Presentation made by Eve Thiong'o (Business Development Manager, SME & Microinsurance, CIC Insurance Group, Kenya) at the 6th ICMIF Development Network Seminar (1-2 November 2012; Nairobi, Kenya)
Delivering Transformation by creating the right Internal UtilitiesInfosys BPM
The document discusses the creation of internal utilities by financial institutions to improve efficiency. It explains that internal utilities centralize functions across business lines to reduce costs through standardization and scale. Key benefits include lower operational risk, improved regulatory compliance, and allowing staff to focus on core activities versus utility functions. Challenges in setting up utilities include complex existing systems, lack of automation, inability to scale capacity, and pressure to reduce costs. Internal utilities are becoming more common as financial institutions seek process efficiencies.
This chapter discusses organizational control. It defines preventive and corrective controls, and provides examples of different sources and types of controls. The chapter also covers the cost-benefit analysis of controls, the six phases of the corrective control model, primary methods of control including mechanistic and organic, and the activity-based costing model.
Building control efficiency: Rationalization, optimization and redesign Vladimir Matviychuk
Increased government reporting requirements have forced those responsible for internal controls to do more. The global recession has required them to do more with less. While regulators press for accountability, investors press for performance. Now, those responsible for internal controls must now take charge by assessing their processes and tools, and execute on efforts to make them as efficient – and effective – as possible. Those able to optimize their controls will be more able to move past compliance toward improved performance and competitive advantage.
Dr. Benetis briefly presented how modern, real time and automated technology from Lumension (Risk & Compliance Manager) is used to audit and monitor level of security in Lithuania's public sector. Presentation showed real use cases how solution made security measurement easier and more efficient. Dr. Benetis is also a president of ISACA Lithuania chapter.
Organisations are realising seriouness of cybersecurity and searching for ways to manage and govern it. How to organise security initiatives? How to monitor their success? How to build trust in own risk management? How to develop compliance management as a simple, but efficient and helpful instrument for everyone in organisation? Presentation will touch on practicalities of risk and compliance methods integration, and overall strategy to minimise costs of risk and compliance initiatives by using Lumension Risk Manager platform for public and private institutions.
Founded in 2009, Step FWD IT aims to make IT easy by tailoring their services to customers' needs through proactive solutions. They leverage technology leaders to deliver optimized solutions and provide visibility into IT performance and costs through transparent billing. Step FWD IT's proven approach reduces business risks and costs through reliable, available systems while improving productivity and cash flows with predictable monthly costs.
Main findings of the study conducted on Microinsurance in the CIMA zoneICMIF Microinsurance
Presentation made by Laurent Bernard (Microinsurance Advisor, DID, Canada) at the 6th ICMIF Development Network Seminar (1-2 November 2012; Nairobi, Kenya)
CARD MRI has developed several mutual reinforcing institutions to help its members, including basic life insurance, retirement savings, loan redemption funds, disaster housing insurance, and disaster relief assistance. In 2013, over 300,000 CARD families were affected by disasters. In response, CARD MRI immediately resumed operations and provided rehabilitation loans, loan moratoriums, livelihood training, disaster preparedness education, and health services to build community resilience. To handle risks and uncertainties, CARD MRI is pursuing reinsurance and increasing liquidity reserves and new product development. Information used includes client data, market characteristics, and operational data, while information needed includes more microinsurance industry data and access to macro-level third party data.
The document discusses the role of governments and regulators in creating regulatory frameworks to support the development of microinsurance. It notes that while regulatory frameworks are complex, regulators can take several steps to promote microinsurance, including seeking political support, establishing dialogue with industry, strengthening supervisory capacities, allowing for innovation, and learning from other jurisdictions. Flexible, risk-based approaches that balance consumer protection with access to insurance are needed.
Delivering Transformation by creating the right Internal UtilitiesInfosys BPM
The document discusses the creation of internal utilities by financial institutions to improve efficiency. It explains that internal utilities centralize functions across business lines to reduce costs through standardization and scale. Key benefits include lower operational risk, improved regulatory compliance, and allowing staff to focus on core activities versus utility functions. Challenges in setting up utilities include complex existing systems, lack of automation, inability to scale capacity, and pressure to reduce costs. Internal utilities are becoming more common as financial institutions seek process efficiencies.
