Ukraine gradually prepares for international SOLVENCY II standards. The two important steps for it were Directions number 295 and 484 that were published in February 2014. According to these Directions, each Insurance Company should implement an own risk management system by 30.06.2014, and carry out the stress-testing annually.
Risk management system is a collection of methods and actions, aimed to limit the Insurance Company activities’ risk consequences. Its implementation helps the Company to reach its goals with minimal losses.
The Stress-testing is a stress-management technique, that is being used to evaluate potential losses within changes in main parameters of insurance portfolio, as well as assets and liabilities positions. This technique identifies the weak and sensitive to changes sides of the Insurance Company.
According to all the mentioned above our team provides the following services:
- Carrying out the stress-testing according to the Direction 484 (13.02.2014), making a report using a regulator-approved form;
- Carrying out an extended stress-testing with additional sufficient stresses, making and Actuary report that describes test’s methods and results;
- Stress-testing general Consulting;
- Making a ‘Risk Management Strategy’ document based on the Insurance Company’s special features and according to the Regulatory rules.
- Developing calculation modules, including methodological basis that considers all the Company’s needs;
- Company’s risks’ analysis for the report date. As the result of this work, the Actuary report describes, evaluates, and suggests measures of the risk influence . It also contains the risks’ map and the additional capital size to cover the possible risks. Moreover, it has the Certified Actuary’s recommendations.
- Risk Control Consulting according to risk management system and the primary procedures of implementation. This service includes RMS seminar for workers about procedures and methodologies of Risk Evaluation. Constant distant support regarding the upper-mentioned procedures and methodologies.