Operational Risk is mostly seen as less significant. The attention in the Solvency II-regulations is not particularly high, if the relevance of the capital requirements for an effective risk management is concerned. The banking industry went through similar experiences. However, it is changing. Since the call of the Financial Stability Board in November 2012, supervisors are revisiting the regulations regarding operational risk. Some changes will significantly impact the industry. It is expected that the capital charges for operational risk will increase as well.
Except for the banking industry we also see significant changes in laws and regulations regarding the (life) insurance industry. Regulatory standards are still implemented. Legal claims in the financial industry have increased both in volume and impact.
Reputational risk is now on the radar. The FCA’s (Financial Conduct Authority) central rule “treat your customer fairly” shows the need to rebuild trust of the community in the financial industry and its products.
In this seminar we will focus on operational risk, the big cases, impact on the insurance industry and the magnitude of legal and reputational risk.
Organised by the EAA - European Actuarial Academy GmbH in cooperation with the Society of Actuaries in Ireland.