This chapter discusses organizational control. It defines preventive and corrective controls, and provides examples of different sources and types of controls. The chapter also covers the cost-benefit analysis of controls, the six phases of the corrective control model, primary methods of control including mechanistic and organic, and the activity-based costing model.
Building control efficiency: Rationalization, optimization and redesign Vladimir Matviychuk
Increased government reporting requirements have forced those responsible for internal controls to do more. The global recession has required them to do more with less. While regulators press for accountability, investors press for performance. Now, those responsible for internal controls must now take charge by assessing their processes and tools, and execute on efforts to make them as efficient – and effective – as possible. Those able to optimize their controls will be more able to move past compliance toward improved performance and competitive advantage.
Dr. Benetis briefly presented how modern, real time and automated technology from Lumension (Risk & Compliance Manager) is used to audit and monitor level of security in Lithuania's public sector. Presentation showed real use cases how solution made security measurement easier and more efficient. Dr. Benetis is also a president of ISACA Lithuania chapter.
Organisations are realising seriouness of cybersecurity and searching for ways to manage and govern it. How to organise security initiatives? How to monitor their success? How to build trust in own risk management? How to develop compliance management as a simple, but efficient and helpful instrument for everyone in organisation? Presentation will touch on practicalities of risk and compliance methods integration, and overall strategy to minimise costs of risk and compliance initiatives by using Lumension Risk Manager platform for public and private institutions.
Founded in 2009, Step FWD IT aims to make IT easy by tailoring their services to customers' needs through proactive solutions. They leverage technology leaders to deliver optimized solutions and provide visibility into IT performance and costs through transparent billing. Step FWD IT's proven approach reduces business risks and costs through reliable, available systems while improving productivity and cash flows with predictable monthly costs.
Main findings of the study conducted on Microinsurance in the CIMA zoneICMIF Microinsurance
Presentation made by Laurent Bernard (Microinsurance Advisor, DID, Canada) at the 6th ICMIF Development Network Seminar (1-2 November 2012; Nairobi, Kenya)
CARD MRI has developed several mutual reinforcing institutions to help its members, including basic life insurance, retirement savings, loan redemption funds, disaster housing insurance, and disaster relief assistance. In 2013, over 300,000 CARD families were affected by disasters. In response, CARD MRI immediately resumed operations and provided rehabilitation loans, loan moratoriums, livelihood training, disaster preparedness education, and health services to build community resilience. To handle risks and uncertainties, CARD MRI is pursuing reinsurance and increasing liquidity reserves and new product development. Information used includes client data, market characteristics, and operational data, while information needed includes more microinsurance industry data and access to macro-level third party data.
The document discusses the role of governments and regulators in creating regulatory frameworks to support the development of microinsurance. It notes that while regulatory frameworks are complex, regulators can take several steps to promote microinsurance, including seeking political support, establishing dialogue with industry, strengthening supervisory capacities, allowing for innovation, and learning from other jurisdictions. Flexible, risk-based approaches that balance consumer protection with access to insurance are needed.
The document discusses challenges in marketing microinsurance products to marginalized sectors of society. It provides an overview of CARD Mutual Benefit Association's microinsurance products and services, including life insurance, retirement savings, and loan redemption funds. It also discusses marketing strategies such as highlighting quick claims settlement within 1-3-5 days and creating demand through needs analysis and weekly meetings.
The document summarizes the weekly meeting structure of a center formation within CARD MRI. The 45-minute meeting includes opening and closing prayers, collection of savings and loans, credit education modules on various topics, and orientation of CARD MRI products and procedures. The goals are to increase membership, retention rates, member knowledge, social relationships, and empowerment. Trainings are provided by CARD MRI and provincial office staff.
