Risk management is getting a lot of attention nowadays, both from supervising bodies and in the public debate. Of course it does, given that the risks you take as an organisation may end up having a profound effect on your return, reputation and customers. How can you make risk management work for you? We are there to help. Applying methods that were developed in everyday practice. And proved to be effective.
With the ORSA check-up we compare an insurance company’s ORSA with our own experience and offer tangible proposals for further improving the ORSA. And these won’t be conceptual models, but proposals and examples that can be immediately applied. ITDS has supported the implementation of 25 ORSAs, during which we were closely involved in both managing the ORSA process and content. The first of these ORSAs was submitted to the DNB (the Dutch Supervisory Bank) in 2011.
Different levels and departments within the same organization often think differently about the extent they can or cannot take risks. This could lead to incidents that cost a lot of money and cause damage. The answer for this is a good understanding of the risk appetite. ITDS helps financial institutions improving their risk appetite by using the ITDS Risk Appetite Monitor.
Developed by ITDS, the “ITDS Metro Map Methodology” visualises processes in the same familiar way as the map of an underground transport system, showing the various underground lines in different colours. Milestones in the planning and control (P&C) process are represented by “underground stations” and the intersection of underground lines makes it clear which processes depend on one another.
The management of data quality is of crucial importance for insurers because it is an important part of Solvency II. Perhaps even more important is that good data quality management ensures reliable reports on which substantiated decisions can be taken. DNB has concluded from thematic research among 10 mid-sized and large insurers that these insurers are “mainly in an early stage” when it comes to all aspects of the DNB Data Quality Framework.
For the effective management of data quality ITDS offers concrete solutions in the form of two modules:
- Data Governance Assessment in which we assess the extent to which your data quality framework complies with the DNB Framework. This has a lead-time of four to six weeks;
- Data Governance Resolution, in which we help you with practical examples, thus give you a good and pragmatic interpretation of data quality in accordance with the DNB Framework.
Legal and regulative obligations require that organisations have a good understanding of the risks they are exposed to and the underlying causes of these risks. In addition to ensuring your organisation will comply with these obligations, the risk assessment tool developed by ITDS offers many advantages. By identifying and assessing the inherent risks in your processes, potential threats can immediately be addressed.
Supporting Financial Risk Management
Delivery of consultants with a financial risk management background.
Setting up Control Framework
Advice and support for the establishment (or improvement) of an integrated control framework.