Learning session and workshop on ERM and ORSA Tool held
Mi-MAP conducted a learning session and workshop to further expound on the relevance of the Enterprise Risk Management (ERM) Framework to Microinsurance Mutual Benefit Associations (Mi-MBAs) at St. Giles Hotel in Makati City on September 21, 2016.
Mr. Terence Narine, Actuarial Consultant of the Canadian Cooperative Association, gave an overview of the practice of Enterprise Risk Management in Canada and segued to the discussion of the concepts of ERM and Own Risk and Solvency Assessment (ORSA) tool. His presentation highlighted the important aspects of the ERM specifically in terms of risk determination. He also emphasized the importance of the ERM governance which relies heavily on the board of directors. Mr. Narine discussed as well the origins of the ORSA tool and how to write reports based on the tool results.
Mr. Julio Banzon, Mi-MAP ERM Consultant, discussed next on how Enterprise Risk Management can be used by Mi-MBAs in the Philippines. The session aimed to help the Mi-MBAs better understand ERM, discuss and exchange ideas how ERM can be made practical and useful in the context of the said associations.
Representatives from CARD MBA, CARE MBA, KMBA, KDCI, SEDP MBA, QPI MBA, TSPI MBA, and Mr. Wilfredo Llanto, a member of the Financial and Risk Review Committee of Mi-MAP, attended the event.