Presentation made by M. Balasubramanian (Programme Leader, DHAN Foundation, India) at the 6th ICMIF Development Network Seminar (1-2 November 2012; Nairobi, Kenya)
Mutuals utilizing technology to increase financial inclusionICMIF Microinsurance
Presentation made by David Ronoh (Managing Director - CIC Life Assurance Ltd, CIC Insurance Group, Kenya) at the 6th ICMIF Development Network Seminar (1-2 November 2012; Nairobi, Kenya)
CARD MBA experience on its microinsurance program: How can mutual insurance l...ICMIF Microinsurance
Presentation made by May Dawat (General Manager, CARD MBA, The Philippines) at the 6th ICMIF Development Network Seminar (1-2 November 2012; Nairobi, Kenya)
Presentation made by Annette Houtekamer (Business Development Manager, ACHMEA, Netherlands) at the 6th ICMIF Development Network Seminar (1-2 November 2012; Nairobi, Kenya)
El documento describe la experiencia de Serviperu, una cooperativa peruana de servicios que ofrece microseguros. Serviperu brinda servicios de salud a través de clínicas, servicios funerarios, y asesoría en seguros. También ofrece el plan de microseguros Servisalud Previsión Familiar, el cual cubre gastos médicos, accidentes y funerales. Servisalud ha atendido más de 92,000 siniestros en los últimos 5 años. El documento argumenta que las cooperativas de seguros pueden j
The webinar discussed measuring client value from microinsurance using the PACE framework to assess the product, access, cost, and experience of offerings, identifying opportunities to improve value through case studies from India, Kenya, and the Philippines, and analyzing microinsurance products in relation to informal alternatives and social security programs.
The Seal of Excellence for Poverty Outreach and Transformation in Microfinance is a global initiative currently under development that will recognize those institutions doing the most to help families lift themselves out of poverty. The Seal has been under development the past 19 months with input from a broad range of stakeholders and will continue in 2012.
This PowerPoint illustrates how the Seal fits in with current initiatives and how it has developed over time.
Case Study - MetricStream offers a comprehensive GRC solution that addresses a wide range of health care regulations to reduce the overall cost of compliance management.
Come costruire una strategia vincente di BYOD, Bring Your Own Device | Clever...Clever Consulting
Il fenomeno BYOD, Bring Your Own Device, è ormai inarrestabile anche in Italia: sempre più spesso i collaboratori utilizzano le applicazioni aziendali su smartphone e tablet personali. Ciò accresce la produttività e la soddisfazione degli utenti e apporta notevoli benefici all'azienda, ma pone ai CIO nuove sfide: sicurezza dei dati, privacy delle persone, controllo e gestione delle attività.
Questo webinar approfondisce gli 8 fattori necessari per implementare una strategia BYOD sicura e scalabile:
1. Sostenibilità
2. Scelta dei dispositivi
3. Trust Model
4. Responsabilità
5. User experience e Privacy
6. App Design e Governance
7. Costi
8. Marketing Interno
Speaker: Gary McConnell, Managing Partner Clever Consulting, responsabile di progetti di BYOD on-going presso alcune delle più importanti società italiane. http://linkd.in/GaryIn
Sponsor: MobileIron, leader nel Mobile Device Management (presente nel Gartner Magic Quadrant for Mobile Device Management Software 2011)
Ulteriori info sul portale italiano dedicato a Mobile Device Management e BYOD: www.clevermobile.it
This document provides an overview of Equitas Micro Finance India Pvt Ltd, including its mission and culture, operational model, and approach to developing trustworthy employees. The key points are:
1) Equitas' mission focuses on improving quality of life for those not served by formal financial sectors through transparent and trustworthy access to financial products.
2) Its operational model emphasizes fairness, governance, efficient operations, and responsible pricing.
3) It develops trustworthy employees by acquiring them through referrals, aligning them through training, and retaining them through engagement programs that address physical, mental, emotional and spiritual needs.
BCM is a structured approach that helps organizations continue operating during disruptions by ensuring critical operations can still function. An effective BCM framework includes understanding the organization, conducting risk assessments, developing response plans, and testing plans through exercises. Regularly reviewing and updating plans is important to account for organizational changes. Implementing a strong BCM program provides benefits like reduced financial impacts, protected reputation, and compliance.
MITIGATING OPERATIONAL RISK: RISK TRANSFER SOLUTIONSMichel Rochette
The document discusses various approaches to mitigating operational risk exposure beyond Basel II compliance. It outlines opportunities to integrate insurance, alternative risk transfer solutions like captives, and capital market products to optimize an organization's overall operational risk management in line with its risk appetite and tolerance. The presentation also examines US regulatory expectations and qualifying criteria for recognizing different risk mitigation techniques for capital relief purposes.
The document summarizes key points from a critical infrastructure security workshop presented by Drew Williams. It discusses defining critical infrastructure and the scope of governance, risk management, and compliance (GRC) in the Asia-Pacific region. It also profiles different critical infrastructure sectors in Malaysia and identifies common fail points that can undermine GRC strategies. The workshop provided an overview of trends, best practices, and a maturity model to help organizations develop effective long-term GRC roadmaps.
