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  • ES-1.9 ES-1.9 Module RM — Risk Management

    • ES-1.9.1

      This Module provides detailed Rules and Guidance on risk management systems and controls required for insurance firms and insurance brokers. The Module imposes on these licensees the obligation to identify the range of risks that they face and to effectively manage these through the implementation of risk management systems that monitor and control all material risks.

      Amended: January 2007

    • ES-1.9.2

      Module RM specifically addresses certain risk categories. However, insurance firms and insurance brokers must determine any additional risk categories relevant to their business and how these are addressed.

      Amended: January 2007

    • ES-1.9.3

      The risk management standards addressed in Module RM are:

      (a) Credit risk;
      (b) Liquidity risk;
      (c) Market risk;
      (d) Insurance technical risk;
      (e) Operational risk;
      (f) Outsourcing risk; and
      (g) Group risk.
      Amended: January 2007
      Amended: October 2007