Guidelines on Risk Management Practices – Board and Senior Management
Guidelines on the role that a financial institution's Board of Directors and senior management play in risk management.
This information paper applies to all licensed insurers, except for captive insurers and marine mutual insurers.
It summarises MAS’ key observations from a focused review of ORSA reports submitted by direct life, general and composite insurers as well as reinsurers.
The review was centred on board deliberations, risk governance structures, risk tolerance statements and limits, risk management processes, and continuity analyses and stress tests.