Financial inclusion project to use ERM Framework and ORSA Tool
An Enterprise Risk Management (ERM) Framework and Own Risk Solvency Assessment (ORSA) Tool will be developed for Microinsurance MBAs. This is made possible through the support of Peace and Equity Foundation (PEF) under the project Building Microinsurers’ Capacities for Greater Financial Inclusion.
February 2017 is targeted as the pilot ERM assessment for Mi-MAP to facilitate a one-day workshop prior to develop risk policy and risk register including the definition of identified risks. A separate training-workshop for managers and Board of Mi-MBAs about the use of ORSA tool will be targeted also in line with the Microinsurance Month Celebration in January 2017.
The ERM framework is ultimately designed to help the Mi-MBAs develop their own framework suited to the context of their organization. It is an effective approach to assess, analyze, mitigate and monitor risks and opportunities that may affect the achievement of the Mi-MBAs’ strategic objectives. The ORSA tool, on the other hand, will be used to identify the potential risks.
The Peace and Equity Foundation is a non-stock, non-profit corporation that aspires to drive positive change in poor Filipino household communities by investing in social enterprises, supporting best practices as well as innovative and trailblazing development projects to alleviate poverty. Mi-MAP shares the same advocacy as exemplified in its long-term goal of providing support to 12 million members by the year 2024 while covering 48 million lives.