Panel Debate - Rating Agencies and Risk Management FERMA
This panel debate discussed rating agencies and risk management. It included representatives from Standard & Poor's and a chief risk officer. They discussed what credit ratings are, focusing on analyzing obligors' ability and willingness to repay debts. They also discussed the rating process and how ratings are opinions, not investment advice or guarantees of credit quality. The panel also discussed sustainability ratings through SAM, which assesses over 2000 companies annually on economic, environmental and social criteria to evaluate long-term value creation.
The document discusses SymSure's loan portfolio monitoring solution. The solution allows banks to define governance, risk and control policies for their lending processes. SymSure then continuously monitors electronic activities and transactions to detect any control breaches or issues. When issues are found, alerts are automatically triggered and follow-up workflows ensure remediation. Reporting and dashboards provide compliance reporting and key metrics on the loan portfolio. The benefits of the solution include automated continuous monitoring, integration with existing systems, and improved efficiency and risk management for the loan portfolio.
NIST Cybersecurity Framework Intro for ISACA Richmond ChapterTuan Phan
Trusted Integration, Inc. is an Alexandria-based cybersecurity company founded in 2001 that focuses on creating adaptive and cost-effective governance, risk, and compliance solutions. The company received Golden Bridge awards in 2013 for its government compliance and governance, risk, and compliance solutions. The document then provides an overview of the NIST Cybersecurity Framework, including its goals to improve cybersecurity risk management, be flexible and repeatable, and focus on outcomes. It describes the framework's core, profiles, and implementation tiers and maps the framework to other standards like ISO 27001. [END SUMMARY]
Solvency II was introduced with a view to protect policyholders by setting stronger requirements for processes like capital adequacy, risk management and governance. This has far-reaching implications for insurers in the European Union (EU) in terms of the models they employ for capital calculation, setting and streamlining supervisory processes, as well as keeping abreast with reporting requirements.
Solvency II is the biggest regulatory change to bring insurers and reinsurers under one regime. It impacts all areas of a business and requires an enterprise-wide initiative. Early adopters are helping set industry standards. The Gain-Line Consortium provides Solvency II expertise and resources to help clients develop customized solutions. Solvency II requires alignment across functions and consideration of multiple stakeholders' priorities through effective risk management.
From Analytical Actuarial to Fintech by CF Yam at HKU on 10 March 2016CF Yam
The document discusses the transition from traditional analytical actuarial processes to modern dynamic risk management in the era of fintech. It notes that analytical approaches are no longer sufficient due to factors like increased volatility, complex products, and new regulations. Modern risk management requires more sophisticated modeling of risks like insurance, market, credit, liquidity and operational risks. The rise of fintech is disrupting financial services and creating new opportunities for risk management professionals to develop specialized skills and take on expanded roles. Actuaries are well-positioned to succeed in risk management with skills in data analytics, modeling, and understanding different risk types.
The document discusses challenges in marketing microinsurance products to marginalized sectors of society. It provides an overview of CARD Mutual Benefit Association's microinsurance products and services, including life insurance, retirement savings, and loan redemption funds. It also discusses marketing strategies such as highlighting quick claims settlement within 1-3-5 days and creating demand through needs analysis and weekly meetings.
The document summarizes the weekly meeting structure of a center formation within CARD MRI. The 45-minute meeting includes opening and closing prayers, collection of savings and loans, credit education modules on various topics, and orientation of CARD MRI products and procedures. The goals are to increase membership, retention rates, member knowledge, social relationships, and empowerment. Trainings are provided by CARD MRI and provincial office staff.
