On 27 March ORIC International held their first Member Forum of the year, with several absorbing topics and discussions led by both members and external speakers.
ORIC International started the forum by providing a brief update on ongoing projects and new initiatives. This included: news of two new members, Bupa and Talcott Resolution; details of the upcoming teaching with Oliver Wyman (find out more on page three of this newsletter); an update on Operational Resilience following discussions with the PRA; details on how to register for the JP Morgan Corporate Challenge; and the latest on new system enhancements and working group meetings.
Hannah Richardson of EY then provided a regulatory update, looking specifically at the then-upcoming FCA 2019/20 business plan released in April and identifying the likely areas of concern and the current areas of harm for both General Insurance and Life & Pensions firms. This was followed by a spotlight on conduct and what constitutes a leading conduct risk framework, including a visual representation of the six core components that should be considered.
Parker Fitzgerald then looked at financial crime and, in particular, control frameworks for sanctions, anti-bribery and corruption and anti-money laundering including some high-profile case studies. This was followed by an overview of the 2019 trends for financial crime in insurance.
The final part of the agenda was led by Harpreet Singh from EUC+ who focused on data management and the importance of spreadsheet risk management as well as its benefits in reducing and preventing fraud and corruption, financial and/or regulatory mis-reporting and accidental errors and omissions. Neal Writer from EY then brought the session to a close with results from the 2018 EY Insurance CRO Survey which included responses from 70 CROs across EMEIA and 23 CROs from UK firms.
We’d like to thank all our speakers and attendees for their contribution to the Member Forum. If you’d like any more information on the topics discussed, please contact Shahine.