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.

Actuaries, who are involved or interested in enterprise risk management or Own Risk Self Assessments. This training is especially suitable as a CPD for CERA all over Europe.

Attendees are encouraged to bring a laptop computer with Microsoft Excel installed.

The course will be conducted by the use of a case which will be solved in groups of participants. Topics are discussed interactively.

Operational and reputational risks are part of pillar I and II in the Solvency II regime. Currently supervisors start investigating Pillar II deeper and clearly require to include operational and reputational risks as well. The interest is also driven by the high loss events in the banking sector, causing concerns regarding the stability of the financial system with the European Stability Review Board, which is setting the topics for the European Supervisors. Attendees will have the possibility to deepen their insight in this important matter and to share experiences among each other.

Dr Gerrit Jan van den Brink
Gerrit Jan is Head of Finance, Risk and Compliance of Standard Life Deutschland. Before he was Principal in the risk management practice of Accenture in Frankfurt am Main. In this role he advised financial industry institutions regarding the design and implementation of risk management frameworks and the implementation of methods and instruments.
Before, he was working in a small self-owned company and responsible for projects in the financial and power industry regarding longevity, operational, market, reputational and business risk. Gerrit Jan has around 28 years experience in the financial sector in various roles.