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Extension Implementation Risk Reporting

The Disbanded Risk Reporting Working Party has completed its research investigating risk reporting practices in the Global Insurance Industry

It presented its paper at two of the IFoA’s sessional meetings (23 September, London and 18 November, Edinburgh).  Paul Klumpes was keen to build upon this work and so this new working party was established to recommend the implementation of the findings of this first report.

Key Objectives:

  • Extend and update the analysis regarding best practice Risk reporting in the insurance sector in the UK, EU, US and Asia Pacific regions, by extending the analysis to include some smaller (specialist) insurance firms (and potentially banks)
  • Extend the analysis to focus on current practices related to operational risk, risk capital management and regulatory risks
  • Update the analysis to incorporate risk classification framework appropriate to sustainability (integrated) reporting environments
  • Identify proposed implementation guidelines for best practice reporting by standardised reporting entities to stakeholders and by specific reporting to inside stakeholders.

Subsequently the IFoA established the FRC WP chaired by Colin Ledlie to examine implications for the profession arising from the FRC consultations regarding the recommendations of the Lord Sharman report on enhancing the risk disclosures of UK corporates, and in January 2014 a joint venture between this Working Party and Colin Ledlie’s Working Party was established to implement recommendations arising from feedback garnered from the original working party research.

This collaboration will continue in 2015/2016 to extend the work already completed for 2013 and provide a further update to 2014 financial accounts, to see disclosure practice trends over time from before to after final announcement of the corporate code requirements.

Outputs:

Chair: Paul Klumpes
Membership: 4
Established: 2013

Related documents

Contact Details

If you want more information about this research working party please contact the Communities Team.

professional.communities@actuaries.org.uk

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