Enterprise Risk Management Working Party

Chair: Kennedy Mitambo FIA, CERA

Purpose

To be a source of expertise within the profession on matters relating to enterprise risk management, and to promote, support and champion the interests of practice area members in accordance with the TASK’s key strategic objectives.

The general objectives of the working party are:

  1. To lead on technical input to consultation responses where the profession has a key interest and perspective, or there is a public interest perspective.
  2. To promote external stakeholder awareness of, and confidence in, the work of the practice area and the profession, and to identify emerging issues of relevance to the practice area and address these with appropriate action.
  3. To provide input to help the profession ensure the development and maintenance of robust technical and ethical standards.
  4. Facilitate CPD opportunities that meet the needs of members through the regular industry talks and the annual actuarial convention.
  5. To report to the TASK Council, at least on quarterly basis, on the progress made on specific goals pledged by the Working Party.

Specific goals

  1. In consultation with the concerned WPs, review and propose appropriate stress tests level for Life/Pension/Health/GI parameters for capital calculations
  2. In consultation with the Life WP, review of the Life Insurance TASK proposed Risk Based Capital Framework.
  3. In consultation with the concerned WPs, develop GI/Pension/Health frameworks and consolidate all (including Life) into one Kenyan “Solvency Assessment Framework”. (This will help guide future discussions with IRA/RBA on the matter.)
  4. In consultation with the Education and Research WP, review of the Yield Curve for use in actuarial valuations (may need to incorporate Research WP)
  5. In consultation with the IFRS 17 WP, review and guide the profession on areas where ERM interfaces with IFRS17
  6. Conduct a market survey on how actuaries are accepted/fit in risk management roles in the Kenya financial industry.

Membership

 The Working Party shall comprise between five and twenty members and will include the following:

  1. Chair
  2. Deputy Chair
  3. Secretary – this will be rotational amongst the members

This will be rotational amongst the members

Formation of sub-committees

  1. The Working Party will, where necessary, form sub-committees to undertake specific projects in line with the specific goals of the working party.
  2. Membership of the sub-committees may include non-members of the Working Party provided they provide the special expertise or independent professional advice required to achieve the goals of the sub-committee.

Meetings

  1. The working party will meet at least once a month. Members can attend by conference call.
  2. Meetings may be called by the Chair or any member of the Working Party.
  3. The notice of each meeting of the Committee, confirming the venue, time and date and enclosing an agenda of items to be discussed shall be sent to members prior to the meeting.
  4. The Working Party may invite non-members to any of its meeting where such an invitee’s input is of essence to the workings of the party.

These terms of reference may from time to time be amended as required, subject to the approval of the TASK Council.

To join Enterprise Risk Management Working Party, write to WP@actuarieskenya.or.ke