Key Risks in Pension and Life Insurance Management PPT

This PPT slide, part of the 92-slide Unlock the Power of Operational Risk Management PowerPoint presentation, outlines significant risks associated with the pension and life insurance sectors, categorizing them into 3 primary areas: mis-selling practices, product design and launch risks, and model errors related to data and methodologies. Each risk is accompanied by its drivers, which include governance, processes, people, systems, and external events.

For instance, mis-selling is highlighted as a critical issue, with specific drivers such as inappropriate sales practices and misleading information in documentation. The impacts of these risks are quantified, indicating potential write-downs and additional costs incurred from external staff, along with regulatory fines and legal liabilities. This structured approach provides a clear view of how various factors contribute to risk exposure.

The product design and launch risks focus on flawed products, emphasizing the importance of ownership and accountability in governance. The slide suggests that inadequate processes and unintentional errors by personnel can lead to significant repercussions, including financial losses and regulatory scrutiny.

Model errors are also addressed, particularly those stemming from issues in actuarial valuation and data integrity. The slide indicates that reliance on flawed methodologies can result in severe operational disruptions and financial penalties.

Overall, this slide serves as a comprehensive overview of the multifaceted risks in the pension and life insurance industries. It highlights the interconnectedness of governance, processes, and human factors in managing these risks effectively. For potential customers, this insight underscores the necessity of robust risk management strategies to mitigate potential financial and reputational damage.

This slide is part of the Unlock the Power of Operational Risk Management PowerPoint presentation.

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