Presentation made by M. Balasubramanian (Programme Leader, DHAN Foundation, India) at the 6th ICMIF Development Network Seminar (1-2 November 2012; Nairobi, Kenya)
Mutuals utilizing technology to increase financial inclusionICMIF Microinsurance
Presentation made by David Ronoh (Managing Director - CIC Life Assurance Ltd, CIC Insurance Group, Kenya) at the 6th ICMIF Development Network Seminar (1-2 November 2012; Nairobi, Kenya)
CARD MBA experience on its microinsurance program: How can mutual insurance l...ICMIF Microinsurance
Presentation made by May Dawat (General Manager, CARD MBA, The Philippines) at the 6th ICMIF Development Network Seminar (1-2 November 2012; Nairobi, Kenya)
Presentation made by Annette Houtekamer (Business Development Manager, ACHMEA, Netherlands) at the 6th ICMIF Development Network Seminar (1-2 November 2012; Nairobi, Kenya)
El documento describe la experiencia de Serviperu, una cooperativa peruana de servicios que ofrece microseguros. Serviperu brinda servicios de salud a través de clínicas, servicios funerarios, y asesoría en seguros. También ofrece el plan de microseguros Servisalud Previsión Familiar, el cual cubre gastos médicos, accidentes y funerales. Servisalud ha atendido más de 92,000 siniestros en los últimos 5 años. El documento argumenta que las cooperativas de seguros pueden j
The webinar discussed measuring client value from microinsurance using the PACE framework to assess the product, access, cost, and experience of offerings, identifying opportunities to improve value through case studies from India, Kenya, and the Philippines, and analyzing microinsurance products in relation to informal alternatives and social security programs.
The Seal of Excellence for Poverty Outreach and Transformation in Microfinance is a global initiative currently under development that will recognize those institutions doing the most to help families lift themselves out of poverty. The Seal has been under development the past 19 months with input from a broad range of stakeholders and will continue in 2012.
This PowerPoint illustrates how the Seal fits in with current initiatives and how it has developed over time.
Case Study - MetricStream offers a comprehensive GRC solution that addresses a wide range of health care regulations to reduce the overall cost of compliance management.
Come costruire una strategia vincente di BYOD, Bring Your Own Device | Clever...Clever Consulting
Il fenomeno BYOD, Bring Your Own Device, è ormai inarrestabile anche in Italia: sempre più spesso i collaboratori utilizzano le applicazioni aziendali su smartphone e tablet personali. Ciò accresce la produttività e la soddisfazione degli utenti e apporta notevoli benefici all'azienda, ma pone ai CIO nuove sfide: sicurezza dei dati, privacy delle persone, controllo e gestione delle attività.
Questo webinar approfondisce gli 8 fattori necessari per implementare una strategia BYOD sicura e scalabile:
1. Sostenibilità
2. Scelta dei dispositivi
3. Trust Model
4. Responsabilità
5. User experience e Privacy
6. App Design e Governance
7. Costi
8. Marketing Interno
Speaker: Gary McConnell, Managing Partner Clever Consulting, responsabile di progetti di BYOD on-going presso alcune delle più importanti società italiane. http://linkd.in/GaryIn
Sponsor: MobileIron, leader nel Mobile Device Management (presente nel Gartner Magic Quadrant for Mobile Device Management Software 2011)
Ulteriori info sul portale italiano dedicato a Mobile Device Management e BYOD: www.clevermobile.it
This document provides an overview of Equitas Micro Finance India Pvt Ltd, including its mission and culture, operational model, and approach to developing trustworthy employees. The key points are:
1) Equitas' mission focuses on improving quality of life for those not served by formal financial sectors through transparent and trustworthy access to financial products.
2) Its operational model emphasizes fairness, governance, efficient operations, and responsible pricing.
3) It develops trustworthy employees by acquiring them through referrals, aligning them through training, and retaining them through engagement programs that address physical, mental, emotional and spiritual needs.
BCM is a structured approach that helps organizations continue operating during disruptions by ensuring critical operations can still function. An effective BCM framework includes understanding the organization, conducting risk assessments, developing response plans, and testing plans through exercises. Regularly reviewing and updating plans is important to account for organizational changes. Implementing a strong BCM program provides benefits like reduced financial impacts, protected reputation, and compliance.
MITIGATING OPERATIONAL RISK: RISK TRANSFER SOLUTIONSMichel Rochette
The document discusses various approaches to mitigating operational risk exposure beyond Basel II compliance. It outlines opportunities to integrate insurance, alternative risk transfer solutions like captives, and capital market products to optimize an organization's overall operational risk management in line with its risk appetite and tolerance. The presentation also examines US regulatory expectations and qualifying criteria for recognizing different risk mitigation techniques for capital relief purposes.
The document summarizes key points from a critical infrastructure security workshop presented by Drew Williams. It discusses defining critical infrastructure and the scope of governance, risk management, and compliance (GRC) in the Asia-Pacific region. It also profiles different critical infrastructure sectors in Malaysia and identifies common fail points that can undermine GRC strategies. The workshop provided an overview of trends, best practices, and a maturity model to help organizations develop effective long-term GRC roadmaps.
