ORIC International reports further global growth as Argo and Hartford Groups join membership

ORIC International, the provider of operational risk event data and content solutions, has announced that the Argo Group and The Hartford Financial Services Group will join as members of the organisation, further expanding ORIC’s global reach. With 41 member firms now submitting...
Posted On 08 Dec 2015
The IRM’s Internal Model Industry Forum is launching two guidance booklets for risk professionals operating in the insurance sector

IRM and ORIC International publish guidance notes targeting operational risk for insurance sector

The Institute of Risk Management’s (IRM) Internal Model Industry Forum (IMIF) has launched two guidance booklets: Operational Risk Modelling: Common Practices and Future Development (created by ORIC International and the IRM) and Diversification Benefit: Understanding its...
Posted On 23 Jul 2015
Michael Sicsic: joining the Financial Conduct Authority

Michael Sicsic joins Financial Conduct Authority to focus on retail sector insurance

Michael Sicsic is moving from his position as group risk director with Aviva plc to join the Financial Conduct Authority (FCA), where he’ll take up the role of head of department for general insurance focused on the retail sector. As a condition of this new appointment,...
Posted On 09 Jun 2015
The Institute of Risk Management has published a guidance framework which outlines how to ensure that risk models, created by insurers to comply with the requirements of Solvency II, add value to businesses beyond just meeting regulatory requirements

IRM publishes framework document designed to keep Solvency II risk models relevant

The Institute of Risk Management’s Internal Model Industry Forum has published a guidance document based on its research into the effective validation of risk models created by the insurance industry to comply with the requirements of Solvency II. Entitled ‘The Validation...
Posted On 11 May 2015
Cyber risk is one of the Top Three priority risks for UK insurers in 2015

Cyber risk, ebola and regulatory change considered top emerging risks among UK insurers

Cyber risk, the prolonging of the ebola pandemic and more regulatory and legislative changes are the Top Three priority risks for UK insurers in 2015. That’s according to the findings of a new joint survey conducted by ORIC International and the Institute of Risk Management...
Posted On 14 Apr 2015

Insurers called to establish set of common operational risk standards and principles

The insurance industry is being urged to establish a set of common standards and principles, particularly in relation to scenario analysis and capital model design, in order to deliver a greater level of industry convergence while at the same time enhancing Best Practice. The...
Posted On 31 Mar 2015