Description: In this article, the author discusses the need to create a systemic risk regulator.

Description: Findings from EY Insurance Risk Management Team's 2016 (annual) Insurance Chief Risk Officer Survey.

Description: This article argues that during boom times, it is virtually impossible to get regulators to oppose politicians who are being lobbied by financial services organizations, thus a bubble expands and a bust is inevitable.

Description: This is the SOA website page displaying the table of contents for Risk Management: The Current Financial Crisis, Lessons Learned and Future Implications series of essays.

Description: This newsletter provides a regulation outlook for the use of AI/ML in insurance industry, interpretations of regulatory expectations and what insurers should consider when managing risks associated with the development, implementation and use of AI/ML models/tools.

Description: Increased attention was paid to regulatory capital with the global financial crisis in 2008. Whilst companies may not have the incentives to retain a large amount of capital in the absence of regulatory capital requirements, overcapitalized entities can have drawback such as its impact on competitiveness. There are other weaknesses in the regulatory capital model such as its limitation in facilitating risk-based decisions as regulatory capital does not necessarily reflect the economic reality and risks an entity faces. Nonetheless, there are ways for regulators and/or companies to handle the weaknesses in the regulatory capital model. For instance, granularity can be introduced in determining regulatory capital. Economic capital can be used to encourage entities to implement risk management controls and facilitate risk-based business decisions (e.g., risk-adjusted performance assessment and risk-based capital allocation). Ultimately, hav ing effective risk management and risk-based capital determination are ways to prevent company failures and bankruptcies.

Description: This newsletter provides a regulation outlook for the use of AI/ML in insurance industry, interpretations of regulatory expectations and what insurers should consider when managing risks associated with the development, implementation and use of AI/ML models/tools.

Description: This article gives an overview of the CFO Forum diversification paper. The key points that the CFO Forum made are: 1. The lack of sufficient diversifying strategies for risk management needs to be addressed. Therefore they provided a policy framework that promotes sound risk measurement and management practices in a way that can be implemented and supervised with confidence. 2. The lack of sufficient regulatory over-site needs to be addressed, so they presented a set of core principles to form the basis of European insurance regulation. These core principle incorporate diversification in a consistent manner.

Description: This essay examines the root causes of the 2008 global financial crisis precipitated by the bursting of the housing bubble. The author suggests that if fraud is not addressed, future crises, perhaps even worse, will occur.

Description: In this article, the author discusses financial regulation and the financial crisis.