1 Oct 2019 - 5 pm - 7:30 pm
DePaul Center 1 E Jackson Blvd Chicago
This presentation will focus on the basic aspects of the Model Risk Management (MRM) programs and how the actuarial function can make a bigger impact.
Insurers with legal entities located in different jurisdictions are experiencing challenges in converging or implementing a MRM function. This is a critical issue because of the burden added to insurers’ bottom-line. In great measure, these challenges are driven by the development, validation and maintenance of models. Under this scenario, the role of actuaries becomes more critical not only as a support force, but as a function that can drive and adapt to this sort of business transformation.
Some insurers, for example, face challenges in converging different practices and prescribed requirements in their MRM frameworks at the local level compared with the global level. This generates not only inconsistencies in adherence to their corporate governance but also duplication of efforts, which leads to higher costs and effort. On top of this, the increased pressure of disruptive InsurTechs and burden to implement accounting standards, guidelines and regulations emanating from different jurisdictions adds limitations and difficulties to the simplification of models for different uses. As insurers get more strictly regulated in various jurisdictions, the industry’s tendency is to accelerate the maturity of the MRM function, which aims to be consistent across jurisdictions and with stringent practices and supervisory requirements similar to those seen in the banking industry.
Alberto Ramirez provides consulting services to insurers, banks and financial institutions. He is experienced in model risk management and has deep knowledge of pensions, insurance, offshoring and actuarial software. He is a member of the American Academy of Actuaries, a Fellow of the Conference of Consulting Actuaries and qualified actuary by the Mexican Pensions Regulator. He is a member of the Actuarial Advisory Board of the Actuarial Sciences Program at Roosevelt University. He is the former president and the current Chairman of the Compliance Committee of the Mexican Actuarial Society “Colegio Actuarial Mexicano”. He studied actuarial science at UNAM in México.
The event is located in room 5800 of the DePaul Center, with the reception in the 5th floor atrium. Doors open at 4:30 PM. The event ends with a networking reception at 6:00 p.m.
Members, $30 with reception; $20 without reception
Non-members, $40 with reception; $30 without reception
Retirees/Unemployed/Students, $10 with reception; free without reception
Questions? Call Pat Pruitt at 312-751-3392.