Risk Management and Financial Reporting

The Risk Management and Financial Reporting Council (RMFRC) provides objective technical expertise to policymakers and regulators on issues involving risk management and/or financial reporting.

Enterprise Risk Management
Enterprise Risk Management
Issues related to ERM encompassing property/casualty, life, and health actuarial practice areas.
Federal Insurance Regulation/Systemic Risk
Federal Insurance Regulation/Systemic Risk
Regulation of insurance by the federal government or as a systemic risk to the economy.
Solvency/Reinsurance
Solvency/Reinsurance
Domestic and international solvency, risk management, and reinsurance issues that affect multiple areas of actuarial practice.
Financial Reporting/International Accounting
Financial Reporting/International Accounting
Domestic and international financial reporting issues that affect multiple areas of actuarial practice.

Risk Management & Financial Reporting News

Academy Releases Essential Elements on Big Data
The Academy published a new Essential Elements paper, Big Data, Big Changes for Insurance and Pensions, highlighting the opportunities and challenges that rapidly evolving advancements in data analysis and storage pose for insurers, consumers, and regulators. Essential Elements is a series designed to make actuarial analyses of public policy issues clearer to general audiences.
(November 14, 2018 - 12:00pm)
Solvency Committee Submits Comments to IAIS on Risk-based Global Insurance Capital Standard Version 2.0 (ICS 2.0) Consultation Paper
The Solvency Committee submitted comments to the International Association of Insurance Supervisors (IAIS) on the  Risk-based Global Insurance Capital Standard Version 2.0 (ICS 2.0) public consultation document dated July 31, 2018. (October 30, 2018)
Solvency Committee Submits Comments to IAIS on Common Framework for the Supervision of Internationally Active Insurance Groups (ComFrame) Consultation Paper
The Solvency Committee submitted comments to the International Association of Insurance Supervisors (IAIS) on the Common Framework for the Supervision of Internationally Active Insurance Groups (ComFrame) public consultation document dated July 31, 2018. (October 19, 2018)
Solvency Committee Submits Comments to NAIC on Group Capital Calculation
The Solvency Committee submitted comments to the NAIC's Group Capital Calculation (E) Working Group on scope and non-insurance testing. (September 20, 2018)
Big Data Task Force Submits Comments to U.S. Senate Committee on Banking, Housing, and Urban Affairs Ahead of FinTech Hearing
The Big Data Task Force submitted comments ahead of the U.S. Senate Committee on Banking, Housing, and Urban Affairs' hearing, Fintech: Examining Digitization, Data, and Technology. (September 17, 2018)
More RMFR News...

RISK MANAGEMENT & FINANCIAL REPORTING PUBLIC STATEMENTS

Comments and letters

Comments, analysis, or explanatory material prepared for an external audience on behalf of an Academy group or the Academy as a whole; these include letters, memos, reports, and fact sheets.

Issue briefs

Analyses of major actuarial or public policy issues written primarily for policy-makers, regulators, the news media, and the public.

Policy papers

Include white papers and monographs which are longer, more detailed analyses of major actuarial or public policy issues written primarily for policy-makers, regulators, the news media, and the public. Includes monographs and white papers.

Presentations

Slides presented by the Academy at webinars, seminars, briefings, hearings, or other meetings and events.

Reports to the NAIC

The Academy works with the National Association of Insurance Commissioners (NAIC) on the creation and refinement of sensible, effective regulation. These reports and related documents highlight the NAIC-related work of the risk management & financial reporting practice councils.

Testimony

Written and oral testimony provided to Congress or to other governmental and quasigovernmental bodies.

Practice Notes

Practice notes

Practice notes offer examples of current and emerging approaches to selected actuarial tasks. They are intended to supplement the available actuarial literature, especially where the practices addressed are subject to evolving technology, recently adopted external requirements, or advances in actuarial science and other applicable disciplines.