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按一下編輯母片標題,按一下以編輯母片,第二層,第三層,第四層,第五層,*,中央再保險公司,Central Re,風險管理與再保險業經營,中央再保險公司,蔡伯龍,2008年4月2日,風險管理與再保險業經營中央再保險公司,1,綱要,企業風險管理工作之演進,ERM簡介,中央再保險公司ERM體系目前之建置與運作,綱要企業風險管理工作之演進,2,企業風險管理工作之演進,1980年以前：以保護企業資產為目的，主要以購買保險來移轉風險。,19801990年：企業面臨高保額之財產及責任保險需求，產險業也因整體損失率惡化，面臨虧損而必須提高保費，企業之保險成本巨幅成長，風險管理以改變保險結構，提高自負額來降低保險支出；自負額提高，一方面可增加企業做好損害防阻工作之誘因，另一方面也促使較多大型企業集團開始針對某些自留或商業保險拒保之風險成立專屬保險公司（Captive Insurance Co.）承擔風險，並藉此管道直接進入轉移風險較具成本效益之再保險市場，風險管理工作朝向多元化發展。,19902000年：財務投資風險漸受重視，量化風險之工具及知識亦逐漸擴散，企業風險之控管更為多元，主要仍以保護公司之資產負債表為目的，財務投資及其他各項風險之控管分由不同單位負責，並無統一之語言或標準。,2000年以後：整合性風險管理（Integrated Risk Management）或企業風險管理（Enterprise Risk Management，簡稱ERM）之架構開始出現，其主要目的為提升企業價值。,企業風險管理工作之演進1980年以前：以保護企業資產為目的，,3,ERM is not only for downside risk control,but a proactive decision making process to maximize enterprise value by optimizing risk and return,ERM is a concept with many definitions.,Guy Carpenters Book,Enterprise Risk Analysis for Property&Liability Insurance Companies,The process of systematically and comprehensively identifying critical risks,quantifying their impacts and implementing integrated strategies to,maximize enterprise value,.,U.S.Casualty Actuarial Society,A process by which significant risks are identified,prioritized,integrated,aggregated,analytically modeled,dynamically monitored,and updated for the purpose of,optimizing organization results,.,Essentials of Risk Management by Michel Crouhy,Dan Galai,Robert Mark,A deliberate attempt to,break through,the tendency of firms to operate in,risk management silos,An attempt to take into consideration in,business decisions much more explicitly,than has been done in the past.,Standard&Poors,Introduced the analysis of ERM as a new criteria in rating insurance companies,believing that it is important to not only evaluate whether downside risks are appropriately controlled,but also whether,risk management is being proactively conducted in order to improve enterprise value by optimizing risk-adjusted return,.,ERM is not only for downside r,4,Historical,Context of ERM,Externally,pressure is building up on insurance organizations to develop and use ERM and internal risk models,In 1999,IAIS,began the development of insurance supervision,relying heavily on the Basel II three pillar approach,and published its new framework for insurance supervision in 2004.,EU,is expected to adopt this framework through the implementation of Solvency.,IAIS:International Association of Insurance Supervision,Both,Canada,(Canadian Dynamic Capital Adequacy Test)and,Australia,(Australia Internal Model Based Method)have developed and implemented regulatory requirements regarding the construction and use of internal risk models in the management of an insurance enterprise.,In 2004,The Financial Services Authority,(FSA)in the UK,implemented ICAS(Individual Capital Adequacy Standards),where a firm is required to undertake regular assessments of the amount and quality of capital.,In 2005,Standard&Poors,stated that an insurers ERM program will become a critical component in its rating methodology.,Moodys,A.M.Best,and Fitch,are similarly adjusting their methodologies,A.M.Best:Risk Management and The Rating Process for Insurance Companies,Moodys:Risk Management Assessment:Non-life Insurance Companies,Historical Context of ERMExte,5,S&Ps ERM Quality Classifications,S,&Ps has evaluated ERM for 241 insurers in 2006,82%of which were rated,Adequate.While Excellent or Strong insurers accounted for less than 15%,eventually,the,ratio is expected to increase,given the global trend to focus on risk management.,Excellent,(3%),Advanced capabilities to identify,measure and manage all risk exposures within tolerances,Advanced implementation,development and execution of ERM parameters,Consistently optimizes risk adjusted returns throughout the organization,Strong,(10%),Clear vision of risk tolerance and overall risk profile,Has robust processes to identify and prepare for emerging risks,Incorporates risk management and decision making to optimize risk adjusted returns,Adequate,(82%),Has fully functioning control systems in place for all of their major risks,May lack a robust process for identifying and preparing for emerging risks,Performing good classical silo based risk management,Has not fully developed a process to optimize risk adjusted returns,Weak,(5%),Inconsistent or limited capabilities to identify,measure or manage major risk exposures,Incomplete control process for one or more major risks,S&Ps ERM Quality Classificati,6,Reinsurance Cedents Concerns,Source:Benfield Research,Reinsurance Cedents Concerns,7,2007 Major Global Reinsurers Capital Movements,Source:Benfield Research,Benfield Advisory,2007 Major Global Reinsurers,8,執行ERM之成功關鍵要素,要有明確風險管理的共識,由上而下傳達風險容忍度，並且由下而上地揭露風險暴露情況,標準化的評估方法，使得管理者得以共同語言制定策略，分配資本及衡量績效,促進跨部門風險討論的組織架構,風險管理整合至主要業務程序,執行ERM之成功關鍵要素要有明確風險管理的共識,9,中央再保險公司ERM體系目前之建置與運作,ERM目標、政策及策略,ERM體系架構,各項風險管理,業務風險資本之推算,各項業務風險調整後報酬率之比較,中央再保險公司ERM體系目前之建置與運作ERM目標、政策及策,10,ERM,目標,提昇公司價值,保護人員安全,政策,瞭解外在環境、洞悉內部資源及限制、據以訂定合理的風險胃納及風險容忍度,
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