Mi-MAP will develop an Enterprise Risk Management (ERM) Framework and Own Risk and Solvency Assessment (ORSA) Tool for Microinsurance MBAs (Mi-MBAs) under the program “Building Microinsurers Capacities for Greater Financial Inclusion”. This is made possible through the support from the Peace and Equity Foundation (PEF).
The Enterprise Risk Management is designed to identify potential events that may affect an MBA, manage its consequential risks and provide reasonable assurance of objective achievement. Mi-MAP will develop risk policy and register and define the identified risks through a one-day workshop with at least twenty (20) Management/Board from Mi-MBAs. The Own Risk and Solvency Assessment tool will be the instrument that will be used to identify potential risks. A training-workshop for managers and Board of Mi-MBAs in the use of ORSA tool will be conducted in line with Microinsurance Month Celebration on January 2017.
The ERM framework provides the overall risk governance for the Mi-MBAs. In the long run, 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. February 2017 will be seen as the target date of the pilot ERM assessment.
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, supports best practices as well as innovative and trailblazing development projects to alleviate poverty. This has also been the cornerstone of MI-MAP`s long-term goal of providing support to 12 million members by the year 2024 while covering 48 lives.