Is banking so different to insurance? Comparing an ICAAP with an ORSA

In this webinar we will provide an insight into enterprise-wide risk management in banking, showing similarities to the world of insurance as well as identifying differences. Just as insurance companies have to submit an ORSA, so bank’s have to submit their own equivalent, the Internal Capital Adequacy Assessment Process or ICAAP. One of the best ways to learn about enterprise-wide risk management in banking is to be involved in the preparation of a bank’s ICAAP and its submission to its regulator. An ICAAP submission covers a bank’s business plan financial forecasts and, allowing for its main risks, quantification of its capital requirements for normal conditions and capital buffer for stress conditions, leading to an assessment of its capital adequacy. The equivalence between a bank’s ICAAP and an insurance company’s ORSA will be made clear. Iain Allan will talk about the contents of a typical ICAAP and Fred Vosvenieks will talk about the contents of a typical ORSA. Dick Rae will then ask the speakers to identify similarities and differences between the two, as well as pose any questions that you may wish to raise. This webinar should be of interest to any actuary with a keen interest in learning more about risk assessment and the EU/UK regulatory regime for banks and insurance companies. It will be especially informative for actuaries interested in equivalent roles in banking.