EDU 350-190: Risk-Focused Examinations 2018

This course is limited to regulators only.  

Learn the basics of the risk-focused exam process! The perfect course for all new examiners!

We have designed the course to teach you the fundamental principles and processes associated with risk-focused examinations. After completing this course, you will be able to better help your state conduct effective financial examinations by focusing your procedures on the areas of greatest risk.

At the completion of this course, you will be able to:

• Analyze an insurer’s current and prospective solvency risk using the risk-focused surveillance approach.
• Reference and utilize the information in the Financial Condition Examiners Handbook pertaining to risk surveillance.
• Identify the risk inherent in an insurer’s operations and utilize that evaluation in formulating the ongoing surveillance of an insurer.
• Bring focus to the broader issue of management’s ability to identify, assess and manage the business risks of the insurer (corporate governance).

 7 Phases of Risk Assessment Surveillance Approach

• Phase 1:  Understand Company and Identify Key Functional Activities to be Reviewed
• Phase 2:  Identify and Assess Inherent Risk in Activities
• Phase 3:  Identify and Evaluate Risk Mitigation Strategies/Controls
• Phase 4:  Determine Residual Risk
• Phase 5:  Establish/Conduct Examination Procedures
• Phase 6:  Update Prioritization and Supervisory Plan
• Phase 7:  Draft Examination Report and Management Letter Based Upon Findings

View the Risk-Focused Examinations Study Guide for specific learning outcomes.

This is a PIR-level NAIC Professional Designation Program course. For more information on the Designation program, visit http://www.naic.org/education_designation.htm.