In this session, Jenna Andrews shared emerging operational risk topics based on the loss events information collected within ORIC International’s consortium. ORIC International is the largest operational risk association for insurance and investment firms globally. It has the world’s largest and richest source of curated operational risk data, benchmarks and insights. In this session, Jenna covered following topics: –
- Introduction to ORIC International
- The true value of recording risk events
- Top 5 operational risks based on frequency and severity of loss events over last 12 months.
- Top 5 operational risks for which the frequency of loss events has significantly changed over last 12 months.
- Top 5 operational risks for which the severity of loss events has significantly changed over last 12 months.
- Top 5 operational near misses based on frequency over the last 12 months.
- Top 5 operational risks on the radar of insurance firms for next 12 months.
- Key benefits of joining the ORIC consortium.
Jenna is the Operational Risk Manager of ORIC International. She has worked within the insurance industry for over 12 years, in risk management for 7 years and specialized in operational risk practices for over 5 years.
In her role at the ORIC International, Jenna has an unique insight into the operational risk experience of over 40 (re)insurance and asset management companies and is heavily involved in advancing the practices of the ORIC International member firms through the provision of practical support and advice. She was the lead author of “Scenario Universe” best practice and benchmark specifications books combining practical experience with original research and has lead extensive research into emerging risk best practice and benchmarks.
This session was hosted by Manoj Kulwal who is the Chief Risk Officer at RiskSpotlight and Director for Marketing at the IOR. He has 18 years of professional experience covering operational risk management, enterprise risk management, strategic performance management and business intelligence.