Program: 16 November 2016

8:15am Registration and refreshments


Rob Mannix, Editor, Asset Management, RISK.NET


*Interactive Audience Poll via
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Michael T. McRaith, Director, FEDERAL INSURANCE OFFICE (FIO)


Richard A. Marx, Principal, Business Advisory Services, ERNST & YOUNG

9:50am REGULATORY PANEL DISCUSSION: Regulatory challenges and global regulatory convergence

  • What are the federal and state regulator's main priorities and objectives in the current uncertain economic environment?
  • Working together or apart? Examining the federal and state regulatory mandates
  • Understanding principle- based reserving (PBR) and risk-based capital requirements and their importance
  • Concerns over annuities and how they are sold
  • Shadow insurance
    • Changes in regulation that preceded- Regulation AXXX and the increased capital reserves needed under the regulation
    • Effect of shadow insurance on financial risk and expected loss

Moderator: Thomas P. Ward, Partner, ERNST & YOUNG
Anne Melissa Dowling, CFA, Acting Director, ILLINOIS DEPARTMENT OF INSURANCE

*Audience Q&A
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10:40am Morning break and opportunity to network

11:10am IN CONVERSATION WITH: Systemic risk in insurance - the basics, implications, stumbling blocks and outlook

  • Looking at the key IAIS initiatives and their timelines:
    • ComFrame
    • Global Capital Standards
  • Evaluating FSOC's designation process for a domestic Sifi and the FSB and IAIS designation process for G-Sii
  • Has ICS ComFrame for IAIGs and G-SIIs left GCS dead in the water?
  • What knock on effects will the Metlife case have on systemic risk?

Thomas Sullivan, ‎Associate Director, Division of Banking Supervision and Regulation, FEDERAL RESERVE BOARD

*Audience Q&A
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11:50am CRO PANEL: The emerging risks that keep you up at night

  • What are the key risks you, as CRO, are seeking to manage?
  • How are these risk quantified and then articulated to the CEO and Board?
  • Impacts on risk appetite
  • Development of mitigating strategies and activities
  • Process for determining emerging risks
  • Linkage to stress testing and impacts of current macroeconomic events, political events, global terrorism
  • Application to the ORSA, Use Tests, Risk Self Assessments

Moderator: Chad Runchey, Partner/Principal, Advisory Services, ERNST & YOUNG
Nicholas Silitch, Senior Vice President, Chief Risk Officer, PRUDENTIAL FINANCIAL
Lori Evangel, Executive Vice President, Chief Risk Officer, GENWORTH
Alessa Quane, Executive Vice President, Chief Risk Officer, Chief Corporate Actuary, AIG
Rahim Hirji, Executive Vice President & Chief Risk Officer, MANULIFE

*Audience Q&A
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12.40pm PANEL DISCUSSION: Examining liquidity risk for U.S insurers

  • What are the possible sources of liquidity risk? Will the increasing use of different illiquid assets give rise to more liquidity risk?
  • Liquidity risk management and risk reduction techniques

Dr. Hany Gobreial, Assistant Vice President, PACIFIC LIFE
Svetlana Radan, ‎Vice President, Market and Liquidity Risk, MANULIFE
Glenn Barry CFA, FRM, Managing Director, Derivatives & Quantitative Strategies, SUN LIFE

1:25pm Lunch and networking break


STREAM 1: Risk Management

STREAM 2: Asset and Liability Management





PANEL DISCUSSION: Managing in a prolonged low interest rate environment

  • Thirty years of declining interest rates - Another 5 years to come?
  • Asset liability duration mismatches
  • Need to assess impacts across all key dimensions: Net Investment Income, Deferred Acquisition Costs (DAC) for GAAP, Loss Recognition Testing for GAAP, Cash Flow Testing. for Statutory
  • Potential solutions, pros and cons:
    • Lengthening asset duration
    • Hedging
  • Challenges with implementing solutions at historical low interest rates
  • Importance of economic capital in quantifying true economic exposure

Moderator: Hal W. Pedersen, Director, Risk Solutions, CONNING & COMPANY
John Bevacqua FSA, MAAA, Chief Financial Risk Officer, GREAT-WEST FINANCIAL

PANEL DISCUSSION: Variable annuities

  • Looking at the growing demand for minimum-return guarantees in variable annuity products
  • Evaluating challenges for both valuation and risk management
  • How are Sifi rules impacting annuities?


STRATEGY LAB: Insurance market disruption- Big data, data analytics and predictive analytics

  • How to keep up with the growing demands for quicker and more detailed risk intelligence, based on the processing of ever-growing volumes of data
  • How can data be controlled, efficiently delivered and kept transparent and auditable?
  • Why is big data being considered a threat to the industry?

PRESENTATION: Modelling illiquid assets

  • Structural challenges for alternative investing strategies
  • What kind of due diligence is needed for assets that can become structurally complex?

3:40pm Afternoon coffee and networking break

4:05pm IN CONVERSATION WITH: Enterprise Risk Management (ERM) and Own Risk and Solvency Assessment (ORSA): more than just a reporting requirement

  • How to embed risk culture into the whole organisation
  • How to model assets and liabilities together using ERM
  • How can ORSA help group capital and highlighting the key learnings from dealing with regulators?
  • Importance of demonstrating "Use Tests"
  • Self-risk assessments by the business and functional areas
  • Economic capital and the primary metric, along with statutory and GAAP
  • Role of the Board

James K. Gilligan, Senior advisor and retired President & CEO, BLUE CROSS LIFE INSURANCE COMPANY

4:45pm ALL-STAR PANEL: Stress testing in the North American insurance industry

  • What is an organisations current stress testing process?
    • Who is responsible? And how is it performed?
  • What are regulators asking for?
  • Scenarios and scenario creation
    • Generating scenarios for emerging risks
  • How can ERM be used in stress testing?
  • What's been your experience stress testing e.g. Brexit?

Moderator: Vinaya Sharma, Actuary and Managing Director, QUANTITATIVE RISK MANAGEMENT
Michael Mahaffey, Senior Vice President, Chief Strategy Officer and Chief Risk Officer, NATIONWIDE
Sarah Williams, Vice President, Global Capital Risk, MASSMUTUAL FINANCIAL GROUP

*Audience Q&A
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5:35pm Networking drinks reception


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