA will be made clear. Iain Allan will talk about the contents of a typical ICAAP and Fred Vosvenieks will talk about the contents of a typical ORSA. Dick Rae will then ask the speakers to identify similarities and differences between the two, as well as pose any questions that you may wish to raise.

This webinar should be of interest to any actuary with a keen interest in learning more about risk assessment and the EU/UK regulatory regime for banks and insurance companies. It will be especially informative for actuaries interested in equivalent roles in banking. 

About the speakers

Dr Iain Allan, Consultant and Honorary Visiting Professor in the Faculty of Actuarial Science and Insurance at Cass Business School, London

Iain studied Pure Maths at Edinburgh University and qualified as an actuary in 1975. In the early part of his career, Iain worked in fund management, stockbroking and investment banking. During this period, Iain spent two years in Tokyo, obtaining a securities branch licence for UBS. Between 1994 and 2008, Iain was Group Director, Strategy at RBS. In this role, he was involved in all aspects of the Group’s activities. He made particular contributions to RBS’s establishment of a supermarket banking joint venture with Tesco, its acquisition of the larger bank NatWest and its establishment of a strategic partnership with Bank of China.

Over the last ten years, Iain has worked as an independent consultant. He has helped smaller banks with regulatory submissions, including applications for banking licences, and with responses to regulatory consultations on a broad range of banking topics. Iain has been an Honorary Visiting Professor in the Faculty of Actuarial Science and Insurance at Cass Business School, London since 1991. At Cass Business School, his principal interests are banking risk management and ethics in banking.

Dick Rae, Chair of the IFoA’s Finance and Investment Board

Dick Rae spent 15 years in investment banking having worked at JP Morgan, Deutsche Bank and HSBC, before moving into asset management with BMO Global Asset Management. Prior to that Dick spent 20 years in insurance and reinsurance and it was when he was at Swiss Re that he first got his taste of the capital markets. Dick chairs the IFoA’s Finance and Investment Board and the IFoA’s Banking Member Interest Group.

Fred Vosvenieks, principal and consulting Actuary in Milliman’s Life and Financial Services Practice

Fred is a principal and consulting actuary in Milliman’s Life and Financial Services practice, and has been with the firm since 2008 following 4 years at a leading UK bancassurer. Fred’s primary focus is risk management, where he has worked with a wide variety of UK and international insurers to enhance and embed their existing systems of governance and risk management frameworks. His roles including senior risk secondments, risk management framework development (including ORSA), and risk capital modelling and validation. He also plays a lead role in implementing Milliman’s cutting-edge risk management tools within both insurance and non-insurance businesses.

His wider experience includes independent review of business transfers and fund restructuring, capital management, regulatory reporting, and product review. Fred is proactive in Milliman’s research efforts, currently supporting its climate and cyber initiatives, and has previously led research into areas such as operational risk assessment, risk factor based investment, and liquidity risk management.

Event organiser

Contact Events Team for more information.

eventmanagement@actuaries.org.uk

0207 632 1498

This webinar will be streamed from 12.30-14.00. There will be time at the end of the session for Q&A.

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