Putting a Price on Risk: Quantifying Risk Exposures for ORSA Reports

Slides and audio are now available. To view them, log in to your Academy member account.

July 20, 2016
Noon-1:00 p.m. EDT

This webinar featured an overview of the released practice note, Quantifying Risk Exposures for Own Risk and Solvency Assessment Reports.

Members of the ERM/ORSA Committee’s Risk Exposures Subgroup walked through the practice note, which provided actuaries and regulators with information on the approaches used to quantify risk exposures that may be included in section 2 of an Own Risk and Solvency Assessment (ORSA) report.

Panelists provided background on:

Types of risk categories commonly considered in an ORSA report, and which risks are typically assessed quantitatively versus qualitatively;
Approaches used by insurers to quantify top risk exposures;
The purpose and role of stress testing and the types of stress scenarios most commonly found in section 2; and
How emerging risks are addressed and the cross-practice similarities and differences.

This webinar and practice note provided a framework to foster dialogue among regulators and actuaries involved in the process.

DETAILS

Putting a Price on Risk: Quantifying Risk Exposures for ORSA Reports
July 20, 2016
Noon-1:00 p.m. EDT

REGISTRATION FEES

The registration fee was $50 for Academy members.
The registration fee was $100 for nonmembers.
Government regulators were invited free of charge.

WEBINAR PRESENTERS
Tricia Matson, Chairperson, ERM/ORSA Committee
MAAA, FSA
Tricia Matson is a partner with Risk & Regulatory Consulting LLC (RRC). In this role, Matson coordinates, manages and leads a team providing all aspects of individual and group life and health insurance actuarial consulting. Matson is a member of the American Academy of Actuaries, a fellow of the Society of Actuaries, and holds a Bachelor of Science degree in mathematics from the University of Connecticut, where she graduated magna cum laude.

Matson has spent over 20 years in the insurance industry in a diverse range of roles. Before joining RRC, Matson was vice president of enterprise risk management at MassMutual Financial Group. In this role, Matson was responsible for leading the design, build and implementation of enterprise-wide economic value and economic capital framework and was involved in the development of MassMutual’s Own Risk and Solvency Assessment (ORSA) report. Before that she was a principal at Deloitte Consulting LLP, where she was the lead on client engagements involving large-scale risk management and finance transformations, implementation and review of internal capital models and compliance with evolving regulatory requirements such as Solvency II, MCEV, USGAAP, VACARVM, and IFRS. Prior to that, as a senior manager at Arthur Andersen LLP, she worked on projects involving financial reporting, health insurance reserving and pricing, and life settlements, and served as lead for the firm’s demutualization and retiree health benefit valuation practices.

Matson participates in various industry committees, including serving as chairperson of the Academy’s ERM/ORSA Committee, and serves on several other Academy committees related to financial reporting, risk-based capital, and risk management.

Matson is a frequent author and speaker on financial reporting and risk management topics, including co-authoring several Academy practice notes and a white paper on enterprise risk management.

Ashlee Borcan, ERM/ORSA Committee
MAAA, FSA

Ashlee Borcan's primary area of concentration is the supplemental health insurance market. She frequently presents on a wide variety of topics at leading industry meetings. She has been responsible for the product development, pricing, valuation, and maintenance of an assortment of individual and group voluntary products, such as critical illness, accident, cancer, hospital indemnity, and Medicare Supplement. Borcan is recognized as a leader of industry research in the cancer arena, having worked closely with the Society of Actuaries in a multiyear effort to develop new cancer industry experience. She has worked with a number of carriers to improve the competitiveness and appeal of their benefit offerings, and she continues to support them with the wide range of logistical issues that arise both during and after implementation. Borcan frequently provides clients with support regarding experience analysis, valuation, budgeting, and cash-flow testing projects. Knowledge across a broad spectrum of topics has enabled her to successfully anticipate issues to ensure that company operations proceed as smoothly as possible.

Lesley Bosniack, ERM/ORSA Committee
MAAA, FCAS, CERA
Lesley Bosniack is a senior vice president of Maiden Global Servicing Company, where she leads the capital and enterprise risk analytics function and participates in oversight and advisement of the enterprise risk management function at Maiden Re. Bosniack’s focus is on internal and external capital models, capital adequacy, ORSA, scenario/stress testing, capital optimization and planning, and risk-adjusted pricing. Bosniack has over 25 years of PC insurance experience in leading actuarial teams, in advising colleagues and customers, and in identifying, analyzing, and solving technical reserving, pricing, reinsurance, and capital-related questions at Maiden Holdings, Pennsylvania Manufacturers Insurance Company, and Reliance Insurance Company. Bosniack graduated from Lehigh University with a bachelor’s degree in mathematics. In addition to membership in the ERM/ORSA Committee, she served as a member of the CAS Exam Committee and Actuarial Standards Board Risk Transfer Task Force, and is a member of St. Joseph University Actuarial Program Industry Advisory Board.

MODERATOR
Jeffrey S. Schlinsog, Vice President, Risk Management & Financial Reporting Council
MAAA, CFA, FSA
Jeffrey Schlinsog is a principal in the Actuarial Services – Life practice at PricewaterhouseCoopers LLP. Schlinsog has over 30 years of insurance industry experience, with particular emphasis on financial reporting, risk management, strategy, and transactions. He has been an active participant in industry committees and meetings of the Academy, Society of Actuaries, American Council of Life Insurers, and National Association of Insurance Commissioners. Currently, Schlinsog is vice president of the Risk Management and Financial Reporting Council and is a member of the Academy Board of Directors.

Schlinsog graduated from the University of Wisconsin with a Bachelor of Business Administration degree. He also has a Master of Business Administration degree from the University of Chicago. He is a CFA charterholder, a member of the American Academy of Actuaries, and a fellow of the Society of Actuaries.

CONTINUING EDUCATION
The American Academy of Actuaries believes in good faith that your attendance at “Putting a Price on Risk: Quantifying Risk Exposures for ORSA Reports” may constitute relevant continuing education and an organized activity as defined under the current Qualification Standards for Actuaries Issuing Statements of Actuarial Opinion in the United States depending upon your area of practice. Under the U.S. Qualification Standards, an hour of continuing education is defined as 50 minutes, and fractions of an hour may be counted.