Mi-MAP conducted a learning session and workshop last September 21, 2016 at St. Giles Hotel in Makati City to further elaborate the relevance of the Enterprise Risk Management framework to Microinsurance Mutual Benefit Associations (Mi- MBAs). The gathering also provided an overview of Enterprise Risk Management practice in Canada and the relevance of ERM in the Philippines. It also aimed to enhance the capacity of
Mi-MBAs in understanding the practice of ERM that operates alongside the principles of governance and international regulations.
In his welcome address, Mr. Jun Jay Perez, Mi-MAP Executive Director introduced the learning session and highlighted the support given by the Peace and Equity Foundation. He acknowledged the commitment of PEF in helping Mi-MAP and its networks in fostering non-life insurance product development. Mr. Perez also mentioned how ERM developed in other countries, predicted that it will also come to the Philippines and will later be required by the Insurance Commission.
Mr. Terence Narine, Actuarial Consultant of the Canadian Cooperative Association gave an overview of the practice of Enterprise Risk Management in Canada. Mr. Narine discussed the concepts of ERM and ORSA. 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 also discussed the origins of the Own Risk and Solvency Assessment tool and how to go about the process of writing the report based on results from the ORSA tool.
Mr. Julio Banzon, Mi-MAP ERM Consultant, discussed how Enterprise Risk Management can be used by Mi-MBAs in the Philippines. The objectives of 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 Mi-MBAs.
The gathering was attended by representatives from CARD MBA, CARE MBA, KMBA, KDCI, SEDP MBA, QPI MBA, TSPI MBA, and Mr. Wilfredo Llanto, a member of Mi-MAP`s Financial and Risk Review Committee.