Panel Debate - Rating Agencies and Risk Management FERMA
This panel debate discussed rating agencies and risk management. It included representatives from Standard & Poor's and a chief risk officer. They discussed what credit ratings are, focusing on analyzing obligors' ability and willingness to repay debts. They also discussed the rating process and how ratings are opinions, not investment advice or guarantees of credit quality. The panel also discussed sustainability ratings through SAM, which assesses over 2000 companies annually on economic, environmental and social criteria to evaluate long-term value creation.
The document discusses SymSure's loan portfolio monitoring solution. The solution allows banks to define governance, risk and control policies for their lending processes. SymSure then continuously monitors electronic activities and transactions to detect any control breaches or issues. When issues are found, alerts are automatically triggered and follow-up workflows ensure remediation. Reporting and dashboards provide compliance reporting and key metrics on the loan portfolio. The benefits of the solution include automated continuous monitoring, integration with existing systems, and improved efficiency and risk management for the loan portfolio.
NIST Cybersecurity Framework Intro for ISACA Richmond ChapterTuan Phan
Trusted Integration, Inc. is an Alexandria-based cybersecurity company founded in 2001 that focuses on creating adaptive and cost-effective governance, risk, and compliance solutions. The company received Golden Bridge awards in 2013 for its government compliance and governance, risk, and compliance solutions. The document then provides an overview of the NIST Cybersecurity Framework, including its goals to improve cybersecurity risk management, be flexible and repeatable, and focus on outcomes. It describes the framework's core, profiles, and implementation tiers and maps the framework to other standards like ISO 27001. [END SUMMARY]
Solvency II was introduced with a view to protect policyholders by setting stronger requirements for processes like capital adequacy, risk management and governance. This has far-reaching implications for insurers in the European Union (EU) in terms of the models they employ for capital calculation, setting and streamlining supervisory processes, as well as keeping abreast with reporting requirements.
Solvency II is the biggest regulatory change to bring insurers and reinsurers under one regime. It impacts all areas of a business and requires an enterprise-wide initiative. Early adopters are helping set industry standards. The Gain-Line Consortium provides Solvency II expertise and resources to help clients develop customized solutions. Solvency II requires alignment across functions and consideration of multiple stakeholders' priorities through effective risk management.
From Analytical Actuarial to Fintech by CF Yam at HKU on 10 March 2016CF Yam
The document discusses the transition from traditional analytical actuarial processes to modern dynamic risk management in the era of fintech. It notes that analytical approaches are no longer sufficient due to factors like increased volatility, complex products, and new regulations. Modern risk management requires more sophisticated modeling of risks like insurance, market, credit, liquidity and operational risks. The rise of fintech is disrupting financial services and creating new opportunities for risk management professionals to develop specialized skills and take on expanded roles. Actuaries are well-positioned to succeed in risk management with skills in data analytics, modeling, and understanding different risk types.
CREATING AN AGILE BANCASSURANCE PLATFORMAjay Kukreja
Highlights of 4th annual Bancassurance Conference held in Vienna, Austria. An amazing presentation by Kalpesh Desai, CEO Agile Financial - Creating an Agile Bancassurance Platform
The document discusses integrated risk management (IRM) in banking. It outlines drivers for IRM including convergence of marketing, risk, and financial data and external regulatory pressures. It describes the desired evolution from siloed risk views to an integrated risk landscape. It also discusses building IRM capabilities in Indian banks through developing people, analytics, data resources, and preparing for sophisticated markets and instruments over time while following regulatory directives.
These slides were presented during the webinar on "Managing Partnerships in Microinsurance" conducted by the Facility on 1 March 2012. The webinar highlighted the stages of partnership, key points and strategies that can be used per stage, success factors and pitfalls, as well as real cases in partnership management.
