Loss Reporting Focus Group - Review

Towards the end of March the Loss Reporting Focus Group met for the first time to discuss the varying approaches to loss reporting training and how firms are overcoming difficulties in loss reporting consistency and quality when capturing data from different business units and geographies.

Prior to the meeting 18 firms took part in a short survey exploring:

1. How firms manage/support risk event reporting in the business

2. How firms deal with provisions set aside for high severity risk events

3. Whether firms record customer money impact separately from the overall loss of the event?

4. How future expected losses were recorded, e.g. Underwriting losses?

5. Whether firms link loss amounts back to a ledger reference,?

6. Whether firms adopted the ORIC loss taxonomy?

The results of the survey were discussed in the meeting and formed the basis of the agenda. We’d like to thank everyone who contributed to the survey and the discussions in the room and we plan to hold a second session in mid-May to finish discussing the remainder of the survey results.