On the 25th June, the Risk Management Perspectives conference was held in the Round Room at the Mansion House in Dublin. The agenda for the day covered a broad range of risk related topics including Climate, DORA and AI. The event attracted over 130 attendees, including both SAI members and non-members with an interest in risk management.
The morning sessions were on “Governance Structures to Support the Ethical use of AI”, presented by Brendan Guckian and Laura Rossi of Deloitte, and “Model Risk Management - an effective way to reduce operational risk” by Denise Joyce and Eilish Bouse of Grant Thornton. The talk on governance structures provided an in-depth look at where insurance companies are using AI, and some of the ethical considerations on its use. The second talk explored regulator expectations on model risk management, and how this could be done more effectively.
After the coffee break the first talk was on “10 years of the ORSA: Is it adding value to your business?” by Sandra Heaslip and Aisling Barrett of Milliman, with Clive Kelly participating in a panel discussion. This talk provided insights on how the ORSA is being used in insurers, and a panel discussion on the topic. The next talk was on “Climate scenarios in practice & climate survey results”, delivered by Jean Rea of KPMG and Marise Kok and John McCrossan of Aegon. This talk provided the results of the climate risk survey conducted by the ERM Committee, and gave a practitioners view on the application of climate risk scenarios.
After lunch, served in the adjacent Fire restaurant, we had a talk on “Risk revolution: empowering the chief risk officer of the future”, delivered by Julien Masselot and Fearghas MacGregor of Barnett Waddingham, which discussed the challenges faced by CROs and how the role may develop in the future. The penultimate talk was “Computing Climate Change’ in the world of Risk Management”, which was delivered by Ioana Dima-West of AXA XL. This talk provided a detailed approach to modelling climate change and the risks involved. The final talk of the day was on “DORA, Operational Resilience, and the evolving Operational Risk landscape” by Marie Anderson and Austin Kelly of Forvis Mazars, which went into detail on DORA and the regulatory landscape around operational risk.
The ERM committee would like to thank all the speakers who contributed to an excellent event, and the SAI staff who managed the logistics. In addition, we would like to thank the sponsors of the event: Milliman, Finalyse and Raretec Recruitment for their support.
All slides from the conference are available on the SAI website. The next event of the ERM Committee will be the ERM Forum, which is due to take place in February 2025. If you have any suggestions for topics that you would like to see covered at future ERM events we would love to hear from you at info@actuaries.ie.
Darragh McHugh is a Director at WTW in the Insurance Consulting & Technology practice, and has recently taken over as Chair of the SAI ERM Committee.
The views of this article do not necessarily reflect the views of the Society of Actuaries in Ireland, the Enterprise Risk Management Committee, or the author’s employer.