Icon

Directory

IconAccounting & Tax
IconActuaries
IconAdministrators
IconAppraisers & Valuers
IconArbitration Services
IconASIB
IconAssessors & Loss Adjusters
IconAssist and Lifestyle Benefits
IconAssociations & Institutes
IconAuditors
IconBBBEE Consulting and Verification Agencies
IconBroker Acquisition Financing
IconBrokers for Brokers
IconBusiness Process Management
IconCall Centre Outsourcing
IconCompany Secretarial Services
IconCompliance
IconConsumer Protection
IconCorporate Governance
IconCredit Bureaus
IconDebit Order Collection Facilities
IconDefensive Driver Training
IconEducation and Training
IconEmergency Medical Rescue
IconFAIS
IconFire, Storm, Flood Damage Specialists
IconHuman Resources
IconIndustrial Cleaners
IconInformation Technology and Software Partners
IconInsurance Companies
IconLegal
IconLightning Damage & Surge Protection Specialists
IconNiche Insurance Products
IconOmbud
IconOutsourcing Companies
IconPremium Financing
IconPublic Loss Adjustors
IconPublications
IconRating Agencies
IconReference Books & Material
IconRegulatory Authorities
IconRisk Finance
IconRisk Management
IconRisk Surveyors
IconSalvage Operators
IconSpecialized Claims Investigations & Assessing
IconSurveys and Research
IconTraining Courses & Workshops
IconUnderwriting Managers
IconVehicle Accident Management
IconVehicle and Household Risk Inspection Services
IconVehicle Tracking
IconWellness Programs
IconWholesale Brokers
IconZZZZZZ
Image
  Subscribe To »

Risk-based Capital Management key for insurers today

Published

2011

Wed

20

Jul

Mutual & Federal, a member of the Old Mutual Group, has successfully entrenched its new risk control self assessment (RCSA) methodology throughout the organisation as part of its greater Solvency II initiative.

 

“Increasing global regulation makes it more imperative than ever for financial services companies to retain complete control over all types of risk in order to optimise their capital requirements,” says Paul Hancock, general manager for Risk at Mutual & Federal. 

 

“The Solvency Assessment and Management (SAM) regime, to be implemented in South Africa by 2014, will ensure that risk-based capital management is a major focus for all insurers. The better an organisation understands and controls risk, the more efficient its utilisation of capital.”

 

Mutual & Federal is preparing for SAM and one of the major benefits of this preparatory work has been the enhancement and formalisation of its RCSA framework, resulting in significantly better insight into risk.

 

“Robust risk management leads to more informed business decisions, which translates into improved financial performance and the containment of downside risk,” says Hancock.  “Our approach to risk is all about understanding the dynamics of risk, and its impact on the business. Solvency II and its local equivalent SAM have combined the areas of capital and risk management and forced insurers to focus on risk-based capital.”

 

The implementation of new risk software, OpenPages, follows a global Old Mutual Group directive to standardise on risk management software. Prior to deployment, Mutual & Federal embarked on a major project to clean its risk data and undertook a comprehensive training programme for risk champions and coordinators throughout the organisation.

 

The OpenPages system went live in April 2010 and has been received positively by all stakeholders.

 

“Mutual & Federal risk committees will soon begin to see the output of OpenPages and will use this as they make decisions about risk management for their focus areas,” says Hancock.

 

Fundamental to the rollout of any RCSA methodology and related software is the embedding of the correct risk behaviours throughout the organisation.

 

Mutual & Federal is one of South Africa’s leading short-term insurers.

 
Source: The Firehouse Communications
 
« Back to previous page Print this page » |
 

Breaking News »

How mobile payments have revolutionised business

By Charles Pittaway, Managing Director of Sage Pay   There are approximately 447. 9 million mobile payment users worldwide, a remarkable evolution from coins being introduced in 700 BC, notes in the ...
Read More »

  

How multimedia driven content can cut through the clutter

One of the side effects of living in the digital age is that the constant bombardment of messages and digitally driven lifestyles has changed the way our brains perceive and process information. One of the most ...
Read More »

  

Nearly 1 in 3 paid a bribe in Middle East and North Africa in past 12 months

New Transparency International report shows MENA governments failing to stop corruption as they suppress citizens’ voices BERLIN, Germany: Nearly one in three citizens who tried to access basic public ...
Read More »

  

Associated Compliance Newsletter – April 2016

The April 2016 Associated Compliance Newsletter has been published in the Insurance Gateway® Knowledge Base. With a compliance flavour, these newsletters provide a comprehensive overview of happenings ...
Read More »

 

More News »

Image

Healthcare »

Image

Investment »

Image

Life »

Image

Retirement »

Image
Image
Image
Image
Image
Image
Image
Image
Image
Image
Image
Image

From The Glossary »

Icon

Pre-existing Condition:

Illness or disability for which a life or health insurance applicant was treated or advised about within a stipulated period before making application for the insurance. Non-disclosure may result in the cancellation of the policy.
More Definitions »

 
 
By using this website you agree to the Terms of Use.
Copyright © Stoker Risk & ICT (Pty) Ltd 2004 - 2016.
All Rights Reserved.
Icon

Advertise

  Icon

eZine

  Icon

Contact IG

Icon

Media Pack

  Icon

RSS Feeds