• Managing risk for third party relationships: Office of the Comptroller guidance

    The Office of the Comptroller of the Currency (OCC) released guidance in October 2013 to national banks and federal savings associations on how to assess and manage risks of third parties. Concerns over how effectively banks are managing risks of their outsourced providers have increased along with their use. This increased use has consisted of both greater numbers of service organizations employed by banks and increased complexity in the services they provide. This, coupled with the fact that service organizations may also be domiciled in foreign countries, has raised concerns within the OCC and the banks themselves.
  • NAIC Risk Management and Own Risk and Solvency Assessment (RMORSA) Model Act Implementation for Insurance Companies

    The paper will examine domestic and global insurer solvency requirements with a primary focus on the United States’ National Association of Insurance Commissioners’ (NAIC) Risk Management and Own Risk and Solvency Assessment (RMORSA) Model Act. In addition, this paper will provide industry guidance to small through midsized insurance companies that have recently breached or are close to reaching the $500 million of annual direct written and unaffiliated assumed premium.