Risk governance aims to make risks more "tractable" by influencing factors like frequency and severity. Insurance helps make recovery from crises quicker by providing funding upfront. Reinsurers identify, assess, evaluate, manage and report risks consistently across operations through frameworks and committees. A company's risk culture is shaped by its stated values, assumptions, and how employees act daily. The Chief Risk Officer monitors risks, assesses the risk landscape, and heads decision bodies to inform the company's risk map and decisions. Examples of risk governance include Mexico's disaster fund and the Caribbean Catastrophe Risk Insurance Facility. However, making some risks more tractable still faces challenges from lack of understanding, implementation hurdles, and non-existing
MitKat Advisory is a premium management consulting firm with pan-India presence. It comprises senior professionals with diverse backgrounds from consulting, armed forces, etc. They work collaboratively with clients to understand business issues, design solutions, implement them, and refine them over time. Their project delivery focuses on inquiry, insight, and impact to provide assurance, advice, and opportunities. They offer various services including information security, loss prevention, business resilience, physical security, fraud prevention, and change management. They helped one client comply with SAS 70 for information security through assessing risks, classifying information, identifying controls, and assisting with an ISO 27001 certification.
Similar to How can social performance indicators be the right step forward for mutual microinsurance? (20)
Tieto is the largest Nordic provider of IT services and product development. It has over 2,200 consultants serving 50+ Nordic customers and a strategic location in India for full lifecycle IT services. Tieto developed Uplift, a micro-insurance solution called UTTAM, for mutual organizations in 2004-2005. UTTAM was designed as a web-based, cloud solution to scale operations across geographies and reduce costs while focusing on health insurance. It was rolled out in Rajasthan and Maharashtra in 2012-2015, improving efficiency by 48% and reducing costs by 20%. The journey continues with UTTAM's expansion on mobile platforms.
Value addition and new innovations in Micro Insurance
by H.M.R.M.Herath,
Senior Manager –IR, Sanasa Insurance Company Limited,
AOA 30th Anniversary Seminar
Colombo, Sri Lanka, August 2014
Cooperative Insurance as a Mitigation Device against Natural DisasterICMIF Microinsurance
Cooperative Insurance as a Mitigation Device against Natural Disaster - Zenrosai’s Natural Disaster Insurance
By Katsuhiro Sampa, Zenrosai
AOA Seminar
Colombo, Sri Lanka. August 2014
Can mutual microinsurance improve the living standard of the marginalized gro...ICMIF Microinsurance
Can mutual microinsurance improve the living standard of the marginalized groups?
By Sabbir Patel, Senior Vice-President, Emerging Markets, ICMIF
AOA Seminar
Colombo, Sri Lanka, August, 2014
Shepherd is a social organization in Tamil Nadu, India that works with 70,000 low-income families through women's self-help groups. It started a micro health insurance program in 1999 after several women died and many homes were destroyed. The organization promotes community-based health mutual funds where contributions are split between claims, operating costs, and a claims reserve. The mutual funds are managed by women leaders and provide timely support. However, uptake is still low and there are challenges in scaling due to government programs, regulations, and reluctance of other organizations. The organization aims to expand coverage and establish the mutual program as a core part of its work.
Why, how and what impact mutual insurance can improve the living standard of ...ICMIF Microinsurance
Why, how and what impact mutual insurance can improve the living standard of the marginalized groups
By Oliver M. Reyes, CARD MBA, Philippines
AOA Seminar,
Colombo, Sri Lanka, August 2014
Can mutual Microinsurance improve the living standard of the marginalized gro...ICMIF Microinsurance
Can mutual Microinsurance improve the living standard of the marginalized groups? The Sanasa Experience
By L. B. Abeysinghe, SICL
AOA 30th Anniversary Seminar
Colombo Sri Lanka. August 2014
The document commemorates the 50th anniversary of the ICMIF Development Function, which works to expand access to insurance for low-income people globally. It references a quote from 1958 about how struggles in distant places directly impact our own welfare, reflecting the goal of development work to reduce misery everywhere.
Developing an inclusive policy on Microinsurance Regulation: The Kasagana-ka ...ICMIF Microinsurance
This presentation was delivered by Ms Maria Anna Ignacio (Executive Director at KDCI/ KMBA, The Philippines) at the ICMIF-AOA Development Network Seminar (18-20 September 2013; Manila, The Philippines)
ADB's support for Emerging Microinsurance under JFPR9118: “Developing Microin...ICMIF Microinsurance
This presentation was delivered by Mr Hiroyuki Aoki (Senior Financial Sector Specialist-SERD/ SEPF at Asian Development Bank, The Philippines) at the ICMIF-AOA Development Network Seminar (18-20 September 2013; Manila, The Philippines)
Microinsurance Policy and Regulatory Reform Initiatives: The PhilippinesICMIF Microinsurance
This document outlines the development of microinsurance policy and regulation in the Philippines. It describes how initially there was an absence of clear policy and regulations for microinsurance, leading to inappropriate products. Reforms began in 2006 with guidelines for mutual benefit associations (MBAs) to offer microinsurance. By 2012, 35 commercial insurers and 19 MBAs were offering microinsurance, covering over 12 million individuals. Lessons learned included how clear, consistent rules and regulations provide transparency and predictability to build trust, while financial literacy and localized dispute mechanisms also promote outreach and access to insurance.
