This guide provides an overview of conduct risk and the role of internal audit, focusing on the financial services sector.

Risks relating to conduct of business are attracting increased attention across financial services firms, prompted by the ever-increasing focus of regulators in this area. Senior managers are increasingly being held to account for conduct risk failings, and accordingly a strong conduct risk framework is an important tool in protecting against such failings. Based on our experience of assisting clients in this area, conduct risk management is still evolving and firms face many challenges.

On 24 July 2018, the Central Bank of Ireland (CBI) published new proposals to establish an Individual Accountability Framework for staff of Irish financial services firms which would set conduct standards and clearer lines of accountability within firms, together with new powers to pursue individuals directly for their misconduct. The proposed reforms would introduce a system similar to the Senior Managers Regime and Senior Insurance Managers Regime in existence for UK financial services firms. Enhancements to the Fitness & Probity Regime in Ireland are also planned.

Good risk governance seems to rest on the three components: knowledge, legally prescribed procedures and social values. All three components are of particular importance for assessing and managing emerging risks, which are characterized by a lack of knowledge about the likelihood and magnitude of potential positive and negative consequences. This paper reports first about a protocol of how to govern emerging risks and then analyses the patterns of risks that would fall under the emerging risk category.

A diverse array of ocean-related phenomena occur today and more are expected to emerge in the future as ocean risk evolves in response to the observed and accelerating warming, acidification, oxygen depletion and other man-made threats to the ocean.

This paper proposes an accelerated testing method for automated vehicles safety evaluation based on improved importance sampling (IS) techniques. Taking the typical cut-in scenario as example, the proposed method extracts the critical variables of the scenario. Then, the distributions of critical variables are statistically fitted. The genetic algorithm is used to calculate the optimal IS parameters by solving an optimization problem.

The benefits of autonomous vehicles (AVs) are widely acknowledged, but there are concerns about the extent of these benefits and AV risks and unintended consequences. In this article, we first examine AVs and different categories of the technological risks associated with them. We then explore strategies that can be adopted to address these risks, and explore emerging responses by governments for addressing AV risks.

A vanguard of insurers is adapting its business model to the realities of climate change. In many ways, insurers are still catching up both to mainstream science and to their customers, which, in response to climate change and energy volatility, are increasingly changing the way they construct buildings, transport people and goods, design products and produce energy. Customers, as well as regulators and shareholders, are eager to see insurers provide more products and services that respond to the ?greening?

The Casualty Actuarial Society (CAS), Canadian Institute of Actuaries (CIA), and the Society of Actuaries' (SOA) Joint Risk Management Section is pleased to make available a report that studies the interrelationships between the general levels of unemployment in the economy and the sale and persistency of insurance products. The report explores whether insurance products have reduced sales and persistency as the level of unemployment increased in a given economic environment.

Sponsored by the Casualty Actuarial Society (CAS), Canadian Institute of Actuaries (CIA), and the Society of Actuaries' (SOA) Joint Risk Management Section and the Joint Risk Management Research Committee, this study examines and describes parameter uncertainty.