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RISK MANAGEMENT
At International Assurance, risk management is embedded across governance, operations, underwriting, liquidity, and capital management to ensure resilience, regulatory compliance, and long-term policyholder protection.
RISK MANAGEMENT FRAMEWORK
International Assurance defines Risk Management as a process, affected by the Board, management and other personnel, applied across the Company, designed to identify potential events that may affect the organisation, and manage risks to be within its appetite and to ultimately provide reasonable assurance regarding the achievement of our objectives.
International Assurance has a Risk Management Framework in place that provides a structured and consistent approach to risk management; aligning strategy, policies, procedures, processes, people, technology and knowledge for the purpose of assessing and controlling the uncertainties that the business faces.
By embedding risk management techniques in day-to-day operations, the business is better equipped to identify events that affect its objectives and manage risks in a manner consistent with its corporate and business strategy.
RISK MANAGEMENT SYSTEM
The Board, in recognition of its risk management responsibilities has put in place systems to ensure that risk management including specific legislative requirements are in place and that appropriate policies are developed and adopted.
Through board committees such as the Audit and Risk Management Committees, it oversees the effective implementation of policies and any of the related practices. The management of risk is undertaken within the risk management system.
THE GOVERNANCE OF RISK
In the course of day-to-day operations, the business is exposed to a variety of risks including business, strategic, market, liquidity, underwriting and operational, which in accordance with the Risk Management process require identification, assessment, management, monitoring and reporting. Risk management documentation, sets out the requirements for the management of risk, including the governance of risk.
RISK APPETITE
In the pursuit of strategic objectives, International Assurance selects activities that contribute value but that do not expose the Company to a significant risk of failing to achieve planned growth. International Assurance utilises risk mitigation to remain within defined risk limits; in terms of which it has a risk appetite statement in place, approved by the board. The cost of risk mitigation is weighed up against the benefit that it may provide to choose an optimal position. The Company's board-approved risk appetite is defined in terms of four measures: capital (the level of capital to be held), earnings (the appetite for earnings volatility), liquidity (the desired level of liquidity) and operational risk (the level of operational losses the business is prepared to withstand).
RISK MANAGEMENT POLICIES, PROCESSES AND PROCEDURES
Extensive risk management documentation has been established in the business to make sure that the Company complies to all regulatory requirements and is in line with best practices in the industry. A number of these policies were established as a result of the Mauritius Insurance (Risk Management) Rules 2016 which were implemented on 1 January 2017.
OWN RISK AND SOLVENCY ASSESSMENT (ORSA)
The ORSA is a risk management process, which encompasses the entirety of the procedures employed to identify, assess, monitor, manage and report the short and long-term risks that the business faces or may face. It also determines the capital necessary to ensure that overall solvency needs are met at all times and are sufficient to achieve the business strategy.
International Assurance has a Board-approved ORSA policy in place and components of the ORSA process are documented in the policy and include:
the current solvency and risk position and related historical compliance, both on a regulatory and economic basis;
the projected solvency position and risk exposures with a three year view from the Company's strategic business plan, both on a regulatory and economic basis;
stress testing including sensitivity, scenario analysis and reverse stress testing;
use of the ORSA in strategy setting, business decisions and evaluating of management actions;
review of risk management system; and
review of capital management system.
GOVERNANCE
CODE OF ETHICS AND PROFESSIONAL RESPONSIBILITY
As a holder of a Global Business Licence in Mauritius, International Assurance has an obligation to comply with the National Code of Corporate Governance 2016 (the “Code”). The Code adopts a ‘principles-based’ approach and the core of the Code consists of 8 corporate governance principles namely:
Principle 1: Governance structure
Principle 2: The Structure of the Board and Its Committees
Principle 3: Directors’ appointment procedures
Principle 4: Directors’ duties, remuneration and performance
Principle 5: Risk Governance and Internal Control
Principle 6: Reporting with Integrity
Principle 7: Audit
Principle 8: Relations with Shareholders and other key Stakeholders
BOARD CHARTER
The Board of International Assurance has adopted and approved a Board Charter for the Company . The Board Charter is a written policy document which defines the respective roles, responsibilities and authorities of the Board of Directors (both individually and collectively) and management in setting the direction, the management and the control of the Company.
BOARD COMMITTEES
The Board has, for assistance in its functions, established a Corporate Governance Committee, an Audit and a Risk Management Committee, each of which has a Charter with formal terms of reference approved by the Board of Directors. These committees will report regularly to the Board and make recommendations for approval.
CODE OF ETHICS AND PROFESSIONAL RESPONSIBILITY
The purpose of the International Assurance Code of Ethics and Professional Responsibility is to set the ethics standards for business practice and individual business conduct within the Company. It seeks to assist, guide and direct all stakeholders with ethics deliberations, choices, decisions and conduct.
CONFLICTS OF INTEREST POLICY
Conflicts of interest are potentially inherent in doing business for profit generally, but more so in a business that operates in an environment that deals with complex financial services which may at times involve a number of legal entities in certain transactions, some of which may be associated with each other.
At International Assurance we accept that conflicts of interest are to be avoided but where this is not fully possible, steps are taken to mitigate them.
COMPLAINTS RESOLUTION POLICY
Please note that complaints resulting from advice or financial loss from investment advice provided by your financial advisor must NOT be referred to International Assurance as this responsibility would fall on the financial advisor concerned.
The Complaints Resolution Policy mainly relates to complaints regarding inappropriate service or support given by International Assurance or its employees during the relationship management process and does not relate to complaints regarding claims.
COMPLAINTS PROCEDURE
Our commitment at International Assurance is to give excellent service to our financial advisors and their clients. We take all complaints seriously and our aim is to resolve all complaints promptly. Great care has been taken to ensure that your complaints do not languish on the front line, but are used as a strategic tool for continually improving our business.
COMPLIANCE
CODE OF ETHICS AND PROFESSIONAL RESPONSIBILITY
The purpose of the International Assurance Code of Ethics and Professional Responsibility is to set the ethics standards for business practice and individual business conduct within the Company. It seeks to assist, guide and direct all stakeholders with ethics deliberations, choices, decisions and conduct.
CONFLICTS OF INTEREST POLICY
Conflicts of interest are potentially inherent in doing business for profit generally, but more so in a business that operates in an environment that deals with complex financial services which may at times involve a number of legal entities in certain transactions, some of which may be associated with each other.
At International Assurance we accept that conflicts of interest are to be avoided but where this is not fully possible, steps are taken to mitigate them.
COMPLAINTS RESOLUTION POLICY
Please note that complaints resulting from advice or financial loss from investment advice provided by your financial advisor must NOT be referred to International Assurance as this responsibility would fall on the financial advisor concerned.
The Complaints Resolution Policy mainly relates to complaints regarding inappropriate service or support given by International Assurance or its employees during the relationship management process and does not relate to complaints regarding claims.
COMPLAINTS PROCEDURE
Our commitment at International Assurance is to give excellent service to our financial advisors and their clients. We take all complaints seriously and our aim is to resolve all complaints promptly. Great care has been taken to ensure that your complaints do not languish on the front line, but are used as a strategic tool for continually improving our business.