This presentation was delivered by Dr Aris Alip (Managing Director at CARD MRI, The Philippines) at the ICMIF-AOA Development Network Seminar (18-20 September 2013; Manila, The Philippines)
This presentation was delivered by Ms Virginia Sto. Nino (MBA Coordinator at ASKI MBA, The Philippines) at the ICMIF-AOA Development Network Seminar (18-20 September 2013; Manila, The Philippines)
Key issues in the licensing and supervision of microinsurance in CambodiaICMIF Microinsurance
This presentation was delivered by Mr Mey Vann (Director at Financial Industry Department, Cambodia) at the ICMIF-AOA Development Network Seminar (18-20 September 2013; Manila, The Philippines).
Key issues in the licensing and supervision of microinsurance in Cambodia
How can social performance indicators be the right step forward for mutual microinsurance?
1.
2.
3.
4. SPI ‘s -DIVIDED INTO FOUR DIMENSIONS:
Product value: The product provides the client with appropriate and
effective risk coping mechanisms
Client protection: The insured are treated fairly and respectfully
Inclusion: The product aims to include the less privileged
Social responsible behaviour: The micro-insurer has enabling
institutional systems in place
5.
6. An organisation through
its intent, design, system SPIs is a management
and activities can tool for micro-
deliberately affect the insurance practitioners
outcome or impact of its
existence through SPIs
7. There are 4 Dimensions which serve as a
measurement for SPIs.
These are supported by principles which are the codes
of conduct and regarded as an integral part of
managing a micro-insurance project
The Guidelines assist in applying the principles, and
propose practical ways of improving practices and
operations that will fulfil the principles.
8. •have a product focus and centred on the
output level (except the social investment
ratio)
•are developed through this consultative
process
•are KEY and limited in number
•are quantitative ratios; and
•SMART
(Specific, Measurable, Attainable, Realistic,
Timely).
9. Dimension Principles Guidelines Indicators
Product The product provides TITLE needs are assessed
- Client - Incurred
value the client with during the product claims ratio*
appropriate and development stage - Renewal
effective risk coping - Client feedback is ratio*
mechanisms monitored to enable - Promptness
regular improvements of claims
- Improvements are ratio*
Product specific
designed to add value for
clients
Client The insured are Based on Smart Campaign - Claims
protection treated fairly and guidelines. The micro insurer rejection
respectfully ensures the integration of: ratio*
- Transparency - Complaints
- Fair and respectful ratio
treatment of clients
- Privacy of client data
- Mechanisms for complaint
resolution
10. Dimension Principles Guidelines Indicators
TITLE
Inclusion The product - Physical, financial and educational - Coverage ratio*
aims to obstacles are reduced - % insured under th
include the - Exclusion criteria are reduced poverty line
less privileged - The socioeconomic profile of clients - % female insured
is monitored - % insured above
retirement age
Prouct Specific
Governance and management
Social The micro - Social investment
- Client focus is visibly endorsed and
responsibl insurer has encouraged by management ratio
e enabling - Effective translation of the organisation's
social mission into practice is ensured
behaviour institutional - External accountability is created and social
Institutional specific
systems in audits conducted
- Transparent board procedures and incentive
place policy (including accountability towards
members in a member based organisation)
are applied
- Appropriate systems are in place for periodic
assessment of product value, client
protection; and inclusion
Social responsibility to staff
- Responsible treatment of staff is monitored
through staff satisfaction surveys
12. SECURING
YOUR LIVESTOCK: Members
of Gakungu Arimis Group pose
for a photo shoot when CIC
Insurance Group’s Business
Development Manager, SME &
Microinsurance, Mrs. Eve
Thiong’o handed some of the
members compensation
cheques for livestock insurance.